Document:

Exhibit 10.3

 

EXECUTION VERSION

 

AMENDED AND RESTATED MANAGEMENT AGREEMENT

 

Dated as of August 19, 2021

 

by and among

 

TACO BELL FUNDING, LLC, as Issuer,

 

THE OTHER SECURITIZATION ENTITIES PARTY HERETO,

 

TACO BELL CORP., as the Manager,

 

and

 

CITIBANK, N.A., as the Trustee

 

     

     

    

 

TABLE OF CONTENTS

 

Page

	Article I	DEFINITIONS	2

	Section 1.1	Certain Definitions	2
	Section 1.2	Other Defined Terms	12
	Section 1.3	Other Terms	13
	Section 1.4	Computation of Time Periods	13

	Article II	ADMINISTRATION AND SERVICING OF MANAGED ASSETS	13

	Section 2.1	Taco Bell Corp	13
	Section 2.2	Accounts	15
	Section 2.3	Records	17
	Section 2.4	Administrative Duties of Manager	18
	Section 2.5	No Offset	18
	Section 2.6	Compensation and Expenses	18
	Section 2.7	Indemnification	19
	Section 2.8	Nonpetition Covenant	20
	Section 2.9	Franchisor Consent	21
	Section 2.10	Appointment of Sub-managers	21
	Section 2.11	Permitted Asset Dispositions	21
	Section 2.12	Manager Advances	22

	Article III	STATEMENTS AND REPORTS	22

	Section 3.1	Reporting by the Manager	22
	Section 3.2	Appointment of Independent Auditor	24
	Section 3.3	Annual Accountants’ Reports	24
	Section 3.4	Available Information	24
	Section 3.5	Weekly Manager’s Certificate	25

	Article IV	THE MANAGER	25

	Section 4.1	Representations and Warranties Concerning the Manager	25
	Section 4.2	Existence; Status as Manager	28
	Section 4.3	Taxes	28
	Section 4.4	Performance of Obligations	28
	Section 4.5	Merger and Resignation	32
	Section 4.6	Notice of Certain Events	33
	Section 4.7	Capitalization	33

 

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Page

	Section 4.8	Maintenance of Separateness	34
	Section 4.9	No Competitive Business	34

	Article V	REPRESENTATIONS, WARRANTIES AND COVENANTS	35

	Section 5.1	Representations and Warranties Made in Respect of New Assets	35
	Section 5.2	Assets Acquired After the Series 2016-1 Closing Date	36
	Section 5.3	Securitization IP	37
	Section 5.4	Specified Non-Securitization Debt Cap	37
	Section 5.5	Restrictions on Liens	37
	Section 5.6	Future Brands	38

	Article VI	MANAGER TERMINATION EVENTS	38

	Section 6.1	Manager Termination Events	38
	Section 6.2	Manager’s Transitional Role	40
	Section 6.3	Intellectual Property	42
	Section 6.4	Third Party Intellectual Property	42
	Section 6.5	No Effect on Other Parties	42
	Section 6.6	Rights Cumulative	43

	Article VII	CONFIDENTIALITY	43

	Section 7.1	Confidentiality.	43

	Article VIII	MISCELLANEOUS PROVISIONS	44

	Section 8.1	Termination of Agreement	44
	Section 8.2	Survival	44
	Section 8.3	Amendment	44
	Section 8.4	Governing Law	46
	Section 8.5	Notices	46
	Section 8.6	Acknowledgement	46
	Section 8.7	Severability of Provisions	46
	Section 8.8	Delivery Dates	46
	Section 8.9	Limited Recourse	46
	Section 8.10	Binding Effect; Assignment; Third Party Beneficiaries	47
	Section 8.11	Article and Section Headings	47
	Section 8.12	Concerning the Trustee	47
	Section 8.13	Counterparts	47

 

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TABLE OF CONTENTS

 

Page

	Section 8.14	Entire Agreement	48
	Section 8.15	Waiver of Jury Trial; Jurisdiction; Consent to Service of Process	48
	Section 8.16	Joinder of Future Securitization Entities	48

 

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AMENDED AND RESTATED MANAGEMENT AGREEMENT

 

This AMENDED AND RESTATED
MANAGEMENT AGREEMENT, dated as of August 19, 2021 (as the same may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time in accordance with the terms hereof, this “Agreement”), is entered into by and among Taco
Bell Funding, LLC, a Delaware limited liability company (together with its successors and assigns, the “Issuer”),
Taco Bell IP Holder, LLC, a Delaware limited liability company (“IP Holder”), Taco Bell Franchisor Holdings, LLC,
a Delaware limited liability company (“Franchisor Holdco”), Taco Bell Franchisor, LLC, a Delaware limited liability
company (the “Taco Bell Franchisor”) and Taco Bell Franchise Holder 1, LLC, a Delaware limited liability company (the
 “Franchise Holder” and, together with Franchisor Holdco, IP Holder and Taco Bell Franchisor, the “Guarantors”
and together with the Issuer, the “Securitization Entities”); Taco Bell Corp., a California corporation, as Manager
(together with its successors and assigns, the “Manager”); and Citibank, N.A., not in its individual capacity but
solely as the indenture trustee under the Indenture (as defined below) (together with its successor and assigns, the “Trustee”).
Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms or incorporated by reference
in Annex A to the Base Indenture.

 

RECITALS

 

WHEREAS, the Manager, the
Securitization Entities and the Trustee previously entered into that certain Management Agreement, dated as of May 11, 2016 (as
amended by the Amendment No. 1 to Management Agreement, dated as of August 24, 2016 and the Amendment No. 2 to Management
Agreement, dated as of November 28, 2018, and as the same may be further amended, restated, amended and restated, supplemented or
otherwise modified from time to time exclusive of the Series Supplements thereto, the “Original Management Agreement”);

 

WHEREAS, each of the Securitization
Entities and the Manager desire to amend and restate the Original Management Agreement in its entirety pursuant to Section 8.3
thereof;

 

WHEREAS,
the Issuer and Citibank, N.A., as Trustee and securities intermediary, have entered into the Amended and Restated Base Indenture, dated
as of the date of this Agreement (as amended, restated, supplemented or otherwise modified and in effect from time to time, the “Base
Indenture”), pursuant to which the Issuer may issue from time to time one or more series of Notes (the “Notes”),
in each case in accordance with a supplemental indenture supplementing the Base Indenture (the Base Indenture, as supplemented by each
such supplemental indenture and as the same may be further amended, restated, supplemented or modified from time to time, the “Indenture”);

 

WHEREAS, the Issuer has granted
to the Trustee on behalf of the Secured Parties a Lien on the Collateral owned by it pursuant to the terms of the Indenture;

 

WHEREAS, the Guarantors have
guaranteed the obligations of the Issuer under the Indenture, the Notes and the other Transaction Documents and have granted to the Trustee
on behalf of the Secured Parties a Lien in the Collateral owned by each of them pursuant to the terms of the Guarantee and Collateral
Agreement dated as of the May 11, 2016 (as the same may be amended, restated, amended and restated, supplemented, or otherwise modified
from time to time in accordance with the terms thereof, the “Guarantee and Collateral Agreement”);

 

     

     

    

 

WHEREAS, each of the Securitization
Entities desires to engage the Manager as manager as hereinafter provided, and each of the Securitization Entities desires to continue
to have the Manager enforce such Securitization Entity’s rights and powers and perform such Securitization Entity’s duties
and obligations under the Managed Documents (as defined below) and the Transaction Documents to which it is party in accordance with
the Managing Standard (as defined below), in each case as hereinafter provided;

 

WHEREAS, IP Holder desires
to appoint the Manager as its agent to continue to provide comprehensive Intellectual Property services, including filing for registration,
clearance, maintenance, protection, enforcement, licensing, and recording transfers of the Securitization IP in accordance with the Managing
Standard and as provided in Section 2.1(c) and Section 4.3(b);

 

WHEREAS, each of the Securitization
Entities desires to enter into this Agreement to continue to provide for, among other things, the managing of the respective rights,
powers, duties and obligations of such Securitization Entity under or in connection with the Contribution Agreements, the Franchise Assets,
the Securitization IP, all other Securitized Assets and each Securitization Entity’s equity interests in each other Securitization
Entity owned by it and in connection with any other assets acquired by or transferred to such Securitization Entity (collectively, the
 “Managed Assets”), all in accordance with the Managing Standard; and

 

WHEREAS, the Manager desires
to enforce such rights and powers and perform such obligations and duties, all in accordance with the Managing Standard.

 

NOW THEREFORE, in consideration
of the premises and the mutual agreements hereinafter set forth, the parties hereto agree as follows:

 

Article I

 

DEFINITIONS

 

Section 1.1     Certain
Definitions. Capitalized terms used herein but not otherwise defined in Annex A to the Base Indenture shall have the following meanings:

 

“Agreement”
has the meaning set forth in the preamble.

 

“Change in Management”
means the termination or resignation of more than 50% of the Leadership Team within twelve (12) months after the date of the occurrence
of a Change of Control; provided, in each case, that termination and/or resignation of any such member of the Leadership Team will not
include (i) a change in such member’s status in the ordinary course of succession so long as such member remains affiliated
with the Manager or any Affiliate thereof or its direct or indirect holding companies or subsidiaries as an officer or director, or in
a similar capacity (ii) retirement of any such member, (iii) death or incapacitation of any such member, or (iv) the replacement
of any such member of the Leadership Team, in the case of part (iv), with the prior written consent of the Controlling Class Representative.

 

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“Change of Control”
means an event or a series of events by which (a) individuals who on Series 2021-1 Closing Date constituted the Board of Directors
of the Manager, together with any new directors whose election by the Board of Directors or whose nomination for election by the equity
holders of the Manager was approved by a majority of the directors then still in office who were either directors or whose election or
nomination for election was previously approved by a majority of the Board of Directors then still in office, cease for any reason to
constitute a majority of the Board of Directors of the Manager then in office; or (b) any “person” or “group”
(as such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner”
(as such term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power
of the Voting Equity Interests of the Manager. For purposes of this definition, a Person will not be deemed to have beneficial ownership
of voting power of the Voting Equity Interests subject to a stock purchase agreement, merger agreement or similar agreement until the
consummation of the transactions contemplated by such agreement.

 

“Competitive
Business” means any business that, in the good faith determination of the Manager in accordance with the Managing Standard,
is intended to compete against the Taco Bell Brand in the United States, to the extent such Competitive Business is not contributed or
expected to be contributed to a Securitization Entity or Future Securitization Entity substantially contemporaneously with entering into
or acquiring such Competitive Business. For the avoidance of doubt, the operation of Company-Owned Restaurants in accordance with the
Transaction Documents will not be deemed a Competitive Business.

 

“Controlled Group”
means a group of trades or businesses (whether or not incorporated) under common control that is treated as a single employer for purposes
of Section 302 or Title IV of ERISA.

 

“Confidential Information”
means trade secrets and other information (including, without limitation, know how, ideas, techniques, recipes, formulas, customer lists,
customer information, financial information, business methods and processes, marketing plans, specifications, and other similar information
as well as internal materials prepared by the owner of such information containing or based, in whole or in part, on any such information)
that is confidential and proprietary to its owner and that is disclosed by one party to an agreement to another party thereto whether
in writing or disclosed orally, and whether or not designated as confidential.

 

“Current Practice”
means, in respect of any action or inaction, the practices, standards and procedures of the Non-Securitization Entities as performed
on or that would have been performed immediately prior to the Series 2016-1 Closing Date.

 

“Defective New Asset”
means any New Asset that does not satisfy the applicable representations and warranties of Article V hereof on the New Asset
Addition Date for such New Asset.

 

“Discloser”
has the meaning set forth in Section 7.1.

 

“Disentanglement”
has the meaning set forth in Section 6.2(a).

 

“Disentanglement
Period” has the meaning set forth in Section 6.2(b).

 

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“Disentanglement
Services” has the meaning set forth in Section 6.2(b).

 

“Employee Benefit
Plan” means any “employee benefit plan”, as such term is defined in Section 3(3) of ERISA, established,
maintained or contributed to by the Manager, or with respect to which the Manager has any liability.

 

“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, in each case
as in effect from time to time. References to sections of ERISA also refer to any successor sections.

 

“ERISA Event”
means (a) a “reportable event” within the meaning of Section 4043 of ERISA and the regulations issued thereunder
with respect to any Pension Plan (other than those events as to which the thirty day notice period is waived); (b) the failure to
meet the minimum funding standard of Section 412 of the Code or Section 302 of ERISA with respect to any Pension Plan (whether
or not waived in accordance with Section 412(c) of the Code) or the failure to make by its due date a required installment
under Section 430 of the Code and Section 303(j) of ERISA with respect to any Pension Plan; (c) the provision by
the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a written notice of intent to terminate such
Pension Plan in a standard termination described in Section 4041(b) of ERISA or a distress termination described in Section 4041(c) of
ERISA; (d) the complete or partial withdrawal by the Manager, or any company in the Controlled Group of the Manager, from any Pension
Plan with two or more contributing sponsors or the termination of any such Pension Plan, in each case, which results in liability pursuant
to Section 4063 or 4064 of ERISA; (e) formal written notice from the PBGC of its intent to commence proceedings to terminate
any Pension Plan; (f) the imposition of liability on the Manager, or any company in the Controlled Group of the Manager, pursuant
to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (g) the filing
of a material claim (other than routine claims for benefits) against any Pension Plan or the assets thereof, or against the Manager
or any company in the Controlled Group of the Manager, in connection with any Pension Plan; (h) receipt from the Internal Revenue
Service of notice of the failure of any Pension Plan to qualify under Section 401(a) of the Code or the failure of any trust
forming part of any Pension Plan to qualify for exemption from taxation under Section 501(a) of the Code; (i) the imposition
of a lien in favor of the PBGC or a Pension Plan pursuant to Section 430(k) of the Code or pursuant to Section 303(k) of
ERISA with respect to any Pension Plan or (j) the complete or partial withdrawal by the Manager or any member of its Controlled
Group from any Multiemployer Plan that has resulted or could reasonably be expected to result in a material liability to the Manager
under ERISA.

