Document:

Exhibit 10.2

  

  

  

  
    

    

    

    

    

    

    

    

    FORM OF CONTRIBUTION AGREEMENT

    

    

    between

    

    

    EXETER HOLDINGS TRUST 2022-1

      Transferee

    

    

    and

    

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2022-1

      Transferor

    

    

    

    

    

    

    

    

    Dated as of January 23, 2022

     

    

     

    

     

    

    

    

    
      
        

    

    
    TABLE OF CONTENTS

    Page

    	
            ARTICLE I

             

            

          	
            DEFINITIONS

          	
            1

          
	
            SECTION 1.1

          	
            General

          	
            1

          
	
            SECTION 1.2

          	
            Specific Terms

          	
            1

          
	
            SECTION 1.3

          	
            Usage of Terms

          	
            2

          
	
            SECTION 1.4

          	
            [Reserved]

          	
            2

          
	
            SECTION 1.5

          	
            No Recourse

          	
            2

          
	
            SECTION 1.6

             

            

          	
            Action by or Consent of Noteholders and Certificateholders

          	
            3

          
	
            ARTICLE II

             

            

          	
            TRANSFER OF THE CONVEYED ASSETS

          	
            3

          
	
            SECTION 2.1

             

            

          	
            Transfer of the Conveyed Assets

          	
            3

          
	
            ARTICLE III

             

            

          	
            REPRESENTATIONS AND WARRANTIES

          	
            4

          
	
            SECTION 3.1

          	
            Representations and Warranties of Transferor

          	
            4

          
	
            SECTION 3.2

             

            

          	
            Representations and Warranties of Transferee

          	
            6

          
	
            ARTICLE IV

             

            

          	
            COVENANTS OF SELLER

          	
            8

          
	
            SECTION 4.1

          	
            Protection of Title of Transferee

          	
            8

          
	
            SECTION 4.2

          	
            Other Liens or Interests

          	
            9

          
	
            SECTION 4.3

             

            

          	
            Costs and Expenses

          	
            9

          
	
            ARTICLE V

             

            

          	
            MISCELLANEOUS

          	
            9

          
	
            SECTION 5.1

          	
            Liability of Transferor

          	
            9

          
	
            SECTION 5.2

          	
            Merger or Consolidation of Transferor or Transferee

          	
            9

          
	
            SECTION 5.3

          	
            Limitation on Liability of Transferor and Others

          	
            10

          
	
            SECTION 5.4

          	
            [Reserved]

          	
            10

          
	
            SECTION 5.5

          	
            Amendment

          	
            10

          
	
            SECTION 5.6

          	
            Notices

          	
            11

          
	
            SECTION 5.7

          	
            Merger and Integration

          	
            11

          
	
            SECTION 5.8

          	
            Severability of Provisions

          	
            11

          
	
            SECTION 5.9

          	
            Intention of the Parties

          	
            11

          
	
            SECTION 5.10

          	
            Governing Law; Jurisdiction

          	
            12

          
	
            SECTION 5.11

          	
            Waiver of Jury Trial

          	
            13

          
	
            SECTION 5.12

          	
            Counterparts

          	
            13

          
	
            SECTION 5.13

          	
            Subsequent Conveyance of the Conveyed Assets

          	
            13

          
	
            SECTION 5.14

          	
            Nonpetition Covenant

          	
            13

          
	
            SECTION 5.15

          	
            Limitation of Liability of Owner Trustee

          	
            13

          
	 	 	 

    SCHEDULES

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

       

      

      
        i

        
          

      

      
        CONTRIBUTION AGREEMENT

        THIS CONTRIBUTION AGREEMENT, dated as of January 23, 2022, is executed between Exeter Holdings Trust 2022-1, a Delaware statutory trust, as
          Transferee (“Transferee”) and Exeter Automobile Receivables Trust 2022-1, a Delaware statutory trust, as Transferor (“Transferor”).

