Document:

Exhibit 10.4

  

   

  

   

  

   

  

   

  
    
      

      

       

      FORM OF DEPOSIT ACCOUNT CONTROL AGREEMENT

      

      

      (Access Restricted
          Immediately)

       

       

      

      Section 9 – Servicer Payment of Bank Fees

       

       

      

      This Deposit Account Control Agreement (the “Agreement”), dated as of the date specified on the page immediately before the initial signature page of this
        Agreement, is entered into by and among Exeter Automobile Receivables Trust 2021-1, 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 December 31, 2020, and Wells Fargo Bank, National Association (“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

            

       

      

      
        Page 1

        
          

      

      	

            	
              Collateral Account Funds, and that Secured Party will have exclusive access to the Collateral Accounts and Collateral Account Funds.

            

      

      

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

            

      

      

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

            

      

      

      	6.	
              Balance Reports and Bank Statements.  Bank agrees, at the request of Secured Party on any Business Day, to make available to Secured Party a report (“Balance
                  Report”) showing the opening available balance in the Collateral Accounts as of the beginning of

            

       

      

      
        Page 2

        
          

      

      	

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

            

      

      

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

            

       

      

      
        Page 3

        
          

      

      	

            	
              calendar days after demand, without setoff or counterclaim, to the extent such Bank Fees are not paid in full by Company or Servicer within five (5) calendar days after demand on Company and
                Servicer by Bank.

            

      

      

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

            

      

      

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

            

       

      

      
        Page 4

        
          

      

      	

            	
              any and all Losses and Liabilities Bank may suffer or incur as a result of or in connection with Bank following any instruction or request of Secured Party, except to the extent such Losses and
                Liabilities are caused by Bank’s gross negligence or willful misconduct.

            

      

      

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

            

      

      

      	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.

            

      

      

      
        Page 5

        
          

      

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

            

      

      

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

            

      

      

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

            

       

      

      
        Page 6

        
          

      

      	

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

            

      

      

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

            

      

      

      	24.	
              Limitation of Liability of Wilmington Trust Company.  It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and
                delivered by Wilmington Trust Company not individually or personally but solely as trustee of Company, in the exercise of the powers and authority conferred and vested in it under the Amended and Restated Trust Agreement of Exeter
                Automobile Receivables Trust 2021-1 dated as of December 31, 2020, between EFCAR, LLC, as seller, and Wilmington Trust Company, as owner trustee, (b) each of the representations, undertakings and agreements herein made on the part of
                Company is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only Company, (c) nothing herein contained shall be construed as
                creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, 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:   ________________, 2021

      

      

      

      

      	
              Collateral Account Numbers:

            	
              489-9128482

            
	
              Destination Account Number:

            	
              3617-2242 f/f/c to Acct# 12704600

            
	
              Bank of Destination Account:

                 ABA #

                Account name:

                Reference Data:

               

              Frequency (Daily or Weekly):

              Balance (Intraday or Start of Day):

            	
              Citibank, N.A.

              021000089

              SF Incoming Wire AC

              Acct #12704600 EART 2021-1 Collect Acct

              Attn: Marta Yackel- 973-461-7167

              Daily

              Start of Day

            

      

      

       

      [SIGNATURE PAGES FOLLOW]

      

      

       

      

      

       

      

      

       

      

      

       

      

      

       

      

      

      

      

      

      

      

      

      

      

      

      

       

      
        Page 8

        
          

      

      	
              EXETER AUTOMOBILE RECEIVABLES TRUST 2021-1

               

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

               

              

               

              

            	 	
              EXETER FINANCE LLC, as Servicer

            
	
              By:

            	 	
              By:

            
	
              Name:  Erwin Soriano

            	 	
              Name:  Ben Miller

            
	
              Title:  Vice President

            	 	
              Title:  Executive Vice President and Treasurer

            

      

      

       

      	
              Address for Notices:

               

              

            	 	
              Address for Notices:

            
	
              Exeter Automobile Receivables Trust 2021-1

            	 	
              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:  Matt Bolding

            	 	
              Name:  Ryan Biasi

            
	
              Title:  Senior Vice President

            	 	
              Title:  Senior Trust Officer

            

      

      

       

      	
              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 2021-1

            
	
              Attn:  DACA Team

            	 	
              Fax: N/A

            
	
              Fax:  844.879.6857

            	 	 
	
                

               

              

              with copy to:

            	 	 
	
              Wells Fargo Bank, National Association

            	 	 
	
              Mail Address Code:  MAC T9110-031

            	 	 
	
              4975 Preston Park Blvd., 3rd Floor, Suite 300

            	 	 
	
              Plano, TX 75093-5164

            	 	 
	
              Attn:  Matt Bolding

            	 	 
	
              Fax:  972.867.5674

            	 	 

      

      

       

    

  

   

  

   

  

   

  

  Page 10Exhibit 10.5

    

     

    

    

     

    

    

    

     

    

    

     

    

    

     

    FORM OF ASSET REPRESENTATIONS REVIEW AGREEMENT

     

     

    

    among

     

     

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-1,

      Issuer,

     

     

    

    EXETER FINANCE LLC,

      Servicer,

     

     

    

    and

     

     

    

    CLAYTON FIXED INCOME SERVICES LLC,

      Asset Representations Reviewer

     

    

    

     

    

    

     

    Dated as of December 31, 2020

     

    

    

     

    

    

     

    

    

     

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

     

    	
            ARTICLE I DEFINITIONS

          	
            1

          
	 	 	 
	
            Section 1.1.