 

“Franchise Holder”
has the meaning set forth in the preamble.

 

“Future Brand”
means (1) any franchise brand that Taco Bell or any of its affiliates acquires or develops after the Series 2016-1 Closing
Date and elects to contribute to one or more Securitization Entities in a manner consistent with the terms of the Transaction Documents
and (2) any National Mexican Quick Service Restaurant Brand of a Non-Securitization Entity that the Manager is required to cause
to be contributed to a Securitization Entity pursuant to the terms of this Agreement. At the time any Future Securitization Entities
are created or acquired, or any Future Brand is contributed into any Future Securitization Entity or any other Securitization Entity,
the definitions of “Issuer Subsidiaries” and “Taco Bell Brand” shall be read to include such Future Securitization
Entities and Future Brands, respectively, and the definition of “Securitization IP” shall be read to include U.S. Intellectual
Property related to those Future Securitization Entities and Future Brands.

 

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“Guarantors”
has the meaning set forth in the preamble.

 

“Holdco Specified
Non-Securitization Debt Cap” has the meaning set forth in Section 5.4.

 

“Indemnitee”
has the meaning set forth in Section 2.7(a).

 

“Indenture”
has the meaning set forth in the recitals.

 

“Independent Auditors”
has the meaning set forth in Section 3.2.

 

“Interim Successor
Manager” has the meaning set forth in the Back-Up Management Agreement.

 

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“IP Services”
means performing IP Holder’s obligations as licensor under the IP License Agreements; exercising IP Holder’s rights under
the IP License Agreements (and under any other agreements pursuant to which IP Holder licenses the use of any Securitization IP); and
acquiring, developing, managing, maintaining, protecting, enforcing, defending, licensing, sublicensing and undertaking such other duties
and services as may be necessary in connection with the Securitization IP, on behalf of IP Holder, in each case in accordance with and
subject to the terms of this Agreement (including, without limitation, the Managing Standard, unless IP Holder determines, in its sole
discretion, that additional action is necessary or desirable in furtherance of the protection of the Securitization IP, in which case
the Manager shall perform such IP Services and additional related services as are reasonably requested by IP Holder), the Indenture,
the other Transaction Documents and the Managed Documents, as agent for IP Holder, including, without limitation, the following activities:
(a) searching, screening and clearing After-Acquired Securitization IP to assess patentability, registrability and the risk of potential
infringement; (b) filing, prosecuting, defending and maintaining applications and registrations for the Securitization IP in IP
Holder’s name in the Securitization Jurisdiction, including timely filing of evidence of use, applications for renewal and affidavits
of use and/or incontestability, timely paying of all registration and maintenance fees, responding to third-party oppositions of applications
or challenges to registrations, and responding to any office actions, reexaminations, interferences, inter partes reviews, post
grant reviews, or other office or examiner requests, reviews, or requirements; (c) monitoring third-party use and registration of
Intellectual Property, as applicable, and taking actions the Manager deems appropriate to oppose or contest the use and any application
or registration for Intellectual Property, as applicable, that could reasonably be expected to infringe, dilute or otherwise violate
the Securitization IP or IP Holder’s rights therein; (d) confirming IP Holder’s legal title in and to any or all of
the Securitization IP, including obtaining written assignments of Securitization IP to IP Holder, recording transfers of title in the
USPTO and USCO and transferring internet domain name registrations; (e) with respect to IP Holder’s rights and obligations
under the IP License Agreements and any Transaction Documents, monitoring the licensee’s use of each licensed Trademark and the
quality of its goods and services offered in connection with such Trademarks, rendering any approvals (or disapprovals) that are required
under the applicable license agreement(s), and employing reasonable means to ensure that any use of any such Trademarks by any such licensee
satisfies the quality control standards and usage provisions of the applicable license agreement; (f) protecting, policing, and,
in the event that the Manager becomes aware of any unlicensed copying, imitation, infringement, dilution, misappropriation, unauthorized
use or other violation of the Securitization IP, or any portion thereof, enforcing such Securitization IP, including, (i) preparing
and responding to cease-and-desist, demand and notice letters, and requests for a license; and (ii) commencing, prosecuting and/or
resolving claims or suits involving imitation, infringement, dilution, misappropriation, the unauthorized use or other violation of such
Securitization IP, and seeking monetary and equitable remedies as the Manager deems appropriate in connection therewith; provided
that IP Holder will, and agrees to, join as a party to any such suits to the extent necessary to maintain standing; (g) performing
such functions and duties, and preparing and filing such documents, as are required under the Indenture or any other Transaction Document
to be performed, prepared and/or filed by IP Holder, including (i) executing and recording such financing statements (including
continuation statements) or amendments thereof or supplements thereto or such other instruments as the Issuer or the Control Party may,
from time to time, reasonably request (consistent with the obligations of IP Holder to perfect the Trustee’s lien in the applicable
jurisdictions within the Securitization Jurisdiction) in connection with the security interests in the Securitization IP granted by IP
Holder to the Trustee under the Indenture and (ii) preparing, executing and delivering grants of security interests or any similar
instruments as the Issuer or the Control Party may, from time to time, reasonably request (consistent with the obligations of IP Holder
to perfect the Trustee’s lien in the applicable jurisdictions within the Securitization Jurisdiction) that are intended to evidence
such security interests in the Securitization IP and recording such grants or other instruments with the relevant Governmental Authority
including the USPTO and USCO; (h) taking such actions as any licensee under an IP License Agreement may request that are required
by the terms, provisions and purposes of such IP License Agreement (or by any other agreements pursuant to which IP Holder licenses the
use of any Securitization IP) to be taken by IP Holder, and preparing (or causing to be prepared) for execution by IP Holder all documents,
certificates and other filings as IP Holder will be required to prepare and/or file under the terms of such IP License Agreements (or
such other agreements); (i) establishing a fair market value for the royalties or other payments payable to IP Holder under any
licenses of Securitization IP that are required under the Transaction Documents to include such payments; (j) paying or causing
to be paid or discharged, from funds of the Securitization Entities, any and all taxes, charges and assessments that may be levied, assessed
or imposed upon any of the Securitization IP or contesting the same in good faith; (k) obtaining licenses of third-party Intellectual
Property for use and sublicense in connection with the Contributed Franchise Business and any other assets of the Securitization Entities;
(l) sublicensing the Securitization IP to suppliers, manufacturers, advertisers and other service providers in connection with the
provision of products and services for the Contributed Franchise Business; (m) with respect to Trade Secrets and other confidential
information of IP Holder, taking reasonable measures to maintain confidentiality and to prevent non-confidential disclosures thereof,
and (n) managing passwords for and access to social media accounts, website hosting accounts, mobile app accounts, and other similar
online accounts.

 

“Issuer”
has the meaning set forth in the preamble.

 

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“Leadership Team”
means the persons holding the following offices of Taco Bell Corp.: (i) Chief Executive Officer, (ii) Chief Operating Officer,
(iii) Chief Financial Officer, (iv) Chief Legal Officer, (v) Chief People Officer, (vi) Chief R&D/QA Officer,
(vii) Chief Product Marketing Officer, (viii) Chief Marketing Officer, (ix) Chief Development Officer, (x) Chief
Information Officer, (xi) Chief Food Innovation Officer, (xii) any Vice President and (xiii) any other position that contains
substantially the same responsibilities as of any of the positions listed above or reports to the Chief Executive Officer, other than
administrative assistants.

 

“Managed Assets”
has the meaning set forth in the recitals.

 

“Managed Document”
means any contract, agreement, arrangement or undertaking relating to any of the Managed Assets, including, without limitation, the Contribution
Agreements, the Franchise Documents and the IP License Agreements.

 

“Manager”
means Taco Bell Corp., in its capacity as manager hereunder, unless a successor Person shall have become the Manager pursuant to the
applicable provisions of the Indenture and this Agreement, and thereafter “Manager” shall mean such successor Person.

 

“Manager
Advance” means certain advances of funds made by the Manager to (in its sole discretion), or on behalf of, a
Securitization Entity in connection with the operation of the Managed Assets and reimbursed pursuant to the Priority of Payments.

 

“Manager Termination
Event” has the meaning set forth in Section 6.1(a).

 

“Managing Standard”
means standards that (a) are consistent with Current Practice or, to the extent of changed circumstances, practices, technologies,
strategies or implementation methods, consistent with the standards as the Manager would implement or observe if the Managed Assets were
owned by the Manager at such time; (b) will enable the Manager to comply in all material respects with all of the duties and obligations
of the Securitization Entities under the Transaction Documents and the New Franchise Agreements, Contributed Franchise Agreements, New
Development Agreements and Contributed Development Agreements (and all agreements or obligations ancillary to any of the foregoing);
(c) are in material compliance with all applicable Requirements of Law; and (d) with respect to the use and maintenance of
IP Holder’s rights in and to the Securitization IP, are consistent with the standards imposed by the IP License Agreements.

 

“NAFA Account”
means the National Advertising Fund Administration account relating to the Taco Bell Brand.

 

“National
Mexican Quick Service Restaurant Brand” means a franchise brand for a national chain of quick service restaurants,
which brand satisfies each of the following conditions: (i) derives at least 85% of its revenue from the sale of Mexican-style ready-to-eat
food products, (ii) offers drive-thru food service from at least 85% of its restaurants, (iii) does not offer waiters or wait
staff to take customer orders or provide customer table service, and (iv) has at least 85% of its restaurants located in the United
States. The term “quick service restaurants” specifically excludes “casual dining” or “fast casual”
restaurants.

 

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“New Asset Addition
Date” means, with respect to any New Asset, the earliest of (i) the date on which such New Asset is acquired by the applicable
Securitization Entity, (ii) the later of (a) the date upon which the closing occurs under the applicable contract giving rise
to such New Asset and (b) the date upon which all of the diligence contingencies, if any, in the contract for purchase of the applicable
New Asset expire and the Securitization Entity acquiring such New Asset no longer has the right to cancel such contract and (iii) if
such New Asset is a New Franchise Agreement or a New Development Agreement, the date on which Taco Bell Franchisor begins receiving Franchisee
Payment Amounts from the applicable Franchisee or counterparty to a New Development Agreement, as applicable, in respect of such New
Asset.

 

“New Assets”
means a New Franchise Agreement, a New Development Agreement or any other Managed Asset contributed to, or otherwise entered into or
acquired by, the Securitization Entities after the Series 2016-1 Closing Date.

 

“PBGC”
means the Pension Benefit Guaranty Corporation established under Section 4002 of ERISA.

 

“Post-Opening Services”
means the services required to be performed under the applicable Franchise Documents by the applicable Securitization Entities after
the opening of a Branded Restaurant, in each case in accordance with and subject to the terms of this Agreement (including, for the avoidance
of doubt, the Managing Standard), the Indenture, the other Transaction Documents and the Managed Documents, including, as may be required
under the applicable Franchise Document, (a) providing such Restaurant Operator with the standards established or approved by Taco
Bell Franchisor or Franchise Holder, as applicable, for use by Restaurant Operators; (b) inspecting such Branded Restaurant; (c) providing
such Restaurant Operator with the Manager’s ongoing operating standards and materials designed for use in the Branded Restaurants;
and (d) such other Post-Opening Services as are required to be performed under applicable Franchise Documents; provided
that such Post-Opening Services provided by the Manager under this Agreement will not include any “add-on” type corporate
services provided by a Non-Securitization Entity to a Restaurant Operator, whether pursuant to the related Franchise Agreement or otherwise,
the cost of which is not included in the royalties payable to Taco Bell Franchisor or Franchise Holder, as applicable, under the related
Franchise Agreement, including, without limitation, repairs and maintenance, gift card administration, employee training, point-of-sale
system maintenance and support and maintenance of other information technology systems.

 

“Power of Attorney”
means the authority granted by a Securitization Entity to the Manager pursuant to a Power of Attorney in substantially the form set forth
as Exhibit A-1 or Exhibit A-2 hereto and, in each case, delivered on the date of the Original Management Agreement.