        W I T N E S S E T H :

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

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

        ARTICLE I

          

          DEFINITIONS

        SECTION 1.1  General.  The specific terms defined in this Article include the plural as well as the singular. The words “herein,”
          “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision, and Article, Section, Schedule and Exhibit references, unless otherwise specified,
          refer to Articles and Sections of and Schedules and Exhibits to this Agreement. Capitalized terms used herein without definition shall have the respective meanings assigned to such terms in the Sale and Servicing Agreement, dated as of January
          23, 2022 (the “Sale and Servicing Agreement”), by and among EFCAR, LLC, as Seller, Exeter Finance LLC, in its individual capacity and as Servicer, Exeter Holdings Trust 2022-1, as Holding Trust, Exeter Automobile Receivables Trust 2022-1,
          as Issuer, and Citibank, N.A., as Backup Servicer and as Indenture Trustee.

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

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

        “Closing Date” means February 23, 2022.

        “Contract” means a motor vehicle retail installment sale contract or
            auto loan agreement.

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

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

        
          
            

        

        
        

        

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

        “Holding Trust” means Exeter Holdings Trust 2022-1.

        “Indenture Trustee” means Citibank, N.A., as indenture trustee and any successor indenture trustee appointed and acting pursuant to the Indenture.

        “Issuer” means Exeter Automobile Receivables Trust 2022-1.

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

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

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

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

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

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

        SECTION 1.4  [Reserved].

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

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

        ARTICLE II

          

          TRANSFER OF THE CONVEYED ASSETS

        SECTION 2.1  Transfer of the Conveyed Assets.

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

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

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

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

        (4)            any proceeds from any Receivable repurchased by a Dealer or Direct Lender pursuant to a Dealer Agreement or Direct Lender Agreement, as applicable, as a result of a breach of representation or warranty in
            such Dealer Agreement or Direct Lender Agreement;

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

        (6)            the related Receivable Files;

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

        
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        representations and warranties and the cure and repurchase obligations of Exeter under the Purchase Agreement;

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

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

        (10)            all proceeds and investments with respect to items (1) through (19).

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

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

        ARTICLE III

          

          REPRESENTATIONS AND WARRANTIES

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

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

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

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

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

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

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

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

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

        
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        Related Documents, (ii) seeking to prevent the issuance of the
            Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Related Documents, (iii) seeking any determination or ruling that might materially and adversely affect the performance by Transferor of its
            obligations under, or the validity or enforceability of, this Agreement or any of the Related Documents or (iv) seeking to affect adversely the federal income tax or other federal, state or local tax attributes of, or seeking to impose any
            excise, franchise, transfer or similar tax upon, the transfer and acquisition of the Conveyed Assets hereunder or the pledge thereof to the Indenture Trustee under the Indenture.

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

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

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

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

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

        (b)            Due Qualification.  Transferee is duly qualified to do business as a foreign statutory trust, is in good standing, and has obtained all necessary licenses and approvals in all jurisdictions where
            the failure to do so would materially and adversely affect Transferee’s ability to acquire the Conveyed Assets, or the validity or enforceability of the Conveyed Assets or to perform Transferee’s obligations hereunder and under the Transferee’s
            Related Documents.

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

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

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

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

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

        
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        ARTICLE IV

          

          COVENANTS OF SELLER

        SECTION 4.1  Protection of Title of Transferee.

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

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

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

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

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

        ARTICLE V

          

          MISCELLANEOUS

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

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

        
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        and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest.

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

        SECTION 5.4  [Reserved].

        SECTION 5.5  Amendment.

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

        (b)            This Agreement may also be amended from time to time by Transferor and Transferee, and with the consent of the Indenture Trustee and the Noteholders evidencing not less than a majority of the outstanding
            principal amount of the Notes, in accordance with the Sale and Servicing Agreement, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the
            rights of Certificateholders or Noteholders; provided, however, to the extent not otherwise permitted by Section 5.5(a), no such amendment shall increase or reduce in any manner the amount or priority of, or accelerate or delay the timing of,
            collections of payments on Receivables or distributions that shall be required to be made on any Note or Certificate, unless the Holders of all of the outstanding Notes of each class and the Certificateholders, in each case, affected thereby
            have consented thereto.