          	
            Definitions

          	
            1

          
	
            Section 1.2.

          	
            Additional Definitions

          	
            1

          
	 	 	 
	
            ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            2

          
	 	 	 
	
            Section 2.1.

          	
            Engagement; Acceptance

          	
            2

          
	
            Section 2.2.

          	
            Confirmation of Status

          	
            2

          
	 	 	 
	
            ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

          
	 	 	 
	
            Section 3.1.

          	
            Asset Review Notices

          	
            3

          
	
            Section 3.2.

          	
            Identification of Asset Review Receivables

          	
            3

          
	
            Section 3.3.

          	
            Asset Review Materials.

          	
            3

          
	
            Section 3.4.

          	
            Performance of Asset Reviews.

          	
            4

          
	
            Section 3.5.

          	
            Asset Review Reports

          	
            4

          
	
            Section 3.6.

          	
            Asset Review Representatives.

          	
            5

          
	
            Section 3.7.

          	
            Dispute Resolution

          	
            5

          
	
            Section 3.8.

          	
            Limitations on Asset Review Obligations.

          	
            5

          
	 	 	 
	
            ARTICLE IV ASSET REPRESENTATIONS REVIEWER

          	
            6

          
	 	 	 
	
            Section 4.1.

          	
            Representations and Warranties.

          	
            6

          
	
            Section 4.2.

          	
            Covenants

          	
            7

          
	
            Section 4.3.

          	
            Fees and Expenses.

          	
            8

          
	
            Section 4.4.

          	
            Limitation on Liability

          	
            9

          
	
            Section 4.5.

          	
            Indemnification.

          	
            9

          
	
            Section 4.6.

          	
            Right to Audit

          	
            11

          
	
            Section 4.7.

          	
            Delegation of Obligations

          	
            11

          
	
            Section 4.8.

          	
            Confidential Information.

          	
            11

          
	
            Section 4.9.

          	
            Security and Safeguarding Information.

          	
            13

          
	 	 	 
	
            ARTICLE V RESIGNATION AND REMOVAL

          	
            15

          
	 	 	 
	
            Section 5.1.

          	
            Resignation and Removal of Asset Representations Reviewer.

          	
            15

          
	
            Section 5.2.

          	
            Engagement of Successor.

          	
            16

          
	
            Section 5.3.

          	
            Merger, Consolidation or Succession

          	
            16

          
	 	 	 
	
            ARTICLE VI OTHER AGREEMENTS

          	
            17

          
	 	 	 
	
            Section 6.1.

          	
            Independence of Asset Representations Reviewer

          	
            17

          
	
            Section 6.2.

          	
            No Petition

          	
            17

          
	
            Section 6.3.

          	
            Limitation of Liability of Owner Trustee

          	
            17

          
	
            Section 6.4.

          	
            Termination of Agreement

          	
            17

          
	 	 	 

    
      
        i

        
          

      

      TABLE OF CONTENTS

      (continued)

      

      Page

       

      

    

    	
            ARTICLE VII MISCELLANEOUS PROVISIONS

          	
            18

          
	 	 	 
	
            Section 7.1.

          	
            Amendments.

          	
            18

          
	
            Section 7.2.

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries.

          	
            19

          
	
            Section 7.3.

          	
            Notices.

          	
            19

          
	
            Section 7.4.

          	
            GOVERNING LAW

          	
            19

          
	
            Section 7.5.

          	
            Submission to Jurisdiction

          	
            20

          
	
            Section 7.6.

          	
            No Waiver; Remedies

          	
            20

          
	
            Section 7.7.

          	
            Severability

          	
            20

          
	
            Section 7.8.

          	
            Headings

          	
            20

          
	
            Section 7.9.

          	
            Counterparts

          	
            20

          

    

    

     

    

    

     

    SCHEDULES

     

    Schedule A       Representations and Warranties and Procedures to be Performed

     

    

    

     

    
      ii

      
        

    

    This ASSET REPRESENTATIONS REVIEW AGREEMENT is made and entered into as of December 31, 2020 (this “Agreement”), among EXETER AUTOMOBILE RECEIVABLES TRUST 2021-1, a Delaware
      statutory trust (the “Issuer”), EXETER FINANCE LLC, a Delaware limited liability company (“Exeter”), in its capacity as servicer (in such capacity, the “Servicer”), and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited
      liability company (the “Asset Representations Reviewer”).

     

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

     

    WHEREAS, in connection with a securitization transaction sponsored by Exeter, Exeter and Exeter Flow Intermediary Trust each sold a pool of receivables to EFCAR, LLC (the “Seller”)
      which, in turn, sold those receivables (the “Receivables”) to the Issuer which, in turn, sold the Receivables to the Holding Trust (as defined below).

     

    WHEREAS, the Holding Trust has granted a security interest in the Receivables to the Indenture Trustee, for the benefit of the Issuer Secured Parties, pursuant to the Indenture.

     

    WHEREAS, the Issuer has determined to engage the Asset Representations Reviewer to perform, in certain circumstances, reviews of the Receivables for compliance with the representations and
      warranties made by Exeter and the Seller about the Receivables.