 

“Pre-Opening Services”
means the services required to be performed under the applicable Franchise Documents by the applicable Securitization Entities prior
to the opening of a Branded Restaurant, in each case in accordance with and subject to the terms of this Agreement (including, for the
avoidance of doubt, the Managing Standard), the Indenture, the other Transaction Documents and the Managed Documents, including, as may
be required under the applicable Franchise Document, (a) providing such Restaurant Operator with the standards established or approved
by Taco Bell Franchisor or Franchise Holder, as applicable, for use by Restaurant Operators; (b) inspecting such Branded Restaurant;
(c) providing such Restaurant Operator with the Manager’s ongoing operating standards and materials designed for use in the
Branded Restaurants; and (d) providing such other Post-Opening Services as are required to be performed under applicable Franchise
Documents; provided that such Post-Opening Services provided by the Manager under the Management Agreement will not include
any “add-on” type corporate services provided by a Non-Securitization Entity to a Restaurant Operator, whether pursuant to
the related Franchise Agreement or otherwise, the cost of which is not included in the royalties payable to Taco Bell Franchisor or Franchise
Holder, as applicable, under the related Franchise Agreement, including, without limitation, repairs and maintenance, gift card administration,
employee training, back of house support and maintenance fees; Taco Bell IT service desk for front of house fees and all access fees.

 

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“Quarterly Fiscal
Period” means each of the following quarterly fiscal periods of the Securitization Entities: (i) the first three quarterly
fiscal periods of each fiscal year will consist of 12 weeks (three 4-week periods) and (ii) the fourth quarterly fiscal period of
each fiscal year with 52-weeks consists of 16 weeks (four 4-week periods) and each fiscal year with 53-weeks consists of 17 weeks (three
4-week periods and one 5-week period). References to “weeks” in “Quarterly Fiscal Period” means TBC’s fiscal
weeks, which begin on each Wednesday and end on each Tuesday. The last day of each fourth Quarterly Fiscal Period of the Securitization
Entities in each fiscal year is the last Tuesday in December. The last day of each fourth Quarterly Fiscal Period of the Securitization
Entities in each fiscal year is the last Tuesday in December.

 

“Recipient”
has the meaning ascribed to such term in Section 7.1.

 

“Securitization
Entities” has the meaning set forth in the preamble.

 

“Series 2016-1
Closing Date” means May 11, 2016.

 

“Series 2021-1
Closing Date” means the date of this Agreement.

 

“Services”
means the servicing and administration by the Manager of the Managed Assets, in each case in accordance with and subject to the terms
of this Agreement (including, for the avoidance of doubt, the Managing Standard), the Indenture, the other Transaction Documents and
the Managed Documents, on behalf of the applicable Securitization Entity, including, without limitation:

 

(a)            calculating
and compiling information required in connection with any report or certificate to be delivered pursuant to the Transaction Documents;

 

(b)            preparing
and filing all tax returns and tax reports required to be prepared by any Securitization Entity;

 

(c)            paying
or causing to be paid or discharged, in each case from funds of the Securitization Entities, any and all taxes, charges and assessments
attributable to and required to be paid under applicable Requirements of Law by any Securitization Entity;

 

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(d)         performing
the duties and obligations of, and exercising and enforcing the rights of, the Securitization Entities under the Transaction Documents,
including, without limitation, performing the duties and obligations of each applicable Securitization Entity under the IP License Agreements;

 

(e)       taking
those actions that are required under the Transaction Documents and Requirements of Law to maintain continuous perfection and priority
(subject to Permitted Liens and the exclusions from perfection requirements under the Indenture, the Guarantee and Collateral Agreement
and the Transaction Documents) of any Securitization Entity’s and the Trustee’s respective interests in the Collateral;

 

(f)         making
or causing the collection of amounts owing under the terms and provisions of each Managed Document and the Transaction Documents, including,
without limitation, managing (i) Taco Bell Franchisor’s or Franchise Holder’s rights and obligations, as applicable,
as franchisor under the Franchise Agreements, the Company-Owned Restaurant Master Franchise Agreements and the Development Agreements
(including performing Pre-Opening Services and Post-Opening Services) or taking actions to maintain Taco Bell Franchisor’s net
worth for purposes of state franchisor requirements, including enforcing Franchisor Holdco’s obligations under the Performance
Guaranty and directing the Trustee in writing to allocate amounts between the Senior Notes Interest Reserve Accounts and (ii) the
right to approve amendments, waivers, modifications and terminations of (including extensions, modifications, write-downs and write-offs
of obligations owing under) Franchise Documents and other Managed Documents (which amendments to Franchise Documents may be effected
by replacing a franchise agreement with a new franchise agreement (which new franchise agreement may be executed by any Securitization
Entity)) and to exercise all rights of the applicable Securitization Entities under such Franchise Documents and other Managed Documents;

 

(g)         performing
due diligence with respect to, selecting and approving new Franchisees and providing personnel to manage the due diligence, selection
and approval process;

 

(h)       preparing,
offering and entering into New Franchise Agreements and New Development Agreements, in each case, in its own name on behalf of the Securitization
Entities (including in its capacity as franchise broker/franchise sales agent for the Securitization Entities) or in the name of a Securitization
Entity (pursuant to the applicable Power of Attorney), including, among other things, adopting variations to the forms of agreements
used in documenting such agreements and preparing and executing documentation of franchise transfers, terminations, renewals, site relocations
and ownership changes, in all cases, subject to and in accordance with the terms of the Transaction Documents (and performing such filings
as may be required by law to serve as franchise broker/franchise sales agent for any Securitization Entity);

 

(i)        evaluating
and approving assignments of Franchise Agreements, Company-Owned Restaurant Master Franchise Agreements, Development Agreements and other
Franchise Documents by Restaurant Operators to third-party franchisee candidates or existing Franchisees;

 

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(j)         preparing
and filing franchise disclosure documents with respect to Development Agreements, Franchise Agreements and Company-Owned Restaurant Master
Franchise Agreements to comply, in all material respects, with applicable Requirements of Law;

 

(k)         complying
with franchise industry specific government regulation and applicable Requirements of Law;

 

(l)          making
Manager Advances in its sole discretion;

 

(m)        administering
the Management Accounts;

 

(n)         performing
the duties and obligations and enforcing the rights of the Securitization Entities under the Managed Documents, including entering into
new Managed Documents from time to time;

 

(o)         arranging
for legal services with respect to the Managed Assets, including with respect to the enforcement of the Franchise Documents;

 

(p)         arranging
for or providing accounting and financial reporting services;

 

(q)        establishing
and/or providing quality control services and standards for food, equipment, suppliers and distributors in connection with the Branded
Restaurants and monitoring compliance with such standards;

 

(r)         developing
new products and services (or modifying any existing products and services) to be offered in connection with the Branded Restaurants
and the other assets of the Securitization Entities;

 

(s)         in
connection with Branded Restaurants, developing, modifying, amending and disseminating (i) specifications and standards for restaurant
operations, (ii) operations procedures manuals and (iii) new service or menu offerings;

 

(t)          performing
the IP Services;

 

(u)         acting
on behalf of the Securitization Entities with respect to the NAFA Account and in such capacity, or in any other capacity agreed with
the Franchisees or other Restaurant Operators from time to time, developing and executing advertising, marketing and promotional strategies,
programs and materials relating to the Taco Bell Brand and Branded Restaurants;

 

(v)          managing
the Taco Bell website, social media presence and mobile app; and

 

(w)         performing
such other services as may be necessary or appropriate from time to time and consistent with the Managing Standard and the Transaction
Documents in connection with the Managed Assets.

 

“Specified Non-Securitization
Debt” has the meaning set forth in Section 5.4.

 

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“Sub-management
Arrangement” means an arrangement whereby the Manager engages any other Person (including any Affiliate) to perform certain
of its duties under this Agreement excluding the fundamental corporate functions of the Manager; provided that (i) master
franchise arrangements with Restaurant Operators and temporary arrangements with Restaurant Operators with respect to the management
of one or more Branded Restaurants immediately following the termination of the former Restaurant Operators, and (ii) any agreement
between the Manager and third-party vendors pursuant to which the Manager purchases a specific product or service or outsources routine
administrative functions, including any products, services or administrative functions listed on Schedule 1 hereto or any other
products, services or administrative functions that are substantially similar thereto, shall not constitute a Sub-management Arrangement.

 

“Successor Manager”
means any successor to the Manager appointed by the Control Party (at the direction of the Controlling Class Representative) upon
the termination, resignation, removal or replacement of the Manager pursuant to the terms of this Agreement.

 

“Term”
shall have the meaning set forth in Section 8.1.

 

“Termination Notice”
has the meaning set forth in Section 6.1(a).

 

“Trustee”
has the meaning set forth in the preamble.

 

“Weekly Manager’s
Certificate” has the meaning set forth in Section 3.5.

 

“Weekly Management
Fee” means, with respect to each Weekly Allocation Date, following the Series 2021-1 Closing Date, the amount determined
by dividing:

 

(i)            an
amount equal to the sum of (A) a base fee of $29,800,000, plus (B) a fee of $8,700 for every $100,000 of aggregate Retained
Collections over the preceding four (4) Quarterly Fiscal Periods; by

 

(ii)            52;

 

provided
that the dollar amounts set forth in clauses (i)(A) will be subject to successive 2% annual increases on the first
day of the first Quarterly Fiscal Period of the fiscal year of the Securitization Entities; provided, further, that the
incremental increased portion of such fees will be payable only to the extent that the sum of the amounts set forth in clauses (i)(A) and
(i)(B) as so increased will not exceed 35% of the aggregate Retained Collections over the preceding four (4) Quarterly Fiscal
Periods.

 

“Welfare Plan”
means any “employee welfare benefit plan” as such term is defined in Section 3(1) of ERISA.

 

“YBI”
has the meaning set forth in Section 6.2(a).

 

Section 1.2     Other
Defined Terms.

 

(a)            Each
term defined in the singular form in Section 1.1 or elsewhere in this Agreement shall mean the plural thereof when the plural
form of such term is used in this Agreement and each term defined in the plural form in Section 1.1 or elsewhere in this
Agreement shall mean the singular thereof when the singular form of such term is used herein.

 

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(b)            The
words “hereof”, “herein”, “hereunder” and similar terms when used in this Agreement shall refer to
this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit
references herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified.

 

(c)            Unless
as otherwise provided herein, the word “including” as used herein shall mean “including without limitation.”

 

(d)            The
rules of construction set forth in Section 1.4 of the Base Indenture shall apply for all purposes under this Agreement.

 

(e)            All
accounting terms not specifically or completely defined in this Agreement shall be construed in conformity with GAAP.

 

(f)            Where
the character or amount of any asset or liability or item of income or expense is required to be determined, or any accounting computation
is required to be made, for the purpose of this Agreement, such determination or calculation shall be made, to the extent applicable
and except as otherwise specified in this Agreement or the other Transaction Documents, in accordance with GAAP. When used herein, the
term “financial statement” shall include the notes and schedules thereto. All accounting determinations and computations
hereunder shall be made without duplication.

 

Section 1.3     Other
Terms. All terms used in Article 9 of the UCC as in effect from time to time in the State of New York, and not specifically
defined herein, are used herein as defined in such Article 9.

 

Section 1.4     Computation
of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later
specified date, the word “from” means “from and including” and the words “to” and “until”
each means “to but excluding.”

 

Article II

 

ADMINISTRATION
AND SERVICING OF MANAGED ASSETS

 

Section 2.1     Taco
Bell Corp. to act as Manager.

 

(a)            Engagement
of the Manager. The Manager is hereby authorized by each Securitization Entity, and hereby agrees, to continue to perform the Services
(or refrain from the performance of the Services) subject to and in accordance with the Managing Standard and the terms of this Agreement,
the other Transaction Documents and the Managed Documents. With respect to the IP Services, the Manager shall perform such IP Services
in accordance with the Managing Standard and the IP License Agreements, unless IP Holder determines, in its sole discretion, that additional
action is necessary or desirable in furtherance of the protection of the Securitization IP, in which case the Manager shall perform such
IP Services and additional related services as are reasonably requested by IP Holder. The Manager, on behalf of each of the Securitization
Entities, shall have full power and authority, acting alone and subject only to the specific requirements and prohibitions of this Agreement
and in accordance with the Managing Standard, the Indenture and the other applicable Transaction Documents, to do and take any and all
actions, or to refrain from taking any such actions, and to do any and all things in connection with performing the Services that the
Manager determines are necessary or desirable. Without limiting the generality of the foregoing, but subject to the provisions of this
Agreement, including Section 2.8, the Indenture and the other Transaction Documents, the Manager, in connection with performing
the Services, is hereby authorized and empowered to execute and deliver, in the Manager’s own name (in its capacity as agent for
the applicable Securitization Entity) or in the name of any Securitization Entity (pursuant to the applicable Power of Attorney), on
behalf of any Securitization Entity any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
and all other comparable instruments, with respect to the Managed Assets, including, without limitation, consents to sales, transfers
or encumbrances of a franchise by any Restaurant Operator or consents to assignments and assumptions of the Franchise Arrangements by
any Restaurant Operator in accordance with the terms thereof. For the avoidance of doubt, the parties hereto acknowledge and agree that
the Manager is providing Services directly to each applicable Securitization Entity. Nothing in this Agreement shall preclude any of
the Securitization Entities from performing the Services or any other act on their own behalf at any time and from time to time.

 

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(b)            Actions
to Create and Perfect Security Interests. Subject to the terms of the Base Indenture, including any applicable Series Supplement,
the Manager shall take those actions that are required under the Transaction Documents and Requirements of Law to maintain continuous
perfection and priority (subject to Permitted Liens and the exclusions from perfection requirements under the Transaction Documents)
of the Trustee’s Lien in the Collateral to the extent required by the Indenture and the Guarantee and Collateral Agreement. Without
limiting the foregoing, the Manager shall file or cause to be filed with the appropriate government office the financing statements on
Form UCC-1, assignments of financing statements on Form UCC-3, any filings related to the Securitization IP as set forth in
Section 8.25 of the Base Indenture and other filings required to be filed in connection with the Indenture and the other
Transaction Documents.