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

        
          10

          
            

        

        

        

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

        (e)            Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the
            execution of such amendment is authorized or permitted by this Agreement, and that all conditions precedent, if any, provided for in this Agreement have been satisfied.

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

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

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

        SECTION 5.8  Severability of Provisions.  If any one or more of the covenants, provisions or terms of this Agreement shall be for any
          reason whatsoever held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other
          provisions of this Agreement.

        SECTION 5.9  Intention of the Parties.  The execution and delivery of this Agreement shall constitute an acknowledgment by Transferor
          and Transferee that they intend that the assignment and transfer herein contemplated constitute a sale and assignment outright, and not for security, of the Conveyed Assets, conveying good title thereto free and clear of any Liens, from
          Transferor to Transferee. In the event that such conveyance is determined to be made as security for a loan made by Transferee to Transferor, the Transferor hereby grants to Transferee a security

        
          11

          
            

        

        

        

        interest in all of Transferor’s right, title and interest in and to the following property whether now owned or existing or hereafter

            acquired or arising, and this Agreement shall constitute a security agreement under applicable law (collectively, the “Contribution Agreement Collateral”).

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

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

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

        (4)            any proceeds from any Receivable repurchased by a Dealer or Direct Lender pursuant to a Dealer Agreement or Direct Lender Agreement, as applicable, as a result of a breach of representation or warranty in
            such Dealer Agreement or Direct Lender Agreement;

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

        (6)            the related Receivable Files;

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

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

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

        (10)         all proceeds and investments with respect to items (1) through (9).

        SECTION 5.10  Governing Law; Jurisdiction.  This Agreement shall be construed in accordance with, and this Agreement and all matters
          arising out of or relating in any way to this Agreement shall be governed by, the law of the State of New York, without giving effect to its conflict of law provisions (other than Sections 5-1401 and 5-1402 of the New York General Obligations
          Law). The parties hereto agree to the non-exclusive jurisdiction of any federal courts located within the state of New York.

        
          12

          
            

        

        

        

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

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

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

        SECTION 5.14 Nonpetition Covenant.  Neither Transferee nor Transferor shall petition or otherwise invoke the process of any court or
          government authority for the purpose of commencing or sustaining a case against the other party under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
          other similar official of the other party or any substantial part of their respective property, or ordering the winding up or liquidation of the affairs of the other party.

        SECTION 5.15  Limitation of Liability of Owner Trustee.  It is expressly understood and agreed by the parties hereto that (a) this
          Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of Transferee and Transferor, in the exercise of the powers and authority conferred and vested in it, (b) each of the
          representations, covenants, undertakings and agreements herein made on the part of the Transferee and Transferor is made and intended not as personal representations, undertakings and agreements

        
          13

          
            

        

        

        

        by Wilmington Trust Company but is made and intended for the purpose of binding only the Transferee and Transferor, as applicable, (c) nothing herein contained
          shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto
          and by any Person claiming by, through or under the parties hereto, (d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by the Transferee and Transferor in this
          Agreement and (e) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Transferee or Transferor or be liable for the breach or failure of any obligation, duty,
          representation, warranty or covenant made or undertaken by the Transferee or Transferor under this Agreement or any other related documents.

        [Remainder of Page Intentionally Left Blank]

        

        

        

        

        

        

        

        

        
          14

          
            

        

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

        EXETER HOLDINGS TRUST 2022-1, as Transferee

         

        

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

           

          

           

          

        

        
          By: __________________________

                  Name:

                  Title:

           

          

           

          

        

        EXETER AUTOMOBILE RECEIVABLES TRUST

          2022-1, as Transferor

         

        

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

           

          

           

          

        

        By: __________________________

                Name:

                Title:

         

        

        

        

        

        
          
            

        

        
        SCHEDULE A

        REPRESENTATIONS AND WARRANTIES OF

        EXETER AUTOMOBILE RECEIVABLES TRUST 2022-1 (“TRANSFEROR”)