     

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

     

    ARTICLE I

      DEFINITIONS

     

    Section 1.1.   Definitions.  Capitalized terms that are used but are not otherwise defined in this Agreement have the meanings assigned to
      them in the Sale and Servicing Agreement, dated as of December 31, 2020 (the “Sale and Servicing Agreement”), by and among the Issuer, Exeter Holdings Trust 2021-1, a Delaware statutory trust (the “Holding Trust”) the Seller, the
      Servicer and Citibank, N.A., a national banking association, as indenture trustee (in such capacity, the “Indenture Trustee”).

     

    

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

     

    

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

     

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

     

    “Asset Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Asset Review Receivable in accordance with Section 3.4.

     

    
      
        

    

    
    “Asset Review Demand Date” means, for an Asset Review, the date when each of (a) the Delinquency Trigger has occurred and (b) the required percentage of Noteholders has voted to
      direct an Asset Review under Section 7.2(f) of the Indenture.

     

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

     

    “Asset Review Materials” means, with respect to an Asset Review and an Asset Review Receivable, the documents and other materials for each Test listed under “Documents” in Schedule
      A.

     

    “Asset Review Notice” means the notice from the Indenture Trustee (acting at the direction of the required percentage of Noteholders under Section 7.2(f) of the Indenture) to the
      Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to perform a Review.

     

    “Asset Review Receivables” means, with respect to any Asset Review, all Delinquent Receivables as of the last day of the Collection Period before the Asset Review Demand Date stated
      in the related Asset Review Notice.

     

    “Asset Review Report” means, with respect to any Asset Review, the report of the Asset Representations Reviewer prepared in accordance with Section 3.5.

     

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

     

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

     

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

     

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

     

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

     

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

     

    ARTICLE II

      ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

     

    Section 2.1.   Engagement; Acceptance.  The Issuer hereby engages Clayton
        Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer.  Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this
        Agreement.

     

      

    Section 2.2.   Confirmation of Status.  The parties confirm that the Asset
        Representations Reviewer is not responsible for (a) reviewing the Asset Review Receivables for

     

    
      2

      
        

    

    compliance with the representations and warranties under the Basic Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties
      constitutes a breach of the Basic Documents.

     

    ARTICLE III

      ASSET REPRESENTATIONS REVIEW PROCESS

     

    Section 3.1.   Asset Review Notices.  Upon receipt of an Asset Review Notice
        from the Indenture Trustee in the manner set forth in Section 7.2(f) of the Indenture and receipt of the list of the related Asset Review Receivables in the matter set forth in Section 3.2 below, the Asset Representations Reviewer will start an
        Asset Review.  The Asset Representation Reviewer will have no obligation to start an Asset Review unless and until an Asset Review Notice is received.

     

      

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

     

      

    Section 3.3.   Asset Review Materials.

     

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

     

    (b) Missing
          or Insufficient Asset Review Materials.  The Asset Representations Reviewer will review the Asset Review Materials to determine if any of the Asset Review Materials are missing or insufficient for the Asset Representations Reviewer to perform
        any Test.  If the Asset Representations Reviewer determines that there are missing or insufficient Asset Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) days before
        completing the Asset Review, and the Servicer will have fifteen (15) Business Days to give the Asset Representations Reviewer access to such missing Asset Review Materials or other documents or information to correct the insufficiency.  If the
        missing or insufficient Asset Review Materials have not been provided by the Servicer within such fifteen (15) day period, the parties agree that the Asset Review Receivable for which complete or sufficient Asset Review Materials were not available
        will have a Test Fail for the related Test(s) and the Test(s) will be considered completed and the Asset Review Report will indicate the reason for the Test Fail.

     

    
      3

      
        

    

    Section 3.4.    Performance of Asset Reviews.

     

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

     

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

     

    (c) Completion
          of Asset Review for Certain Asset Review Receivables.  Following the delivery of the list of the Asset Review Receivables and before the delivery of the Asset Review Report by the Asset Representations Reviewer, the Servicer may notify the
        Asset Representations Reviewer if an Asset Review Receivable is paid in full by the related Obligor, substituted by the Servicer or purchased from the Holding Trust by Exeter, the Seller or the Servicer in accordance with the Basic Documents.  On
        receipt of any such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Asset Review Receivables and the Asset Review of such Asset Review Receivables will be considered complete (a “Test Complete”). 
        In this case, the Asset Review Report will indicate a Test Complete for the related Asset Review Receivables and the related reason.

     

    (d) Previously
          Reviewed Receivable; Duplicative Tests.  If any Asset Review Receivable was included in a prior Asset Review, the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset
        Review Report for the current Asset Review.  If the same Test is required for more than one representation and warranty, the Asset Representations Reviewer will only perform the Test once for each Asset Review Receivable, but will report the
        results of the Test for each applicable representation and warranty on the Asset Review Report.

     

    (e) Termination
          of Asset Review.  If an Asset Review is in process and the Notes will be paid in full on the next Distribution Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that
        Distribution Date.  On receipt of the notice, the Asset Representations Reviewer will terminate the Asset Review immediately and will have no obligation to deliver an Asset Review Report.

     

    Section 3.5.   Asset Review Reports.  Within five (5) days of the end of the
        applicable Asset Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee an Asset Review Report indicating for each Asset Review Receivable whether there was a Test
        Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete, and, for a Test Fail or a Test Complete, the related reason.  The Asset Review Report will contain a summary of the Asset Review results to

      

     

      

    
      4

      
        

    

    be included in the Issuer’s Form 10-D report for the Collection Period in which the Asset Review Report is received.  The Asset Representations Reviewer will ensure that the Asset Review Report does not
      contain any Non-Public Personal Information.  On reasonable request of the Servicer or the Issuer (or the Servicer on behalf of the Issuer), the Asset Representations Reviewer will provide additional details on the Test results.