 

(c)            Ownership
of Manager-Developed IP. The Manager acknowledges and agrees that all Securitization IP, including any Manager-Developed IP arising
during the Term, shall, as between the parties, be owned by and inure exclusively to IP Holder. Any copyrightable material included in
such Manager-Developed IP shall, to the fullest extent allowed by law, be considered a “work made for hire” as that term
is defined in Section 101 of the U.S. Copyright Act of 1976, as amended, and owned by IP Holder. The Manager hereby irrevocably
assigns and transfers, without further consideration, all right, title and interest in such Manager-Developed IP (and all goodwill connected
with the use of and symbolized by Trademarks included therein) to IP Holder. Notwithstanding the foregoing, the Manager-Developed IP
to be transferred to IP Holder shall include rights to use third-party Intellectual Property only to the extent (but to the fullest extent)
that such rights are assignable or sublicensable to IP Holder. All applications to register Manager-Developed IP shall be filed in the
name of IP Holder.

 

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The Manager agrees to cooperate in good faith
with IP Holder for the purpose of securing and preserving IP Holder’s rights in and to the applicable Manager-Developed IP, including
executing any documents and taking any actions, at IP Holder’s reasonable request, or as deemed necessary or advisable by the Manager,
to confirm, file and record in any appropriate registry IP Holder’s sole legal title in and to such Manager-Developed IP, it being
acknowledged and agreed that any expenses in connection therewith shall be paid by IP Holder. The Manager hereby appoints IP Holder as
its attorney-in-fact authorized to execute such documents in the event that Manager fails to execute the same within twenty (20) days
following IP Holder’s written request to do so (it being understood that such appointment is a power coupled with an interest and
therefore irrevocable) with full power of substitution and delegation.

 

(d)          Grant
of Power of Attorney. In order to provide the Manager with the authority to perform and execute its duties and obligations as set
forth herein, each of the Securitization Entities executed and delivered on May 11, 2016 a Power of Attorney in substantially the
form set forth as Exhibit A-1 (with respect to IP Holder) and Exhibit A-2 (with respect to the other Securitization
Entities) hereto to the Manager, which Powers of Attorney shall terminate in the event that the Manager’s rights under this Agreement
are terminated as provided herein.

 

(e)          Manager
Insurance. The Manager agrees to maintain adequate insurance consistent with the type and amount maintained by the Manager as of the
Series 2016-1 Closing Date, subject, in each case, to any adjustments or modifications made in accordance with clause (a) of
the definition of the Managing Standard. Such insurance shall cover each of the Securitization Entities, as an additional insured, to
the extent that such Securitization Entity has an insurable interest therein.

 

Section 2.2         Accounts.

 

(a)          Collection
of Payments; Remittances; Collection Account. The Manager shall maintain and manage the Management Accounts (and certain other accounts
from time to time) in the name of, and for the benefit of, each of the Securitization Entities. The Manager shall (on behalf of each of
the Securitization Entities) (i) cause the collection of Collections in accordance with the Managing Standard and subject to and
in accordance with the Transaction Documents and (ii) make all deposits to and withdrawals from the Management Accounts in accordance
with this Agreement (including, for the avoidance of doubt, the Managing Standard), the Indenture and the applicable Managed Documents.
The Manager shall (on behalf of each of the Securitization Entities) make all deposits to the Collection Account in accordance with the
terms of the Indenture.

 

(b)         Deposit
of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into a Lock-Box Account, a Concentration
Account, the Collection Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge
of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the
Managed Assets incorrectly deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited
in any Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to
the Person legally entitled to such funds. Except as otherwise set forth herein or in the Base Indenture, the Manager shall not commingle
any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified
all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or
such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral,
the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture,
the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the
Trustee in the Weekly Manager’s Certificate of any amounts incorrectly deposited into any Indenture Trust Account and arrange for
the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have
no obligation to verify any information provided to it by the Manager in any Weekly Manager’s Certificate and shall remit such funds
to the Manager based solely on such Weekly Manager’s Certificate.

 

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(c)          Investment
of Funds in Management Accounts. The Manager shall have the right to invest and reinvest funds deposited in any Management Account
in Eligible Investments maturing no later than the Business Day preceding each Weekly Allocation Date. All income or other gain from such
Eligible Investments will be credited to the related Management Account, and any loss resulting from such investments will be charged
to the related Management Account. The Investment Income available on deposit in the Management Accounts will be withdrawn on each Weekly
Allocation Date for deposit to the Collection Account for application as Collections on such Weekly Allocation Date.

 

(d)          Advertising
Fees. The Manager will instruct Restaurant Operators (other than Franchisees that are licensees under the applicable Franchise Agreement)
to pay certain advertising fees based on a percentage of sales in accordance with the Company-Owned Restaurant Master Franchise Agreement
or Franchise Agreement, as applicable (“Advertising Fees”), to the NAFA Account.

 

(e)         Dormant
Accounts. The Manager, acting on behalf of the applicable Securitization Entities, in accordance with the terms of Section 13.1
of the Base Indenture, may at any time and from time to time, may without the consent of any Noteholder, the Control Party, the Controlling
Class Representative or any other Secured Party, the applicable Securitization Entity and the Trustee close or otherwise terminate
any Management Account or Lock-Box Account and amend, restate, supplement, modify or terminate any related Account Control Agreement subject
to the delivery by the Manager of an Officer’s Certificate to the Control Party and the Trustee, following the termination of such
Management Account or Lock-Box Account, stating that such account (a) has been closed, is no longer used or is dormant, (b) there
are no remaining Collections or other Collateral credited thereto and (c) the Manager has taken reasonable best efforts (including,
if applicable, notifying third parties) to ensure that no Collections or other Collateral will be deposited to such Management Account
or Lock-Box Account following the termination thereof. To the extent any Collections or other Collateral are deposited in any such account
in the future, the Manager agrees to cause such Collections or other Collateral to be transferred within two (2) Business Days to
a separate Management Account that is subject to an Account Control Agreement.

 

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(f)           Third-Party
Fees Payments. Unless otherwise specified in the Transaction Documents, any license fee, royalty fee or other fee with respect to
the Securitization IP or the Services and payable by a third-party to the Manager (or payable to any other Non-Securitization Entity and
allocable to the Manager or the Issuer or the other Securitization Entities) shall be deposited to a Management Account within a commercially
reasonable timeframe, as determined by the Manager in accordance with the Managing Standard.

 

Section 2.3           Records.

 

(a)          The
Manager shall, in accordance with the Managing Standard, retain all material data (including computerized records) relating directly to,
or maintained in connection with, the servicing of the Managed Assets at its address indicated in Section 8.5 (or at an off-site
storage facility reasonably acceptable to each of the Securitization Entities, the Servicer and the Back-Up Manager) or, upon thirty (30)
days’ notice to each of the Securitization Entities, the Rating Agency, the Back-Up Manager, the Trustee and the Servicer, at such
other place where the servicing office of the Manager is located (provided that the servicing office of the Manager shall
at all times be located in the United States), and shall give the Trustee, the Back-Up Manager and the Servicer access to all such data
in accordance with the terms and conditions of the Transaction Documents; provided, however, that the Trustee shall
not be obligated to verify, recalculate or review any such data. The Manager acknowledges that IP Holder shall own the Intellectual Property
rights in all such data.

 

(b)            If
the rights of Taco Bell Corp., shall have been terminated in accordance with Section 6.1, the Manager, shall, upon demand
of the Trustee (based upon the written direction on the Control Party), deliver to the Successor Manager (or Interim Successor Manager,
as the case may be) all data in its possession or under its control (including computerized records) necessary or desirable for the servicing
of the Managed Assets; provided, however, that the Manager may retain a single set of copies of any books and records that
the Manager reasonably believes will be required by it for the purpose of performing any of the Manager’s accounting, public reporting
or other administrative functions that are performed in the ordinary course of the Manager’s business; and provided, further,
that the Manager shall have access, during normal business hours and upon reasonable notice, to all books and records that the Manager
reasonably believes would be necessary or desirable for the Manager in connection with the preparation of any tax or other governmental
reports and filings and other uses; and provided, further, that if the Issuer shall desire to dispose of any of such books
and records at any time within five (5) years of the Manager’s termination, the Issuer shall, prior to such disposition, give
the Manager a reasonable opportunity, at the Manager’s expense, to segregate and remove such books and records as the Manager may
select. The provisions of this Section 2.3 shall not require the Manager to transfer any proprietary material or computer
programs unrelated to the servicing of the Managed Assets.

 

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Section 2.4          Administrative
Duties of Manager.

 

(a)           Duties
with Respect to the Transaction Documents. The Manager, in accordance with the Managing Standard, shall perform the duties of the
applicable Securitization Entities under the Transaction Documents except for those duties that are required to be performed by the equity
holders, stockholders, directors, or managers of such Securitization Entity pursuant to applicable law. In furtherance of the foregoing,
the Manager shall consult with the managers or the directors, as the case may be, of each Securitization Entity as the Manager deems appropriate
regarding the duties of such Securitization Entity under the applicable Transaction Documents. The Manager shall monitor the performance
of the Securitization Entities and, promptly upon obtaining Actual Knowledge thereof, shall advise the applicable Securitization Entity
when action is necessary to comply with such Securitization Entity’s duties under the applicable Transaction Documents. The Manager
shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all such documents,
reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Securitization Entities to prepare, file
or deliver pursuant to the applicable Transaction Documents.

 

(b)            Duties
with Respect to the Securitization Entities. In addition to the duties of the Manager set forth in this Agreement or any of the Transaction
Documents, the Manager, in accordance with the Managing Standard, shall perform such calculations and shall prepare for execution by each
of the Securitization Entities or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments,
certificates, notices and opinions as it shall be the duty of each of the Securitization Entities to prepare, file or deliver pursuant
to applicable law, including, for the avoidance of doubt, securities laws and franchise laws. Pursuant to the directions of each of the
Securitization Entities and in accordance with the Managing Standard, the Manager shall administer, perform or supervise the performance
of such other activities in connection with each of the Securitization Entities as are not covered by any of the foregoing provisions
and as are expressly requested by any Securitization Entity and are reasonably within the capability of the Manager.

 

(c)           Records.
The Manager shall maintain appropriate books of account and records relating to the Services performed under this Agreement, which books
of account and records shall be accessible for inspection by each of the Securitization Entities during normal business hours, and upon
reasonable notice, by the Trustee, the Back-Up Manager, the Servicer and the Controlling Class Representative in accordance with
Section 3.1(d).

 

(d)            Election
of Controlling Class Representative. Pursuant to Section 11.1(d) of the Base Indenture, if a CCR Election results
in a tie, the Manager shall have the right to select one of such tied CCR Candidates as the Controlling Class Representative.

 

Section 2.5          No
Offset. The payment obligations of the Manager under this Agreement shall not be subject to, and the Manager hereby waives, in connection
with the performance of such obligations, any right of offset that the Manager has or may have against the Trustee, the Servicer or any
of the Securitization Entities, whether in respect of this Agreement, the other Transaction Documents or any document governing any Managed
Asset or otherwise.

 

Section 2.6          Compensation
and Expenses. As compensation for the performance of its obligations under this Agreement, the Manager will be entitled to receive
(i) the Weekly Management Fee, and (ii) with the written consent of the Control Party (such consent not to be unreasonably
withheld or delayed), the Supplemental Management Fee, if any, on each Weekly Allocation Date out of amounts available therefor under
the Indenture on such Weekly Allocation Date in accordance with the Priority of Payments. The Manager is required to pay from its own
funds all expenses it may incur in performing its obligations hereunder.

 

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Section 2.7          Indemnification.

 

(a)          The
Manager agrees to indemnify and hold each of the Securitization Entities, the Trustee, the Back-Up Manager and the Servicer (both in its
capacity as Servicer and as Control Party) and their respective members, officers, directors, managers, employees and agents (each, an
 “Indemnitee”) harmless against all claims, losses, penalties, fines, forfeitures, liabilities, obligations, damages,
actions, suits and related costs and judgments and other costs, fees and reasonable expenses, including reasonable and documented fees,
out-of-pocket charges and disbursements of counsel (other than the allocated costs of in-house counsel), that any of them may incur as
a result of (i) the breach by the Manager of any representation, warranty or covenant under this Agreement or any other Transaction
Document to which it is a party in its capacity as Manager or (ii) the Manager’s bad faith, gross negligence or willful misconduct
in the performance of its duties under this Agreement and the other Transaction Documents; provided, however, that there
shall be no indemnification under this Section 2.7(a) in respect of losses on the value of any Collateral for a breach
of any representation, warranty or covenant relating to any New Asset provided in Article V so long as the Manager has complied
with Section 2.7(b) and Section 2.7(c) hereunder; provided, further, that the Manager
shall have no obligation of indemnity to an Indemnitee to the extent any such claims, losses, penalties, fines, forfeitures, liabilities,
obligations, damages, actions, suits and related costs and judgments and other costs, fees and reasonable expenses are caused by the bad
faith, gross negligence, willful misconduct, or breach of this Agreement by such Indemnitee (unless caused by the Manager with respect
to a Securitization Entity). In the event the Manager is required to make an indemnification payment pursuant to this Section 2.7(a) the
Manager shall promptly pay such indemnification payment directly to the applicable Indemnitee (or, if due to a Securitization Entity,
shall deposit such indemnification payment directly to the Collection Account).