        Representations and Warranties Regarding the Receivables:

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

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

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

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

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

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

        
          SCH-A-1

          
            

        

        

        

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

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

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

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

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

      

       

      

    

    

  

  SCH-A-2Exhibit 10.3

  

   

  

  
     

    FORM OF DEPOSIT ACCOUNT CONTROL AGREEMENT

    

    

    (Access Restricted Immediately)

     

    Section 9 – Servicer Payment of Bank Fees

     

    This Deposit Account Control Agreement (the “Agreement”), dated as of the date specified on the page immediately before the initial signature page of this
      Agreement, is entered into by and among Exeter Automobile Receivables Trust 2022-1, a Delaware statutory trust (“Company”), Exeter Finance LLC, a Delaware
      limited liability company (“Servicer”), Citibank, N.A., as indenture trustee for the benefit of certain noteholders (in such capacity, “Secured Party”) under an indenture (the “Indenture”) dated
      as of January 23, 2022, and Wells Fargo Bank, National Association (in such capacity, “Bank”), and sets forth the rights of Secured Party and the obligations of Bank with respect to the deposit accounts
      of Company at Bank identified at the end of this Agreement as the Collateral Accounts (each hereinafter referred to individually as a “Collateral Account” and collectively as the “Collateral Accounts”).  Each account designated as a
      Collateral Account includes, for purposes of this Agreement, and without the necessity of separately listing subaccount numbers, all subaccounts presently existing or hereafter established for deposit reporting purposes and integrated with the
      Collateral Account by an arrangement in which deposits made through subaccounts are posted only to the Collateral Account.

    

    

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

          

    

    

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

          

    

    

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

          

    

    

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

          

     

    

    
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            the contrary, Bank will have no obligation to disburse funds in response to Disposition Instructions other than by the appropriate disbursement method expressly set forth in this Section 4.  If at the time this Agreement is originally
              executed, Secured Party has fully completed wire transfer instructions for a transfer destination account (“Destination Account”) on the initial signature page of this Agreement, including the Destination Account number and the name
              and ABA number of the financial institution at which the Destination Account is maintained, then Bank agrees, on each day on which Bank is open to conduct its regular banking business, other than a Saturday, Sunday or public holiday (each a “Business

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

          

    

    

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

          

    

    

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

          

    

    

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

          

     

    

    
      Page 2

      
        

    

    	

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

          

    

    

    	8.	
            [Reserved.]

          

    

    

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

          

    

    

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

          

    

    

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

          

     

    

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

          

    

    

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

          

    

    

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

          

    

    

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

          

    

    

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

          

     

    

    
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            Party under or related to this Agreement must be brought within twelve (12) months after the cause of action accrues.

          

    

    

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

          

    

    

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

          

    

    

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

          

    

    

    	19.	
            Successors and Assigns.  Neither Company, Servicer or Secured Party may
                assign or transfer its rights or obligations under this Agreement to any person or entity without the prior written consent of Bank, which consent will not be unreasonably withheld or delayed.  Notwithstanding the foregoing, Secured Party
                may transfer its rights and duties under this Agreement to (i) a transferee to which, by contract or operation of law, Secured Party transfers substantially all of its rights and duties under the financing or other arrangements between

          

     

    

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

          

    

    

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

          

    

    

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

          

    

    

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

          

    

    

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

          

    

    

    	24.	
            Limitation of Liability of Wilmington Trust Company.  It is expressly
                understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company not individually or personally but solely as trustee of Company, in the exercise of the powers and authority conferred
                and vested in it under the Amended and Restated Trust Agreement of Exeter Automobile Receivables Trust 2022-1 dated as of January 23, 2022, between EFCAR, LLC, as seller, and Wilmington Trust Company, as owner trustee, (b) each of

          

    
      Page 6

      
        

    

    	

          	
            the representations, undertakings and agreements herein made on the part of Company is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of
              binding only Company, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability,
              if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, (d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or
              warranties made by Company in this Agreement, and (e) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of Company or be liable for the breach or failure of any
              obligation, representation, warranty or covenant made or undertaken by Company under this agreement or any other related documents.