     

    Section 3.6.   Asset Review Representatives.

     

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

     

    (b) Asset
          Representations Reviewer Representative.  The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuer and the Servicer during the performance of an Asset Review.

     

    (c) Questions
          About Asset Review.  The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Asset Review Report from the Indenture Trustee or the Servicer
        until the earlier of (i) the payment in full of the Notes and (ii) two years after the delivery of the Asset Review Report.  The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from
        Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Indenture Trustee.

     

    Section 3.7.   Dispute Resolution.  If an Asset Review Receivable that was
        reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 3.4 of the Sale and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on
        request of a party to the proceeding.  The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute
        resolution and will be paid by a party to the dispute resolution in accordance with Section 3.4 of the Sale and Servicing Agreement.  If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to
        Section 4.3(d) of this Agreement.

     

      

    Section 3.8.   Limitations on Asset Review Obligations.

     

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

     

    (i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct a Asset Review under the Indenture;

     

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

     

    
      5

      
        

    

    (iii) to obtain or confirm the validity of the Asset Review Materials;

     

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

     

    (v) to take any action or cause any other party to take any action under any of the Basic Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Asset Review Receivables;
        or

     

    (vi) to establish cause, materiality or recourse for any failed Test as described in Section 3.4.

     

    (b) Testing
          Procedure Limitations.  The Asset Representations Reviewer will only be required to perform the testing procedures listed under “Procedures to be Performed” in Schedule A, and will, other than as specified in this Agreement, have no
        obligation to perform additional procedures on any Asset Review Receivable or to provide any information other than an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each Test, or
        whether the Asset Review Receivable was a Test Complete and the related reason.  However, the Asset Representations Reviewer may, in its discretion, (i) provide additional information about any Asset Review Receivable that it determines in good
        faith to be material to the Asset Review and (ii) perform other tests that it deems reasonable and appropriate in determining whether the Asset Review Receivables were in compliance with the representations and warranties made by Exeter or the
        Seller about the Asset Review Receivables in the Basic Documents as of the Cutoff Date or Closing Date, as applicable.

     

    ARTICLE IV

      ASSET REPRESENTATIONS REVIEWER

     

    Section 4.1.   Representations and Warranties.

     

    (a) Representations
          and Warranties.  The Asset Representations Reviewer represents and warrants to the Issuer as of the date of this Agreement:

     

    (i) Organization and Qualification.  The Asset Representations Reviewer is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware.  The Asset Representations
        Reviewer is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the
        qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations
        under this Agreement.

     

    
      (ii) Power,
            Authority and Enforceability.  The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement.  The Asset Representations Reviewer has authorized the execution, delivery
          and performance of this Agreement.  This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against

       

        

    

    
      6

      
        

    

    the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general
      equitable principles.

     

    (iii) No Conflicts and No Violation.  The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or
        be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on
        any of the assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument, (C) violate the organizational documents of the Asset Representations
        Reviewer or (D) violate any law or, to the Asset Representations Reviewer’s knowledge, any order, rule or regulation that applies to the Asset Representations Reviewer of any court or of any federal or state regulatory body, administrative agency
        or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer, in each case, which conflict, breach, default, Lien or violation would reasonably be expected to have a material adverse effect on the Asset
        Representations Reviewer’s ability to perform its obligations under this Agreement.

     

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

     

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

     

    (b) Notice
          of Breach.  (i) On discovery by the Asset Representations Reviewer, the Issuer or the Servicer or (ii) upon receipt of written notice by or actual knowledge of a Responsible Officer of the Indenture Trustee, in each case, of a material breach
        of any of the representations and warranties in Section 4.1(a), the party discovering or receiving written notice or having actual knowledge such breach will give prompt notice to the other parties.

     

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

     

      

    (a) Eligibility. 
        It will notify the Issuer and the Servicer promptly if it is not, or on the occurrence of any action that would result in it not being, an Eligible Asset Representations Reviewer.

     

    
      7

      
        

    

    (b) Review
          Systems.  It will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems.  The Asset Representations Reviewer
        will ensure that these systems allow for each Asset Review Receivable and the related Asset Review Materials to be individually tracked and stored as contemplated by this Agreement.

     

    (c) Personnel. 
        It will maintain adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement.

     

    (d) Changes
          to Personnel.  It will promptly notify Servicer in the event that it undergoes significant management or staffing changes which would negatively impact its ability to fulfill its obligations under this Agreement.

     

    (e) Maintenance
          of Asset Review Materials.  It will maintain copies of any Asset Review Materials, Asset Review Reports and other documents relating to an Asset Review, including internal correspondence and work papers, for a period of two years after the
        termination of this Agreement.

     

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

     

    Section 4.3.   Fees and Expenses.

     

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

     

    (b) Asset
          Review Fee.  Following the completion of an Asset Review and the delivery of the related Asset Review Report, pursuant to Section 3.5 or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Issuer, the
        Indenture Trustee and the Servicer of a detailed invoice in respect thereof, the Asset Representations Reviewer will be entitled to a fee of $200 for each Asset Review Receivable for which the Asset Review was started (the “Asset Review Fee”). 
        However, no Asset Review Fee will be charged for any Asset Review Receivable which was included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset
        Review according to Section 3.4(e).