 

(b)         In
the event of a breach of any representation, warranty or covenant relating to any New Asset provided in Article V that is
not remedied within thirty (30) days of the Manager having obtained Actual Knowledge of such breach or written notice thereof, the Manager,
in its capacity as transferor, shall promptly notify the Trustee and the Servicer and cause the New Assets to be reassigned or pay the
Indemnification Amount to the applicable Securitization Entity; provided that if the applicable breach affects only a portion
of such New Asset without a Material Adverse Effect on the cash flow generated by or in connection with such New Asset, the Manager shall
only be required to pay the Indemnification Amount with respect to such affected portion of such New Asset.

 

(c)          In
addition to the rights provided in Section 2.7(b), the Manager, in its capacity as transferor, agrees to indemnify and hold
each Indemnitee harmless if any action or proceeding (including any governmental investigation and/or the assessment of any fines or similar
items) shall be brought or asserted against such Indemnitee in respect of a material breach of any representation, warranty or covenant
relating to any New Asset provided in Article V to the extent provided in Section 2.7(a).

 

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(d)          Any
Indemnitee that proposes to assert the right to be indemnified under this Section 2.7 shall promptly, after receipt of notice
of the commencement of any action, suit or proceeding against such party in respect of which a claim is to be made against the Manager,
notify the Manager of the commencement of such action, suit or proceeding, enclosing a copy of all papers served. In the event that any
action, suit or proceeding shall be brought against any Indemnitee, such Indemnitee shall notify the Manager of the commencement thereof
and the Manager shall be entitled to participate in, and to the extent that it shall wish, to assume the defense thereof, with its counsel
reasonably satisfactory to such Indemnitee (which, in the case of a Securitization Entity, shall be reasonably satisfactory to the Control
Party, as well), and after notice from the Manager to such Indemnitee of its election to assume the defense thereof, the Manager shall
not be liable to such Indemnitee for any legal expenses subsequently incurred by such Indemnitee in connection with the defense thereof;
provided that the Manager shall not enter into any settlement with respect to any claim or proceeding unless such settlement
includes a release of such Indemnitee from all liability on claims that are the subject matter of such settlement; and provided,
further, that the Indemnitee shall have the right to employ its own counsel in any such action the defense of which is assumed
by the Manager in accordance with this Section 2.7(d), but the fees and expenses of such counsel shall be at the expense of
such Indemnitee unless (i) the employment of counsel by such Indemnitee has been specifically authorized by the Manager, (ii) the
Manager is advised in writing by counsel to such Indemnitee or the Control Party that joint representation would give rise to a conflict
of interest between such Indemnitee’s position and the position of the Manager in respect of the defense of the claim, (iii) the
Manager shall have failed within a reasonable period of time to assume the defense of such action or proceeding and employ counsel reasonably
satisfactory to the Indemnitee in any such action or proceeding or (iv) the named parties to any such action or proceeding (including
any impleaded parties) include both the Indemnitee and the Manager, and the Indemnitee shall have been advised by counsel that there may
be one or more legal defenses available to it which are different from or additional to those available to the Manager (in which case,
the Indemnitee notifies the Manager in writing that it elects to employ separate counsel at the expense of the Manager, the reasonable
fees and expenses of such Indemnitee’s counsel shall be borne by the Manager and the Manager shall not have the right to assume
the defense of such action or proceeding on behalf of such Indemnitee, it being understood, however, that the Manager shall not, in connection
with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for such fees and expenses of more than one separate firm of attorneys
at any time for the Indemnitee). The provisions of this Section 2.7 shall survive the termination of this Agreement or the
earlier resignation or removal of any party hereto; provided, however, that no Successor Manager shall be liable
under this Section 2.7 with respect to any Defective New Asset or any other matter occurring prior to its succession hereunder.
Notwithstanding anything in this Section 2.7 to the contrary, any delay or failure by an Indemnitee in providing the Manager
with notice of any action shall not relieve the Manager of its indemnification obligations except to the extent the Manager is materially
prejudiced by such delay or failure of notice.

 

Section 2.8           Nonpetition
Covenant. Until the date that is one year and one day after the date upon which the Issuer has paid in full all Series of Notes
Outstanding (and the Transaction Documents have been terminated), the Manager will not institute against any Securitization Entity, or
join with any other Person in instituting against any Securitization Entity, any arrangement, Insolvency or receivership proceeding
under any federal or state Insolvency or similar law or consent to, or make application for or institute or maintain any action for,
the dissolution of any Securitization Entity under the Delaware LLC Act or any other applicable Requirements of Law.

 

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Section 2.9          Franchisor
Consent. Subject to the Managing Standard and the terms of the Indenture, the Manager shall have the authority, on behalf of the applicable
Securitization Entities, to grant or withhold consents of the “franchisor” or “licensor” required under the Franchise
Documents.

 

Section 2.10       Appointment
of Sub-managers. The Manager may enter into Sub-management Arrangements with third parties (including Affiliates) (each, a “Sub-manager”)
to provide any of the Services hereunder; provided that, other than with respect to a Sub-management Arrangement with an
Affiliate of the Manager, that no Sub-management Arrangement shall be effective unless and until (i) the Manager receives the consent
of the Control Party (not unreasonably withheld or delayed), (ii) such Sub-manager executes and delivers an agreement, in form and
substance reasonably satisfactory to the Control Party, to perform and observe, or in the case of an assignment, an assumption by such
successor entity of the due and punctual performance and observance of, the applicable covenants and conditions to be performed or observed
by the Manager under this Agreement; provided that such Sub-management Arrangement shall be terminable by the Control Party
upon a Manager Termination Event and shall contain transitional servicing provisions substantially similar to those provided in Section 6.2
and intellectual property provisions substantially similar to those provided in Section 6.3, and (iii) a written notice
has been provided to the Trustee, the Back-Up Manager, the Sub-manager and the Control Party. The Manager shall not enter into any Sub-management
Arrangement which delegates the performance of any fundamental business operations such as responsibility for the franchise development,
operations and marketing strategies for Franchise Holder, Taco Bell Franchisor, IP Holder and Branded Restaurants as a whole to any
Person that is not an Affiliate without receiving the prior written consent of the Control Party. The Manager may delegate to any Sub-management
administration of any Management Account; provided that, prior to accepting instructions from any such Sub-manager regarding
any such Managed Account, the Trustee may require that such Sub-manager provide all applicable know-your-customer documentation required
by the Trustee. Notwithstanding anything to the contrary herein or in any Sub-management Arrangement, the Manager shall remain primarily
and directly liable for its obligations hereunder and in connection with any Sub-management Arrangement.

 

Section 2.11         Permitted
Asset Dispositions. The Manager (acting on behalf of each of the Securitization Entities), in accordance with Section 8.16
of the Base Indenture and the Managing Standard, may dispose of property of any of the Securitization Entities from time to time
pursuant to a Permitted Asset Disposition. Upon receipt of any Asset Disposition Proceeds from any Permitted Asset Disposition, the Manager
(on behalf of the applicable Securitization Entities), in accordance with Section 5.10 of the Base Indenture, shall deposit
or cause the deposit of such Asset Disposition Proceeds to the Asset Disposition Proceeds Account. At the election of the Manager (on
behalf of the applicable Securitization Entity) and so long as no Rapid Amortization Event shall have occurred and be continuing, the
Manager (on behalf of the Securitization Entities) may reinvest such Asset Disposition Proceeds in Eligible Assets within the applicable
Asset Disposition Reinvestment Period.

 

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Section 2.12         Manager
Advances.

 

(a)          The
Manager may, but is not obligated to, make Manager Advances to, or on behalf of, any Securitization Entity in connection with the operation
of the Managed Assets. Manager Advances will accrue interest at the Advance Interest Rate and shall be reimbursable on each Weekly Allocation
Date in accordance with the Priority of Payments. The Manager will be permitted to elect to waive or defer the payment of Weekly Management
Fees for any period in its sole discretion as set forth in the related Weekly Manager’s Certificate, and in the case of any waiver
thereof, to agree with the Issuer that any amount so waived may be recouped by the Manager from future available Residual Amounts, in
which case any amount so recouped, for the avoidance of doubt, will not be considered “Weekly Management Fees” for purposes
of the calculation of Net Cash Flow; provided further, that, following the Series 2021-1 Closing Date the Issuer may, in its
sole discretion, from time to time elect to waive the Weekly Management Fee.

 

(b)          Notwithstanding
anything herein or in any other Transaction Document to the contrary, following the 2021 Springing Amendments Implementation Date, each
of the parties hereto acknowledges and agrees that the Weekly Management Fee may be amended, at the sole discretion of the Issuer, upon
written notification by the Issuer to the Trustee and the Control Party, following the effectiveness of such amendment; provided,
that in connection with such notification (i) the Issuer (or the Manager acting on its behalf) certifies to the Trustee and the Control
Party that a copy of such amendment was provided to the Back-Up Manager on or prior to the effectiveness of such amendment, (ii) after
delivering such written notification, the Issuer will disclose the then-applicable formula in subsequent Quarterly Noteholders’
Reports and (iii) after delivering such written notification, the Issuer (or the Manager acting on its behalf) delivers written confirmation
to the Trustee and the Control Party that the Rating Agency Condition with respect to each Series of Notes Outstanding has been satisfied
with respect to such new formula.

 

Article III

 

STATEMENTS
AND REPORTS

 

Section 3.1         Reporting
by the Manager.

 

(a)           Reports
Required Pursuant to the Indenture. The Manager, on behalf of each of the Securitization Entities, shall furnish, or cause to be furnished,
to the Trustee and each other party as may be required pursuant to Article IV of the Base Indenture, all reports and notices
required to be delivered to the Trustee by any Securitization Entity pursuant to the Indenture (including pursuant to Article IV
of the Base Indenture) or any other Transaction Document.

 

(b)          Instructions
as to Withdrawals and Payments. The Manager, on behalf of the Issuer, will furnish, or cause to be furnished, to the Trustee or the
Paying Agent, as applicable, written instructions to make withdrawals and payments from the Collection Account and any other Base Indenture
Accounts or any Series Account, as contemplated herein, in the Base Indenture and in any Series Supplement. The Trustee and
the Paying Agent shall follow any such written instructions in accordance with the terms and conditions of the Base Indenture and any
applicable Series Supplement.

 

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(c)          Delivery
of Financial Statements. The Manager shall provide the financial statements of the Issuer and each of the Securitization Entities
as required under Section 4.1(f) of the Base Indenture.

 

(d)         Franchisee
Termination Notices. The Manager shall send to the Trustee, the Servicer and the Back-Up Manager, as soon as reasonably practicable
but in no event later than 15 Business Days of the transmittal thereof, a copy of any notices of termination of one or more Franchise
Agreements sent by the Manager on behalf of any Securitization Entity to any Franchisee unless (i) the related Franchised Restaurant(s) generated
less than $1,000,000 in Franchisee Royalty Payments during the immediately preceding fiscal year or (ii) the related Franchised Restaurant
continues to operate pursuant to an agreement between any Securitization Entity or the Manager on its behalf and such Franchisee or any
other Franchisee.

 

(e)          Additional
Information; Access to Books and Records. The Manager shall furnish from time to time such additional information regarding the Collateral
or compliance with the covenants and other agreements of any Securitization Entity under the Transaction Documents as the Trustee, the
Back-Up Manager or the Servicer may reasonably request, subject at all times to compliance with the Exchange Act, the Securities Act and
any other applicable law and appropriate confidentiality requirements. The Manager shall, and shall cause each Securitization Entity to,
permit, at reasonable times upon reasonable notice, the Servicer, the Controlling Class Representative and the Trustee or any Person
appointed by any of them as its agent to visit and inspect any of its properties, examine its books and records and discuss its affairs
with its officers, directors, managers, employees and independent certified public accountants, and up to one such visit and inspection
by any of the Servicer, the Controlling Class Representative and the Trustee, or any Person appointed by them shall be reimbursable
as a Securitization Operating Expense per calendar year, with any additional visit or inspection by any such Person being at such Person’s
sole cost and expense; provided, however, that during the continuance of a Warm Back-Up Management Trigger Event or Manager
Termination Event, or to the extent expressly required without the instruction of any other party under the terms of any Transaction Documents,
any such Person may visit and conduct such activities at any time and all such visits and activities will constitute a Securitization
Operating Expense; provided, further that the Servicer, the Trustee and the Controlling Class Representative shall
use commercially reasonable efforts to coordinate their visit and inspection such that they will occur concurrently. Notwithstanding the
foregoing, the Manager shall not be required to disclose or make available communications protected by the attorney-client privilege.

 

(f)           Leadership
Team Changes. The Manager shall promptly notify the Trustee, the Back-Up Manager and the Servicer of any termination or resignation
of three or more persons included in the Leadership Team that occurs within twelve (12) months of a Change of Control.