          

     

      

    	25.	
            Liability of Citibank, N.A. Notwithstanding anything herein or otherwise
                to the contrary, any amounts that may be due from Citibank, N.A. (“Citibank”) to Bank hereunder are payable only from proceeds held by, or otherwise from the funds available to Citibank in its capacity as Indenture Trustee pursuant to the
                Indenture, and not from the individual or company assets of Citibank.

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Page 7

      
        

    

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

    

    

    	
            Date:   ___________________, 2022

             

             

          
	
            Collateral Account Numbers:

          	
            4125877407

          
	
             

            

            Destination Account Number:

          	
            13156400

            

          
	 	 
	
            Bank of Destination Account:

               ABA #

              Account name:

              Reference Data:

             

            Frequency (Daily or Weekly):

            Balance (Intraday or Start of Day):

          	
            Citibank, N.A.

            021-000-089

            Exeter 2022-1 Collection Account

            Acct # 13156400 Exeter 2022-1 Collection Account

            Attn: Marta Yackel - 973-461-7167

            Daily

            Start of Day

          

    

    

    

    

    

    

    

    

    

    

    [SIGNATURE PAGES FOLLOW]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Page 8

      
        

    

    	
            EXETER AUTOMOBILE RECEIVABLES TRUST 2022-1

             

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

             

            

          	 	
            EXETER FINANCE LLC, as Servicer

          
	
            By:

          	 	
            By:

          
	
             

            

            Name:

          	
             

             

            

          	
             

            

            Name:  Ben Miller

          
	
             

            

            Title:

          	 	
             

            

            Title:  Executive Vice President and Treasurer

          

    

    

    	
            Address for Notices:

             

            

          	 	
            Address for Notices:

          
	
            Exeter Automobile Receivables Trust 2022-1

          	 	
            Exeter Finance LLC

          
	
             

            

            2101 W. John Carpenter Freeway

          	 	
            2101 W. John Carpenter Freeway

          
	
             

            

            Irving, Texas  75063

          	 	
            Irving, Texas  75063

          
	
             

            

            Attn:  Brett Bradley

          	 	
            Attn:  Brett Bradley

          
	
             

            

            Fax:  214.572.6798

          	 	
            Fax:  214.572.6798

          

    

    

    

    

    

    

    [SIGNATURE PAGES CONTINUE]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Page 9

      
        

    

    	
            WELLS FARGO BANK, NATIONAL ASSOCIATION, as Bank

             

            

          	 	
            CITIBANK, N.A., as Indenture Trustee, as Secured Party

          
	
             

            

            By:

          	 	
            By:

          
	
             

            

            Name:  Timothy P. Olson

          	 	
            Name:  Jennifer H. McCourt

          
	
             

            

            Title:  Relationship Manager

          	 	
            Title:  Vice President

          

    

    

    	
            Address for Notices:

             

            

          	 	
            Address for Notices:

          
	
            Wells Fargo Bank, National Association

          	 	
            Citibank, N.A.

          
	
             

            

            Mail Address Code:  D1129-072

          	 	
            388 Greenwich Street

          
	
             

            

            301 South Tryon Street, 7th Floor

          	 	
            New York, New York 10013

          
	
            Charlotte, North Carolina 28282-1915

          	 	
             

            

            Attn: Citibank Agency & Trust, EART 2022-1

          
	
            

              Attn:  DACA Team

          	 	
            Fax: N/A

          
	
             

            

            Fax:  844.879.6857

          	 	 
	
              

             

              

            with copy to:

          	 	 
	
             

            

            Wells Fargo Bank, National Association

          	 	 
	
             

            

            Mail Address Code:  MAC N9305-06H

          	 	 
	
             

            

            90 S. 7th St., 6th Floor

          	 	 
	
             

            

            Minneapolis, MN 55402-3903

          	 	 
	
             

            

            Attn:  Timothy P. Olson

          	 	 
	
             

            

            Fax:

          	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

  

   

    

   

  

  Page 10

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