     

    (c) Reimbursement
          of Travel Expenses.  If the Servicer provides access to the Asset Review Materials at one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred (i) in connection with the
        related Asset Review and (ii) in accordance with the Servicer’s then-current travel expense policy.  As a condition to reimbursement for any such expenses, the Asset Representations Reviewer shall deliver to the Issuer, the Indenture Trustee and
        the Servicer a detailed invoice in respect of such expenses, including supporting documentation or other evidence of compliance, where applicable, with such travel expense policy.  From time to time, and upon reasonable request

     

    
      8

      
        

    

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

     

    (d) Dispute
          Resolution Expenses.  If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.7 and its reasonable out-of-pocket expenses it incurs in participating in the proceeding are not paid by a party to
        the dispute resolution within ninety (90) days of the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses, following the delivery to the Issuer, the Indenture Trustee and the Servicer of a detailed
        invoice in respect thereof.

     

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

     

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

     

      

    Section 4.5.   Indemnification.

     

    (a) Indemnification
          by Asset Representations Reviewer.  The Asset Representations Reviewer will indemnify each of the Issuer, the Holding Trust, the Seller, the Servicer, the Owner Trustee and the Indenture Trustee and their respective directors, officers,
        employees and agents for all costs, expenses, losses, damages and liabilities (including, but not limited to,

     

    
      9

      
        

    

    reasonable legal fees, costs and expenses, and including any such reasonable fees, costs and expenses incurred in connection with any enforcement (including any action, claim or suit brought by such
      indemnified parties) of any indemnification or other obligation of the Asset Representations Reviewer) resulting from (a) the willful misconduct, fraud, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under
      this Agreement, (b) the Asset Representations Reviewer’s breach of any of its representations or warranties or other obligations under this Agreement, (c) its breach of confidentiality obligations or (d) any third party intellectual property claim. 
      The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer, the termination of the Holding Trust and the resignation or removal of the Asset Representations
      Reviewer.

     

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

     

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

     

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

       

    

    
      10

      
        

    

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

     

    Section 4.6.   Right to Audit.  During the term of this Agreement and not more
        than once per year (unless circumstances warrant additional audits as described below), Servicer may audit the Asset Representations Reviewer’s policies, procedures and records that relate to the performance of the Asset Representation Reviewer
        under this Agreement to ensure compliance with this Agreement upon at least ten (10) Business Days’ notice.  Notwithstanding the foregoing, the parties agree that Servicer may conduct an audit at any time, in the event of (i) audits required by
        Servicer’s governmental or regulatory authorities, (ii) investigations of claims of misappropriation, fraud, or business irregularities of a potentially criminal nature, or (iii) Servicer reasonably believes that an audit is necessary to address a
        material operational problem or issue that poses a threat to Servicer’s business.

     

      

    Section 4.7.   Delegation of Obligations.  The Asset Representations Reviewer
        may not delegate or subcontract its obligations under this Agreement to any Person without the written consent of the Issuer and the Servicer.

     

      

    Section 4.8.   Confidential Information.

     

    (a) Definitions.

     

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

     

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

     

    (iii) “Personally Identifiable Financial Information” means any information a consumer provides to a party in order to obtain a financial product or service, any information a party otherwise obtains about a consumer in connection
        with providing a

     

    
      11

      
        

    

    financial product or service to that consumer, and any information about a consumer resulting from any transaction involving a financial product or service between a party and a consumer. 
      Personally Identifiable Financial Information may include, without limitation, a consumer’s first and last name, physical address, zip code, e-mail address, phone number, Social Security number, birth date, account number and any information that
      identifies, or when tied to the above information may identify, a consumer.

     

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

     

    Neither party shall disclose any Confidential Information to any other persons or entities, except on a “need to know” basis and then only: (i) to their own employees and Agents (as
      defined below); (ii) to their own accountants and legal representatives, provided that any such representatives shall be subject to subsection (d) below; (iii) to their own affiliates, provided that such affiliates shall be restricted in use and
      redisclosure of the Confidential Information to the same extent as the parties hereto.  “Agents”, for purposes of this Section, mean each of the parties’ advisors, directors, officers, employees, contractors, consultants affiliated entities (i.e., an
      entity controlling, controlled by, or under common control with a party), or other agents.  If and to the extent any Agent of the recipient receive Confidential Information, such recipient party shall be responsible for such Agent’s full compliance
      with the terms and conditions of this Agreement and shall be liable for any such Agent’s non-compliance.

     

    (c) Compelled
          Disclosure.  If a subpoena or other legal process seeking Confidential Information is served upon either party, such party will, to the extent not prohibited by law, rule or order, notify the other immediately and, to the maximum extent
        practicable prior to disclosure of any Confidential Information, will, at the other’s request and reasonable expense, cooperate in any lawful effort to contest the legal validity of such subpoena or other legal process.  The restrictions set forth
        herein shall apply during the term and after the termination of this Agreement.  All Confidential Information furnished to the Asset Representations Reviewer or Servicer, as the case may be, or to which the Asset Representations Reviewer or
        Servicer gains access in connection with this Agreement, is the respective exclusive property of the disclosing party.