 

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Section 3.2         Appointment
of Independent Auditor. On or before the Series 2021-1 Closing Date, the Securitization Entities shall appoint, or shall have
appointed, a firm of independent public accountants of recognized national reputation that is reasonably acceptable to the Control Party
to serve as the independent auditors (“Independent Auditors”) for purposes of preparing and delivering the reports
required under Section 3.3. It is hereby acknowledged that the accounting firm of KPMG LLP is acceptable for purposes of
serving as Independent Auditors. The Securitization Entities may not remove the Independent Auditors without first giving thirty (30)
days’ prior written notice to the Independent Auditors, with a copy of such notice also given concurrently to the Trustee, the
Rating Agency, the Control Party, the Manager (if applicable), the Servicer and the Back-Up Manager. Upon any resignation by such firm
or removal of such firm, the Securitization Entities shall promptly appoint a successor thereto that shall also be a firm of independent
public accountants of recognized national reputation to serve as the Independent Auditors hereunder. If the Securitization Entities shall
fail to appoint a successor firm of Independent Auditors within thirty (30) days after the effective date of any such resignation or
removal, the Control Party shall promptly appoint a successor firm of independent public accountants of recognized national reputation
that is reasonably satisfactory to the Manager to serve as the Independent Auditors hereunder. The fees of any Independent Auditors shall
be payable by the Securitization Entities.

 

Section 3.3         Annual
Accountants’ Reports. The Manager shall furnish, or cause to be furnished to the Trustee, the Servicer, the Rating Agency and
the Back-Up Manager (to the extent the Back-Up Manager is not providing such report), within one hundred and twenty (120) days after
the end of each fiscal year of the Manager, (i) a report of the Independent Auditors (who may also render other services to the
Manager) or the Back-Up Manager summarizing the findings of a set of agreed-upon procedures performed by the Independent Auditors or
the Back-Up Manager with respect to compliance with the Quarterly Noteholders’ Reports for such fiscal year (or other period) with
the standards set forth herein, and (ii) a report of the Independent Auditors or the Back-Up Manager to the effect that such firm
has examined the assertion of the Manager’s management as to its compliance with its management requirements for such fiscal year
(or other period), and that (x) in the case of the Independent Auditors, such examination was made in accordance with standards
established by the American Institute of Certified Public Accountants and (y) except as described in the report, management’s
assertion is fairly stated in all material respects. In the case of the Independent Auditors, the report will also indicate that the
firm is independent of the Manager within the meaning of the Code of Professional Ethics of the American Institute of Certified Public
Accountants (each, an “Annual Accountants’ Report”). In the event such Independent Auditors require the Trustee
to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this Section 3.3,
the Manager shall direct the Trustee in writing to so agree as to the procedures described therein; it being understood and agreed that
the Trustee shall deliver such letter of agreement (which shall be in a form reasonably satisfactory to the Trustee) in conclusive reliance
upon the direction of the Manager, and the Trustee has not made any independent inquiry or investigation as to, and shall have no obligation
or liability in respect of, the sufficiency, validity or correctness of such procedures.

 

Section 3.4         Available
Information. The Manager, on behalf of each of the Securitization Entities, shall make available the information requested by prospective
purchasers necessary to satisfy the requirements of Rule 144A under the Securities Act, as amended, subject to the Manager’s
confidentiality requirements. The Manager shall deliver such information, and shall promptly deliver copies of all Quarterly Noteholders’
Reports and Annual Accountants’ Reports, to the Trustee and any other parties as contemplated under Section 4.4 of
the Base Indenture, to enable the Trustee to redeliver such information to purchasers or prospective purchasers of the Notes as contemplated
by Section 4.4 of the Base Indenture.

 

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Section 3.5         Weekly
Manager’s Certificate. The Manager shall deliver a weekly certificate in the form of Exhibit C to the Trustee and
such other parties as required under the terms of this Agreement and the Indenture.

 

Article IV

 

THE
MANAGER

 

Section 4.1         Representations
and Warranties Concerning the Manager. The Manager represents and warrants to each Securitization Entity, the Trustee and the Servicer,
as of the Series 2021-1 Closing Date (except if otherwise expressly noted), as follows:

 

(a)         Organization
and Good Standing. The Manager (i) is a corporation, duly formed and organized, validly existing and in good standing under the
laws of the State of California, (ii) is duly qualified to do business as a foreign corporation and in good standing under the laws
of each jurisdiction where the character of its property, the nature of its business or the performance of its obligations under the Transaction
Documents make such qualification necessary and (iii) has the power and authority (x) to own its properties and to conduct its
business as such properties are currently owned and such business is currently conducted and (y) to perform its obligations under
this Agreement, except in each case referred to in clause (ii) or (iii) to the extent that a failure to do so would not reasonably
be expected to result in a Material Adverse Effect on the Manager.

 

(b)          Power
and Authority; No Conflicts. The execution and delivery by the Manager of this Agreement and its performance of, and compliance with,
the terms hereof are within the power of the Manager and have been duly authorized by all necessary corporate action on the part of the
Manager. Neither the execution and delivery of this Agreement, nor the consummation of the transactions herein, nor compliance with the
provisions hereof, shall conflict with or result in a breach of, or constitute a default (or an event which, with notice or lapse of
time, or both, would constitute a default) under, any order of any Governmental Authority or any of the provisions of any Requirement
of Law binding on the Manager or its properties, or the charter or bylaws or other organizational documents of the Manager, or any of
the provisions of any material indenture, mortgage, lease, contract or other instrument to which the Manager is a party or by which it
or its property is bound or result in the creation or imposition of any Lien upon any of its property pursuant to the terms of any such
indenture, mortgage, leases, contract or other instrument, except, in each case, (i) pursuant to the Indenture and the other Transaction
Documents or (ii) to the extent such default, creation or imposition would not reasonably be expected to result in a Material Adverse
Effect on the Manager, the Collateral, taken as a whole, or any of the Securitization Entities.

 

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(c)          Consents.
Except (i) for filings and/or registrations as a franchise broker or franchise sales agent as may be required under state franchise
statutes and regulations, (ii) to the extent that a state or foreign franchise law requires filing and other compliance actions by
virtue of considering the Manager as a “subfranchisor”, (iii) for any consents, licenses, approvals, authorizations,
registrations, notifications, waivers or declarations that have been obtained or made and are in full force and effect and (iv) to
the extent that a failure to do so would not reasonably be expected to result in a Material Adverse Effect on the Manager, the Collateral,
taken as a whole, or any of the Securitization Entities, the Manager is not required to obtain the consent of any other party or the consent,
license, approval or authorization of, or file any registration or declaration with, any Governmental Authority in connection with the
execution, delivery or performance by the Manager of this Agreement, or the validity or enforceability of this Agreement against the Manager.

 

(d)          Due
Execution and Delivery. This Agreement has been duly executed and delivered by the Manager and constitutes a legal, valid and binding
obligation of the Manager enforceable against the Manager in accordance with its terms (subject to applicable insolvency laws and to general
principles of equity).

 

(e)         No
Litigation. There are no actions, suits, investigations or proceedings pending or, to the Actual Knowledge of the Manager, threatened
against or affecting the Manager, before or by any Governmental Authority having jurisdiction over the Manager or any of its properties
or with respect to any of the transactions contemplated by this Agreement asserting the illegality, invalidity or unenforceability, or
seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of this Agreement or which
would reasonably be expected to result in a Material Adverse Effect on the Manager, the Collateral, taken as a whole, or any of the Securitization
Entities.

 

(f)          Compliance
with Requirements of Law. The Manager is in compliance with all Requirements of Law except to the extent that the failure to comply
therewith would not, in the aggregate, reasonably be expected to result in a Material Adverse Effect on the Manager, the Collateral, taken
as a whole, or any of the Securitization Entities.

 

(g)          No
Default. The Manager is not in default under any agreement, contract, instrument or indenture to which the Manager is a party or by
which it or its properties is or are bound, or with respect to any order of any Governmental Authority, except to the extent such default
would not reasonably be expected to result in a Material Adverse Effect on the Manager or the Collateral, taken as a whole; and no event
has occurred which with notice or lapse of time or both would constitute such a default with respect to any such agreement, contract,
instrument or indenture, or with respect to any such order of any Governmental Authority.

 

(h)          Taxes.
The Manager has filed or caused to be filed and shall file or cause to be filed all federal tax returns and all material state and other
tax returns that are required to be filed except where the failure to do so would not reasonably be expected to result in a Material Adverse
Effect. The Manager has paid or caused to be paid, and shall pay or cause to be paid, all material taxes owed by the Manager pursuant
to said returns or pursuant to any assessments made against it or any of its property (other than any amount of tax the validity of which
is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP, to the
extent required, have been provided on the books of the Manager).

 

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(i)          Accuracy
of Information. No written report, financial statements, certificate or other information furnished (other than projections, budgets,
other estimates and general market, industry and economic data) to the Servicer by or on behalf of the Manager in connection with the
transactions contemplated hereby or pursuant to any provision of this Agreement or any other Transaction Document (when taken together
with all other information furnished by or on behalf of the Manager to the Servicer), contains any material misstatement of fact as of
the date furnished or omits to state any material fact necessary to make the statements therein not materially misleading in each case
when taken as a whole and in the light of the circumstances under which they were made; and with respect to its projected financial information,
the Manager represents only that such information was prepared in good faith based on assumptions believed to be reasonable at the time.

 

(j)          Financial
Statements. As of the Series 2021-1 Closing Date, the consolidated balance sheet of YBI included in the Offering Memorandum reported
on and accompanied by a report from the Independent Auditors, presents fairly in all material respects the financial condition of YBI
as of such date. Such financial statement, including the related schedules and notes thereto, has been prepared in accordance with GAAP
(except as otherwise stated therein).

 

(k)          No
Material Adverse Change. Since the Series 2021-1 Closing Date, except as otherwise set forth in the Offering Memorandum, there
has been no development or event that has had or would reasonably be expected to result in a Material Adverse Effect on the Manager or
the Collateral, taken as a whole.

 

(l)           ERISA.
During the five-year period prior to the date on which this representation is made or deemed made with respect to any Pension Plan or
Multiemployer Plan, no ERISA Event has occurred which would reasonably be expected to have a Material Adverse Effect. Except as would
not reasonably be expected to have a Material Adverse Effect, neither the Manager nor any of its Subsidiaries has any contingent liability
with respect to any post-retirement medical benefits under a Welfare Plan, other than liability for continuation coverage described in
Part 6 of Subtitle B of Title I of ERISA or other applicable similar continuation of coverage laws. Except as would not reasonably
be expected to have a Material Adverse Effect, (i) no Multiemployer Plan is insolvent (as defined in Section 4245 of ERISA)
and (ii) no non-exempt prohibited transaction (as defined in Section 406 of ERISA or Section 4975 of the Code) has occurred
involving any Employee Benefit Plan.

 

(m)          No
Manager Termination Event. No Manager Termination Event has occurred or is continuing, and, to the Actual Knowledge of the Manager,
there is no event which, with notice or lapse of time, or both, would constitute a Manager Termination Event.

 

(n)          Location
of Records. The offices at which the Manager keeps its records concerning the Managed Assets are located at the addresses indicated
in Section 8.5.

 

(o)          DISCLAIMER.
EXCEPT FOR THE MANAGER’S REPRESENTATIONS AND WARRANTIES SET FORTH HEREIN AND IN ANY OTHER TRANSACTION DOCUMENT, THE MANAGER MAKES
NO WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTORY OR OTHERWISE, WITH RESPECT TO THE SUBJECT MATTER HEREOF
TO ANY OTHER PARTY, AND EACH PARTY EXPRESSLY DISCLAIMS ANY IMPLIED WARRANTIES, INCLUDING WARRANTY OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE.

 

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Section 4.2        Existence;
Status as Manager. The Manager shall (a) keep in full effect its existence under the laws of the state of its incorporation;
provided, that notwithstanding anything herein to the contrary, the Manager may, in its sole discretion, elect to change its status as
a corporation and/or change its state of organization if, following such change in status or change in state of organization, the Manager
delivers or causes to be delivered (x) an Officer’s Certificate reaffirming its obligations hereunder and under the Transaction
Documents and certifying that no Change of Control has occurred and (y) a notice to each of the Trustee, the Securitization Entities,
the Back-Up Manager, the Control Party, the Servicer and the Rating Agency with respect to such change in status or change in state of
organization; (b) maintain all rights and privileges necessary or desirable in the normal conduct of its business and the performance
of its obligations hereunder except to the extent that failure to do so would not reasonably be expected to result in a Material Adverse
Effect; and (c) obtain and preserve its qualification to do business in each jurisdiction in which the failure to so qualify either
individually or in the aggregate would reasonably be expected to result in a Material Adverse Effect.

 

Section 4.3         Taxes.
The Manager shall file or cause to be filed all federal tax returns and all material state and other tax returns which, to the Actual
Knowledge of the Manager, are required to be filed by the Manager, except where the failure to do so would not reasonably be expected
to result in a Material Adverse Effect. The Manager shall pay or make adequate provisions for the payment of all taxes shown as due on
such returns, and all assessments made against it or any of its property (other than any amount of such tax the validity of which is being
contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the
books of the Manager).

 

Section 4.4          Performance
of Obligations.

 

(a)          Performance.
The Manager shall perform and observe all of its obligations and agreements contained in this Agreement and the other Transaction Documents
in all material respects in accordance with the terms hereof and thereof and in accordance with the Managing Standard, as applicable.