     

    (d) Use
          by Agents, Employees, Subcontractors.  The parties shall take reasonable measures to prevent its Agents, employees and subcontractors from using or disclosing any Confidential Information, except as may be necessary for each party to perform
        its obligations pursuant to this Agreement.  Such measures shall include, but not be limited to, (i) education of such Agents, employees and subcontractors as to the confidential nature of the Confidential Information; and (ii) securing a written
        acknowledgment and agreement from such Agents, employees and subcontractors that the Confidential Information shall be handled only in accordance with provisions no less restrictive than those contained in this Agreement.  This provision shall
        survive termination of this Agreement.

     

    
      12

      
        

    

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

     

    (f) Exceptions. 
        Confidential Information shall not include, and this Agreement imposes no obligations with respect to, information that:

     

    (i) is or becomes part of the public domain other than by disclosure by a Party or its Agents in violation of this Agreement;

     

    (ii) was disclosed to a Party prior to the Effective Date without a duty of confidentiality;

     

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

     

    (iv) was obtained from a third party not known after reasonable inquiry to be under a duty of confidentiality.

     

    The foregoing exceptions shall not apply to any Non-Public Personal Information or Personally Identifiable Financial Information, which shall remain confidential in all circumstances,
      except as required or permitted to be disclosed by applicable law, statute, or regulation.

     

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

     

    Section 4.9.   Security and Safeguarding Information.

     

    (a) Confidential
        Information that contains Non-Public Personal Information about customers is subject to the protections created by the Gramm-Leach-Bliley Act of 1999 (the “Act”) and under the standards for safeguarding Confidential Information, 16 CFR Part
        314 (2002) adopted by Federal Trade Commission (“FTC”) (the “Safeguards  Rule”).  Additionally, state specific laws may regulate how certain confidential or personal information is safeguarded.  The parties agree with respect to the
        Non-Public Personal Information to take all appropriate measures in accordance with the Act, and any state specific laws, as are necessary to protect the

     

    
      13

      
        

    

    security of the Non-Public Personal Information and to specifically assure there is no disclosure of the Non-Public Personal Information other than as authorized under the Act, and any state specific laws,
      and this Agreement.

     

    With respect to Confidential Information, including Non-Public Personal Information and Personally Identifiable Financial Information as applicable, each of the parties agrees that:

     

    (i) It will use commercially reasonable efforts to safeguard and protect the confidentiality of any Confidential Information and agrees, warrants, and represents that it has or will implement and maintain appropriate safeguards designed to
        safeguard and protect the confidentiality of any Confidential Information.

     

    (ii) It will not disclose or use Confidential Information provided except for the purposes as set in the Agreement, including as permitted under the Act and its implementing regulations, or other applicable law.

     

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

     

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

     

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

     

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

     

    
      14

      
        

    

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

     

    (c) The
        Asset Representations Reviewer will promptly notify Servicer in the event it becomes aware of any unauthorized or suspected acquisition of data or Confidential Information that compromises the security, confidentiality or integrity of Servicer’s
        Confidential Information, whether internal or external.  The Asset Representations Reviewer will use commercially reasonable efforts to take remedial action to resolve such breach and provide the Servicer with such further information and
        assistance as may be reasonably requested.

     

    (d) The
        Asset Representations Reviewer will cooperate with and provide information to the Issuer and the Servicer regarding the Asset Representations Reviewer’s compliance with this Section 4.9.  The Asset Representations Reviewer, the Issuer and the
        Servicer agree to modify Section 4.8 and this Section 4.9 as necessary for any party to comply with applicable law.

     

    ARTICLE V

      RESIGNATION AND REMOVAL

     

    Section 5.1.   Resignation and Removal of Asset Representations Reviewer.

     

    (a) Resignation
          of Asset Representations Reviewer.  The Asset Representations Reviewer may not resign as Asset Representations Reviewer, except:

     

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

     

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

     

    (iii) with the consent of the Issuer.

     

    The Asset Representations Reviewer will give the Issuer and the Servicer sixty (60) days’ prior notice of its resignation.  Any determination permitting the resignation of the Asset
      Representations Reviewer under subsection (i) above must be evidenced by an Opinion of Counsel of the Asset Representations Reviewer delivered to the Issuer, the Servicer, the Owner Trustee and the Indenture Trustee.  No resignation of the Asset
      Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place.

     

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

     

    
      15

      
        

    

    applicable law or (C) upon the occurrence of an Insolvency Event with respect to the Asset Representations Reviewer and (ii) must remove the Asset Representations Reviewer and terminate all of its rights and
      obligations (other than as provided in Section 4.5) under this Agreement if the Asset Representations Reviewer ceases to be an Eligible Asset Representations Reviewer, in each case, by notifying the Asset Representations Reviewer, the Indenture
      Trustee and the Servicer of the removal.

     

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

     

    Section 5.2.   Engagement of Successor.

     

    (a) Successor
          Asset Representations Reviewer.  Following the resignation or removal of the Asset Representations Reviewer under Section 5.1, the Issuer will engage as the successor Asset Representations Reviewer a Person that is an Eligible Asset
        Representations Reviewer.  The successor Asset Representations Reviewer will accept its engagement or appointment by executing and delivering to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations
        under this Agreement or entering into a new Asset Representations Review Agreement with the Issuer that is on substantially the same terms as this Agreement.

     

    (b) Transition
          and Expenses.  The predecessor Asset Representations Reviewer will cooperate with the successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights
        under this Agreement.  The predecessor Asset Representations Reviewer will pay the reasonable expenses of the successor Asset Representations Reviewer in transitioning the Asset Representations Reviewer’s obligations under this Agreement and
        preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the successor Asset Representations Reviewer.  To the extent expenses incurred by the Asset
        Representations Reviewer in connection with the replacement of the Asset Representations Reviewer are not paid by the Asset Representations Reviewer that is being replaced, the Issuer will pay such expenses in accordance with the priority of
        payments set forth in Section 5.7(a) of the Sale and Servicing Agreement, Section 5.6(a) of the Indenture or Section 5.6(b) of the Indenture, as applicable.

     

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

     

    
      16

      
        

    

    ARTICLE VI

      OTHER AGREEMENTS

     

    Section 6.1.   Independence of Asset Representations Reviewer.  The Asset
        Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement.  Unless
        expressly authorized by the Issuer, the Asset Representations Reviewer will have no authority to act for or represent the Issuer or the Owner Trustee and will not be considered an agent of the Issuer, the Holding Trust or the Owner Trustee. 
        Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Holding Trust or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

     

      

    Section 6.2.   No Petition.  Each of the Servicer and the Asset
        Representations Reviewer, by entering into this Agreement, and the Owner Trustee and the Indenture Trustee, by accepting the benefits of this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable
        preference period) after payment in full of (a) all securities issued by the Seller or by a trust for which the Seller was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against,
        the Seller, the Issuer or the Holding Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law.  This Section 6.2 will survive the termination of this
        Agreement.

     

      

    Section 6.3.   Limitation of Liability of Owner Trustee.  It is expressly
        understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and
        vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended
        for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all
        such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any
        representations or warranties made by the Issuer in this Agreement and (e) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
        failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

     

      

    Section 6.4.   Termination of Agreement.  This Agreement will terminate,
        except for the obligations under Section 4.5, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the termination of the Issuer or the Holding Trust.

     

    
      17

      
        

    

    ARTICLE VII

      MISCELLANEOUS PROVISIONS

     

    Section 7.1.   Amendments.

     

    (a) This
        Agreement may be amended by the Asset Representations Reviewer, the Issuer and the Servicer, without the consent of the Indenture Trustee, the Owner Trustee, or any of the Certificateholders or the Noteholders (i) to cure any ambiguity or to
        conform this Agreement to the Prospectus; provided, however, that the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel described in Section 7.1(e) in connection with any such
        amendment or (ii) to correct or supplement any provisions in this Agreement, to comply with any changes in the Code or to make any other provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent
        with the provisions of this Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any
        Certificateholder or Noteholder.

     

    (b) This
        Agreement may also be amended from time to time by the Asset Representations Reviewer, the Issuer and the Servicer, and with the consent of the Indenture Trustee and the Noteholders evidencing not less than a majority of the outstanding principal
        amount of the Notes, in accordance with the Sale and Servicing Agreement, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of
        Certificateholders or Noteholders; provided, however, to the extent not otherwise permitted by Section 7.1(a), the Servicer provides the Indenture Trustee with an Opinion of Counsel (which may be provided by the Servicer’s internal counsel) stating
        that no such amendment shall increase or reduce in any manner the amount or priority of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made on any Note or Certificate,
        unless the Holders of all of the outstanding Notes of each class and the Certificateholders, in each case, affected thereby have consented thereto.

     

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

     

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

     

    
      18

      
        

    

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

     

    Section 7.2.   Assignment; Benefit of Agreement; Third Party Beneficiaries.

     

    (a) Assignment. 
        Except as stated in Section 5.3, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer.

     

    (b) Benefit
          of the Agreement; Third-Party Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns.  The Owner Trustee and the Indenture Trustee, for the benefit
        of the Noteholders, and the Holding Trust will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the Asset Representations Reviewer and the Servicer.  No other Person will have any right or obligation under
        this Agreement.

     

    Section 7.3.   Notices.

     

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

     

    (i) on delivery or, for a letter mailed by registered first class mail, postage prepaid, three (3) days after deposit in the mail;

     

    (ii) for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

     

    (iii) for an email, when receipt is confirmed by telephone or reply email from the recipient; and

     

    (iv) for an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has
        occurred.

     

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

     

    Section 7.4.   GOVERNING LAW.  THIS
        AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW
        PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     

    
      19

      
        

    

    Section 7.5.   Submission to Jurisdiction.  Each of the parties hereto hereby
        irrevocably and unconditionally:

     

      

    (a) submits
        for itself and, as applicable, its property, in any legal action relating to this Agreement, the Basic Documents or any other documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect
        thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof;

     

    (b) consents
        that any such action may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim
        the same; and

     

    (c) waives,
        to the fullest extent permitted by law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement, the Basic Documents or the transactions contemplated hereby.

     

    Section 7.6.   No Waiver; Remedies.  No party’s failure or delay in exercising
        any power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of any power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power,
        right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

     

      

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

     

      

    Section 7.8.   Headings.  The headings of the various Articles and Sections
        herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

     

      

    Section 7.9.   Counterparts.  For the purpose of facilitating the execution of
        this Agreement and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute but one and the same
        instrument. Each of the parties hereto further agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other
        documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

     

    [Remainder of Page Intentionally Left Blank]

     

    

    

     

    

    

     

    
      20

      
        

    

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

     

    	 	
            EXETER AUTOMOBILE RECEIVABLES TRUST 2021-1

          
	 	 	 
	 	
            By:  

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

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                   

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            EXETER FINANCE LLC,

          
	 	
            Servicer

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                   

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            CLAYTON FIXED INCOME SERVICES LLC,