 

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(b)          Special
Provisions as to Securitization IP. The Manager acknowledges and agrees that IP Holder has the right and duty to control the quality
of the goods and services offered under IP Holder’s Trademarks included in the Securitization IP and the manner in which such Trademarks
are used in order to maintain the validity and enforceability of and its ownership of the Trademarks included in the Securitization IP.
The Manager shall not take any action contrary to the express written instruction of IP Holder with respect to: (A) the promulgation
of standards with respect to the operation of the Branded Restaurants, including quality of food, cleanliness, appearance, and level of
service (or the making of material changes to the existing standards), (B) the promulgation of standards with respect to new businesses,
products and services which IP Holder approves for inclusion in the license granted under any IP License Agreement (or other license agreement
or sublicense agreement for which the Manager is performing IP Services), (C) the nature and implementation of means of monitoring
and controlling adherence to the standards, (D) the terms of any Franchise Agreements or other sublicense agreements relating to
the quality standards which licensees must follow with respect to businesses, products, and services offered under the Trademarks included
in the Securitization IP and the usage of such Trademarks, (E) the commencement and prosecution of enforcement actions with respect
to the Trademarks included in the Securitization IP and the terms of any settlements thereof, (F) the adoption of any variations
on the Taco Bell Brand which were not in use on the Series 2016-1 Closing Date, or other new Trademarks to be included in the Securitization
IP, (G) the abandonment of any Securitization IP and (H) any uses of the Securitization IP that are not consistent with the
Managing Standard. IP Holder shall have the right to monitor the Manager’s compliance with the foregoing and its performance of
the IP Services and, in furtherance thereof, Manager shall provide IP Holder, at its written request from time to time, with copies of
Franchise Documents and other sublicenses, samples of products and materials bearing the Trademarks included in the Securitization IP
used by Franchisees and other licensees and sublicensees. Nothing in this Agreement shall limit IP Holder’s rights or the licensees’
obligations under the IP License Agreements or any other agreement with respect to which the Manager is performing IP Services.

 

(d)         IP
Holder hereby grants to the Manager a non-exclusive, royalty-free sublicensable license to use the Securitization IP in connection with
the performance of the Services under this Agreement, including a license to modify and develop Securitization IP consistent with the
Managing Standard. In connection with the Manager’s or any Sub-manager’s use of any Trademark included in the Securitization
IP pursuant to the foregoing license, the Manager agrees to adhere to the quality control provisions and sublicensing provisions, with
respect to sublicenses issued hereunder, which are contained in each IP License Agreement, as applicable to the product or service to
which such Trademark pertains, as if such provisions were incorporated by reference herein.

 

(e)          License
from Manager and Sub-manager to IP Holder. The Manager and each Sub-manager hereby grant IP Holder and any Successor Manager (or any
Interim Successor Manager, as the case may be) a perpetual, non- exclusive, royalty-free, sublicensable, worldwide right and license to
use any proprietary software owned by the Manager or such Sub-manager, as applicable, for use in connection with operation of the Branded
Restaurants.

 

(f)           Right
to Receive Instructions. Without limiting the Manager’s obligations under Section 4.4(b) above, in the event
that the Manager is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this
Agreement, the other Transaction Documents or any Managed Documents, or any such provision is, in the good faith judgment of the Manager,
ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement,
any other Transaction Document or any Managed Document permits any determination by the Manager or is silent or is incomplete as to the
course of action which the Manager is required to take with respect to a particular set of facts, the Manager may make a Consent Request
to the Control Party for written instructions in accordance with the Indenture and the other Transaction Documents and, to the extent
that the Manager shall have acted or refrained from acting in good faith in accordance with instructions, if any, received from the Control
Party with respect to such Consent Request, the Manager shall not be liable on account of such action or inaction to any Person; provided
that the Control Party shall be under no obligation to provide any such instruction if it is unable to decide between alternative courses
of action. Subject to the Managing Standard, if the Manager shall not have received appropriate instructions from the Control Party within
ten (10) Business Days of such notice (or within such shorter period of time as may be specified in such notice), the Manager may,
but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction Documents,
as the Manager shall deem to be in the best interests of the Noteholders and each of the Securitization Entities. The Manager shall have
no liability to any Secured Party or the Controlling Class Representative for such action or inaction taken in reliance on the preceding
sentence except for the Manager’s own bad faith, gross negligence or willful misconduct.

 

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(g)           Limitation
on Manager’s Duties and Responsibilities. The Manager shall not have any duty or obligation to manage, make any payment in respect
of, register, record, sell, reinvest, dispose of, create, perfect or maintain title to, or any security interest in, or otherwise deal
with the Collateral, to prepare or file any report or other document or to otherwise take or refrain from taking any action under, or
in connection with, any document contemplated hereby to which the Manager is a party, except as expressly provided by the terms of this
Agreement or the other Transaction Documents and consistent with the Managing Standard, and no such implied duties or obligations shall
be read into this Agreement against the Manager. The Manager nevertheless agrees that it shall, at its own cost and expense, promptly
take all action as may be necessary to discharge any Liens (other than Permitted Liens) on any part of the Managed Assets which result
from valid claims against the Manager personally and not related to the ownership or administration of the Managed Assets or the transactions
contemplated by the Transaction Documents. Except as otherwise set forth herein and in the other Transaction Documents, the Manager shall
have no responsibility under this Agreement other than to render the Services in good faith and consistent with the Managing Standard.

 

(h)           Dealing
with Collateral. The Manager shall not manage, control, use, sell, reinvest, dispose of or otherwise deal with any part of the Collateral
except in accordance with the powers granted to, and the authority conferred upon, the Manager pursuant to this Agreement or the other
Transaction Documents.

 

(i)            Limitations
on the Manager’s Liabilities, Duties and Responsibilities. Subject to Section 2.7 and except for any loss, liability,
expense, damage, action, suit or injury arising out of, or resulting from, (i) the breach by the Manager of any representation, warranty
or covenant made by it herein or any other Transaction Document to which it is a party in its capacity as Manager or (ii) acts or
omissions constituting the Manager’s own bad faith, gross negligence or willful misconduct in the performance of its duties hereunder
or under the other Transaction Documents to which it is a party in its capacity as Manager, neither the Manager nor any of its Affiliates,
managers, officers, members or employees shall be liable to any Securitization Entity, the Noteholders or any other Person under any circumstances,
including, without limitation:

 

(1)   for
any action taken or omitted to be taken by the Manager in good faith in accordance with the instructions of the Trustee or the Control
Party;

 

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(2)   for
any representation, warranty, covenant, agreement or Indebtedness of any Securitization Entity under the Notes, any other Transaction
Documents or the Managed Documents, or for any other liability or obligation of any Securitization Entity;

 

(3)   for
the validity or sufficiency of this Agreement or the due execution hereof by any party hereto other than the Manager, or the form, character,
genuineness, sufficiency, value or validity of any part of the Collateral (including the creditworthiness of any Franchisee, lessee or
other obligor thereunder), or for, or in respect of, the validity or sufficiency of the Transaction Documents;

 

(4)   for
any action or inaction of the Trustee, the Back-Up Manager or the Servicer or for the performance of, or the supervision of the performance
of, any obligation under this Agreement or any other Transaction Document that is required to be performed by the Trustee, the Back-Up
Manager or the Servicer; and

 

(5)   for
any error of judgment made in good faith that does not violate the Managing Standard.

 

(j)            No
Financial Liability. Notwithstanding anything in this Agreement to the contrary, no provision of this Agreement (other than Section 2.7,
4.4(g) and 4.4(k)) shall require the Manager to expend or risk its funds or otherwise incur any financial liability
in the performance of any of its rights or powers hereunder, if the Manager shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk or liability is not compensated by the payment of the Weekly Management Fees and
is otherwise not reasonably assured or provided to the Manager. The Manager shall not be liable under the Notes and shall not be responsible
for any amounts required to be paid by the Issuer under or pursuant to the Indenture.

 

(k)           Reliance.
The Manager may, reasonably and in good faith, conclusively rely on, and shall be protected in acting or refraining from acting when doing
so, in each case in accordance with any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion,
bond or other document or paper reasonably believed by it to be genuine and believed by it to be signed by the proper party or parties
other than its Affiliates. The Manager may reasonably accept a certified copy of a resolution of the board of directors or other governing
body of any corporate or other entity other than its Affiliates as conclusive evidence that such resolution has been duly adopted by such
body and that the same is in full force and effect. As to any fact or matter the manner or ascertainment of which is not specifically
prescribed herein, the Manager may in good faith for all purposes hereof reasonably rely on a certificate, signed by any Authorized Officer
of the relevant party, as to such fact or matter, and such certificate reasonably relied upon in good faith shall constitute full protection
to the Manager for any action taken or omitted to be taken by it in good faith in reliance thereon.

 

(l)            Consultations
with Third Parties; Advice of Counsel. In the exercise and performance of its duties and obligations hereunder or under any of the
Transaction Documents, the Manager (A) may act directly or through agents or attorneys pursuant to agreements entered into with any
of them; provided that the Manager shall remain primarily liable hereunder for the acts or omissions of such agents or attorneys
and (B) may, at the expense of the Manager, consult with external counsel or accountants selected and monitored by the Manager in
good faith and in the absence of gross negligence, and the Manager shall not be liable for anything done, suffered or omitted in good
faith by it in accordance with the advice or opinion of any such external counsel or accountants with respect to legal or accounting matters.

 

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(m)          Independent
Contractor. In performing its obligations as manager hereunder the Manager acts solely as an independent contractor of each of the
Securitization Entities, except to the extent the Manager is deemed to be an agent of any of the Securitization Entities by virtue of
engaging in franchise sales activities, as a broker, or receiving payments on behalf of each of the Securitization Entities, as applicable.
Nothing in this Agreement shall, or shall be deemed to, create or constitute any joint venture, partnership, employment, or any other
relationship between any of the Securitization Entities and the Manager other than the independent contractor contractual relationship
established hereby. Nothing herein shall be deemed to vest in the Manager title to, or ownership or property interest in, any of the Securitization
IP. Except as otherwise expressly provided herein or in the other Transaction Documents, the Manager shall not be, nor shall be deemed
to be, liable for any acts or obligations of the Securitization Entities, the Trustee, the Back-Up Manager or the Servicer.

 

		Section
                            4.5	Merger and Resignation.

 

(a)          Preservation
of Existence. The Manager shall not merge into any other Person or convey, transfer or lease substantially all of its assets; provided,
however, that nothing contained in this Agreement shall be deemed to prevent (i) the merger into the Manager of another Person,
(ii) the consolidation of the Manager and another Person, (iii) the merger of the Manager into another Person or (iv) the
sale of substantially all of the property or assets of the Manager to another Person, so long as (A) the surviving Person of the
merger or consolidation or the purchaser of the assets of the Manager shall continue to be engaged in the same line of business as the
Manager and shall have the capacity to perform its obligations hereunder with at least the same degree of care, skill and diligence as
measured by customary practices with which the Manager is required to perform such obligations hereunder, (B) in the case of a merger,
consolidation or sale, the surviving Person of the merger or the purchaser of the assets of the Manager shall expressly assume the obligations
of the Manager under this Agreement and expressly agree to be bound by all other provisions applicable to the Manager under this Agreement
in a supplement to this Agreement in form and substance reasonably satisfactory to the Trustee and the Control Party and (C) with
respect to such event, in and of itself, the Rating Agency Condition has been satisfied.

 

(b)         Resignation.
The Manager shall not resign from the rights, powers, obligations and duties hereby imposed on it except upon determination that (A) the
performance of its duties hereunder is no longer permissible under applicable Requirements of Law and (B) there is no reasonable
action that the Manager could take to make the performance of its duties hereunder permissible under applicable Requirements of Law. Any
such determination permitting the resignation of the Manager pursuant to clause (A) above shall be evidenced by an Opinion
of Counsel to such effect delivered to the Trustee, the Back-Up Manager and the Control Party. No such resignation shall become effective
until a Successor Manager shall have been appointed by the Control Party (acting at the direction of the Controlling Class Representative)
and shall have assumed the responsibilities and obligations of the Manager in accordance with Section 6.1(a). The Trustee,
the Securitization Entities, the Back-Up Manager, the Control Party, the Servicer and the Rating Agency shall be notified of such resignation
in writing by the Manager. From and after such effectiveness, the Successor Manager shall be, to the extent of the assignment, the “Manager”
hereunder. Except as provided above in this Section 4.5 the Manager may not assign this Agreement or any of its rights, powers,
duties or obligations hereunder.

 

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(c)           Term
of Manager’s Obligations. Except as provided in Section 4.5(b), the duties and obligations of the Manager commenced
on the Series 2016-1 Closing Date and under this Agreement shall continue on the date hereof and continue until this Agreement shall
have been terminated as provided in Section 6.1 or Section 8.1, and shall survive the exercise by any Securitization
Entity, the Trustee or the Control Party of any right or remedy under this Agreement (other than the right of termination pursuant to
Section 6.1), or the enforcement by any Securitization Entity, the Trustee, the Servicer, the Back-Up Manager, the Control
Party, the Controlling Class Representative or any Noteholder of any provision of the Indenture, the Notes, this Agreement or the
other Transaction Documents.