          
	 	
            Asset Representations Reviewer

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                   

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    

    

    

    

    
      
        

    

    
    Schedule A

      

      Representations and Warranties and Procedures to be Performed

     

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

          
	
            1. Each Receivable (A) was originated by a Dealer and purchased by Exeter from such Dealer under an existing Dealer Agreement or pursuant to a Dealer Assignment with Exeter and was validly assigned
              by such Dealer to Exeter pursuant to a Dealer Assignment, (B) was originated by such Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, was originated in accordance with Exeter’s credit policies
              and was fully and properly executed by the parties thereto, (C) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for realization against the collateral security and (D) is
              a Receivable which provides for level monthly payments (provided that the period in the first Collection Period and the payment in the final Collection Period of the Receivable may be minimally different from the normal period and level
              payment) which, if made when due, shall fully amortize the Amount Financed over the original term.

          	
            Receivable File

            Exeter’s Policies

            Data tape

          	
            A. Origination Entity of Each Automobile Loan Contract

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

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

            iii.  Verify the Contract was validly assigned by such Dealer to Exeter.

            B. Automobile Loan Contract originated for Retail Sale of a Financed Vehicle

            i.  Confirm that the Contract is a retail installment sale contract or promissory note relating to the sale of a motor vehicle.

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

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

            C. Contract contains customary and enforceable provisions

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

            D. Original Automobile Loan Terms

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

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

          

    

    

    
      Schedule A-1

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

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

          	
            Receivable File

            Retail Sale Contract

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

            i. APR

            ii. Finance Charge

            iii. Amount Financed

            iv. Total of Payments

            v. Total Sale Price

            B. Confirm a Payment Schedule is present and complete

            C. Confirm there is an itemization of the Amount Financed

            D. Confirm the following disclosure are included in the contract

            i. Prepayment disclosure

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

            iii. Insurance Requirements

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

          
	
            3. Each Receivable was originated in the United States.

          	
            Receivable File

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

          
	
            4. Each Receivable represents the genuine, legal, valid and binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except (A) as
              enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such
              enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be modified by the application after the Cutoff Date of the Servicemembers Civil Relief Act, as amended.

          	
            Retail Sale Contract

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

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

          	
            Receivable File

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

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

          	
            Data tape

            Receivable File

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

          

    

    

    
      Schedule A-2

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

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

          	
            Receivable File

            Assignment

            Data Tape

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

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

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

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

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

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

          
	
            8. No Receivable was originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable under
              this Agreement. 

          	
            Retail Sale Contract

              Receivable File

              Servicing System

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

              ii) If step i is confirmed, then Test Passes

             

          

    

    

    
      Schedule A-3

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

          
	
            9. Each Receivable created or shall create a valid, binding and enforceable first priority security interest in favor of Exeter in the Financed Vehicle.  The Lien Certificate for each Financed
              Vehicle shows, or if a new or replacement Lien Certificate is being applied for with respect to such Financed Vehicle the Lien Certificate will be received within 180 days of the Closing Date and will show, Exeter named as the original
              secured party under each Receivable as the holder of a first priority security interest in such Financed Vehicle.  With respect to each Receivable for which the Lien Certificate has not yet been returned from the Registrar of Titles, Exeter
              has applied for or received written evidence from the related Dealer that such Lien Certificate showing Exeter or the Holding Trust, as applicable, as first lienholder has been applied for.

          	
            Receivable File

          	
            A) Confirm first priority for Exeter

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

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

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

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

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

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

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

          

    

    

    
      Schedule A-4

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

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

          	
            Receivable File

            Dealer Agreement

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

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

            B) If step A is confirmed, then Test Passes

          
	
            11. The records of the Servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of any Receivable existed as of the Cutoff Date (other than
              payment delinquencies of not more than 30 days) or that any condition exists or event has occurred and is continuing that with notice, the lapse of time or both would constitute a default, breach, violation or event permitting acceleration
              under the terms of any Receivable (other than payment delinquencies of not more than 30 days), and the Seller has not waived any of the foregoing.

          	
            Receivable File

            Date Tape

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

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

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

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

            B) If step A is confirmed, then Test Passes

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

          	
            Receivable File

            Evidence of Insurance in the form of:

            i. Declaration/Binder Page;

            ii. Insurance Card; or

            iii. Agreement to Provide Insurance with Direct Verification is Active

          	
            A) Insurance Coverage

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

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

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

          

    

    

    
      Schedule A-5

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

          
	
            13(A). Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than 3 months and not more than 72 months.

          	
            Data Tape

            Receivable File

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

             

          
	
            13(B). Each Receivable had an original maturity, as of the Cutoff Date, of not less than 36 months and not more than 72 months.

          	
            Data Tape

            Receivable File

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

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

          	
            Data Tape

            Receivable File

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

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

          	
            Data Tape

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

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

          	
            Retail Sale Contract

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

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

          	
            Retail Sale Contract

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

              ii) If step i is confirmed, then Test Passes

             

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

          	
            Retail Sale Contract

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

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

          	
            Retail Sale Contract

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

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

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

          	
            Retail Sale Contract

              Title Documents

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

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

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

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

             

          

    

    

    
      Schedule A-6

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

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

             

          	
            Retail Sale Contract

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

              ii) Confirm the Contract was signed by the buyer(s) and the Dealer

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

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

             

          	
            Title Documents

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

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

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

          

    

    

     

    

    

     

  

  Schedule A-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]