 

Section 4.6            Notice
of Certain Events. The Manager shall give written notice to the Trustee, the Back-Up Manager, the Servicer and the Rating Agency
promptly upon the occurrence of any of the following events (but in any event no later than five (5) Business Days after the Manager
has Actual Knowledge of the occurrence of such an event): (a) an ERISA Event, (b) notice of the institution of proceedings
or the taking of any other action by the PBGC or the Manager or any member of its Controlled Group that is intended to result in the
withdrawal from, or the termination or insolvency of, any Pension Plan or Multiemployer Plan, (c) any other event or condition shall
occur or exist with respect to a Plan (but in each case in clauses (a) through (c) above, only if such event
or condition, together with all other such events or conditions, if any, would reasonably be expected to result in a Material Adverse
Effect); (d) a Manager Termination Event, an Event of Default, a Hot Back-Up Management Trigger Event, a Warm Back-Up Management
Trigger Event or a Rapid Amortization Event or any event which would, with the passage of time or giving of notice or both, would become
one or more of the same; or (e) any action, suit, investigation or proceeding pending or, to the Actual Knowledge of the Manager,
threatened against or affecting the Manager, before or by any court, administrative agency, arbitrator or governmental body having jurisdiction
over the Manager or any of its properties either asserting the illegality, invalidity or unenforceability of any of the Transaction Documents,
seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of any of the Transaction
Documents or that would reasonably be expected to result in a Material Adverse Effect.

 

Section 4.7           Capitalization.
The Manager shall have sufficient capital to perform all of its obligations under this Agreement at all times from the Series 2021-1
Closing Date and until the Indenture has been terminated in accordance with the terms thereof.

 

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Section 4.8         Maintenance
of Separateness. The Manager covenants that, except as otherwise contemplated by the Transaction Documents:

 

(a)           the
books and records of the Securitization Entities shall be maintained in such a manner as to permit them to be readily and inexpensively
separated from those of the Manager and each of its Affiliates that is not a Securitization Entity;

 

(b)           the
Manager shall observe (and shall cause each of its Affiliates that is not a Securitization Entity to observe) corporate and limited liability
company formalities in its dealings with any Securitization Entity;

 

(c)           in
the event there shall be separate financial statements for the Manager, all such financial statements of the Manager that are consolidated
to include any Securitization Entity and that are distributed to any party shall contain detailed notes clearly stating that (i) all
of such Securitization Entity’s assets are owned by such Securitization Entity and (ii) such Securitization Entity is a separate
entity and has separate creditors;

 

(d)           except
as contemplated under Sections 2.2(d)-(e) of this Agreement, the Manager shall not (and shall not permit any of its Affiliates
that is not a Securitization Entity to) commingle its funds with any funds of any Securitization Entity; provided that the
foregoing shall not prohibit the Manager or any successor to or assignee of the Manager from holding funds of any of the Securitization
Entities in its capacity as Manager for such entity in a segregated account identified for such purpose;

 

(e)           the
Manager shall (and shall cause each of its Affiliates that is not a Securitization Entity to) maintain arm’s length relationships
with each Securitization Entity, and each of the Manager and each of its Affiliates that is not a Securitization Entity shall be compensated
at market rates for any services it renders or otherwise furnishes to any Securitization Entity, it being understood that the Weekly Management
Fee, the Supplemental Management Fee and this Agreement are representative of such arm’s length relationship;

 

(f)            the
Manager shall not be, and shall not hold itself out to be, liable for the debts of any Securitization Entity or the decisions or actions
in respect of the daily business and affairs of any of the Securitization Entities and the Manager shall not permit any of the Securitization
Entities to hold the Manager out to be liable for the debts of such Securitization Entity or the decisions or actions in respect of the
daily business and affairs of such Securitization Entity; and

 

(g)           upon
an officer or other responsible party of the Manager obtaining Actual Knowledge that any of the foregoing provisions in this Section 4.8
has been breached or violated in any material respect, the Manager shall promptly notify the Trustee, the Back-Up Manager, the Control
Party and the Rating Agency of same and shall take such actions as may be reasonable and appropriate under the circumstances to correct
and remedy such breach or violation as soon as reasonably practicable under such circumstances.

 

Section 4.9           No
Competitive Business. The Manager shall (i) not engage in any Competitive Business and (ii) cause the applicable Non-Securitization
Entities to contribute to one or more Securitization Entities any National Mexican Quick Service Restaurant Brand that, in the good faith
determination of the Manager in accordance with the Managing Standard, is intended to compete with and will have a material adverse effect
on the Taco Bell Brand or any Future Brand.

 

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Article V

 

REPRESENTATIONS,
WARRANTIES AND COVENANTS

 

Section 5.1           Representations
and Warranties Made in Respect of New Assets.

 

(a)           New
Franchise Agreements. As of the applicable New Asset Addition Date with respect to a New Franchise Agreement acquired or entered into
on such New Asset Addition Date, the Manager represents and warrants to the Securitization Entities, the Trustee and the Servicer that:
(i) such New Franchise Agreement does not contain terms and conditions that are reasonably expected to result in (A) a material
decrease in the amount of Collections constituting Franchisee Royalty Payments, taken as a whole, (B) a material adverse change in
the nature, quality or timing of Collections constituting Franchisee Royalty Payments, taken as a whole, or (C) a material adverse
change in the types of underlying assets generating Collections constituting Franchisee Royalty Payments, taken as a whole, in each case
when compared to the amount, nature or quality of, or types of assets generating, Collections that would have been reasonably expected
to result had such New Franchise Agreement been entered into in accordance with the then-current Franchise Documents; (ii) such New
Franchise Agreement is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties
thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or Insolvency Laws and by general principles
of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); (iii) such New Franchise
Agreement complies in all material respects with all applicable Requirements of Law; (iv) the Franchisee related to such New Franchise
Agreement is not, to the Actual Knowledge of the Manager, the subject of a bankruptcy proceeding; (v) royalty fees payable pursuant
to such New Franchise Agreement are payable by the related Franchisee at least monthly; (vi) except as required by applicable Requirements
of Law, such New Franchise Agreement contains no contractual rights of set-off in favor of Franchisees; and (vii) except as required
by applicable Requirements of Law, such New Franchise Agreement is freely assignable by the applicable Securitization Entities.

 

(b)          New
Development Agreements. As of the applicable New Asset Addition Date with respect to a New Development Agreement acquired or entered
into on such New Asset Addition Date, the Manager represents and warrants to the Securitization Entities, the Trustee and the Servicer
that: (i) such New Development Agreement does not contain terms and conditions that are reasonably expected to result in (A) a
material decrease in the amount of Collections or Retained Collections, taken as a whole, (B) a material adverse change in the nature,
quality or timing of Collections, taken as a whole, or (C) a material adverse change in the types of underlying assets generating
Collections, taken as a whole, in each case when compared to the amount, nature or quality of, or types of assets generating Collections
that would have been reasonably expected to result had such New Development Agreement been entered into in accordance with the then-current
Franchise Documents; (ii) such New Development Agreement is genuine, and is the legal, valid and binding obligation of the parties
thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy
or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding
in equity or at law); (iii) such New Development Agreement complies in all material respects with all applicable Requirements of
Law; (iv) the counterparty related to such New Development Agreement is not, to the Actual Knowledge of the Manager, the subject
of a bankruptcy proceeding; (v) except as required by applicable Requirements of Law, such New Development Agreement contains no
contractual rights of set-off; and (vi) except as required by applicable Requirements of Law, such New Development Agreement is freely
assignable by the applicable Securitization Entities.

 

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(c)           New
Franchisee Notes. As of the applicable New Asset Addition Date with respect to a Franchisee Note entered into on such New Asset Addition
Date, the Manager represents and warrants to the Securitization Entities, the Trustee and the Servicer that: (i) to its Actual Knowledge,
such agreement is genuine, and is the legal, valid and binding obligation of the Franchisee and is enforceable against such Franchisee
in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles
of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); (ii) such agreement
complies in all material respects with all applicable Requirements of Law; (iii) the Franchisee related to such agreement is not,
to the Actual Knowledge of the Manager, the subject of a bankruptcy proceeding; and (iv) except as required by applicable Requirements
of Law, such agreement is freely assignable by the applicable Securitization Entities.

 

(d)           Leases
of Securitization-Owned Restaurants. If any Securitization-Owned Restaurants are acquired or opened by the Securitization Entities
after the Series 2016-1 Closing Date, no lease under which a Securitization Entity is lessee with respect to any such Securitization-Owned
Restaurant shall (i) require any Non-Securitization Entity to provide a guaranty of any obligation of any Securitization Entity or
(ii) include any event of default under such lease on the part of any Securitization Entity due to a bankruptcy of any Non-Securitization
Entity.

 

		Section
                            5.2	Assets Acquired After the
Series 2016-1 Closing Date.

 

(a)          The
Manager shall have caused, and shall cause, the applicable Securitization Entity to enter into or acquire each of the following after
the Series 2016-1 Closing Date: (a) all Franchise Agreements and all Development Agreements in the Securitization Jurisdictions,
(b) all New Franchise Agreements and New Development Agreements and (c) all After-Acquired Securitization IP, excluding, in
each case, any Non-Contributed Property and any Licensee-Developed IP and Manager-Developed IP on the Series 2016-1 Closing Date.
The Manager may, but shall not be obligated to, cause any of the Securitization Entities to enter into, develop or acquire assets other
than the foregoing from time to time; provided that the entry into, development or acquisition by any Securitization Entity
of any material assets that are not reasonably ancillary to the restaurant business or the foodservice industry will require the prior
satisfaction of the Rating Agency Condition and the prior written consent of the Control Party.

 

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(b)          Unless
otherwise agreed to in writing by the Control Party, any contribution to, or development or acquisition by, any Securitization Entity
of assets after the Series 2016-1 Closing Date described in Section 5.2(a) shall be subject to all applicable provisions
of the Indenture, this Agreement (including the applicable representations and warranties and covenants in Articles II and V
of this Agreement), the IP License Agreements and the other Transaction Documents.

 

Section 5.3           Securitization
IP. All Securitization IP shall be owned solely by IP Holder, and shall not be assigned, transferred or licensed out by IP Holder
to any other entity other than another Securitization Entity or as otherwise permitted or provided under the Transaction Documents.

 

Section 5.4          Specified
Non-Securitization Debt Cap. Following the closing of the Securitization Transaction, but provided such Manager Termination Event
shall not be cured within forty-five (45) days of the Actual Knowledge thereof of the Manager, a Manager Termination Event (and therefore
a Rapid Amortization Event) will occur if the Non-Securitization Entities incur (such incurrence to be tested on the initial incurrence
thereunder (and not in connection with any subsequent borrowings or reborrowings under any existing commitment under any revolving facility),
but assuming any variable funding or revolving facility is fully drawn) any Indebtedness for borrowed money (“Specified Non-Securitization
Debt”) if, after giving effect to such incurrence (and any repayment of Specified Non-Securitization Debt on such date), such
incurrence would cause the Holdco Leverage Ratio to be greater than 7.00x (or, on and after the 2021 Springing Amendments Implementation
Date, 7.50x) (the “Holdco Specified Non-Securitization Debt Cap”); provided, that the creditors (if any) of
the Initial Manager with respect to any such Indebtedness that causes the Holdco Leverage Ratio to exceed 6.50x (calculated in the manner
set forth above, including creditors benefiting from a guarantee of the Initial Manager with respect to such Indebtedness, but excluding
any creditor in respect of an aggregate amount of outstanding Indebtedness of less than $500,000) will be required to execute a non-disturbance
agreement with the Trustee with respect to such Indebtedness, as directed by the Manager and in a form reasonably satisfactory to the
Servicer and the Trustee, that acknowledges the bankruptcy remote status of the Securitization Entities; provided, further,
that the Holdco Specified Non-Securitization Debt Cap will not be applicable to Specified Non-Securitization Debt that is (i) issued
or incurred to refinance the Notes in whole, (ii) considered Indebtedness due solely to a change in accounting rules that takes
effect subsequent to the Series 2016-1 Closing Date, but was not considered Indebtedness prior to such date, (iii) in respect
of any obligation of any Non-Securitization Entity to reimburse the Issuer for any draws under one or more Letters of Credit, (iv) in
respect of intercompany notes among Non-Securitization Entities, or (v) any letter of credit that is 100% cash collateralized.

 

Section 5.5           Restrictions
on Liens. The Manager shall not, and shall not permit any of its Subsidiaries to, create, incur, assume, permit or suffer to exist
any Lien (other than Liens in favor of the Trustee for the benefit of the Secured Parties and any Permitted Lien set forth in clauses
(a), (g) and (i) of the definition thereof) upon the Equity Interests of any Securitization Entity.

 

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Section 5.6          Future
Brands. The Manager may, but shall not be obligated to, create or acquire additional subsidiaries of the Issuer (“Future
Securitization Entities”) after the Series 2016-1 Closing Date, in respect of (a) any non-U.S. operations or assets,
(b) new Franchise Agreements and (c) acquisitions of additional franchise brand subsidiaries (which may include non-U.S. subsidiaries)
in connection with Future Brands. To the extent, a franchise brand that is substantially different from the then-current business of
the Securitization Entities is contributed to a Securitization Entity, the Manager and the Securitization Entities will request that
the definition of “National Mexican Quick Service Restaurant Brand” herein and the Base Indenture be amended accordingly
to incorporate such franchise brand.

 

Article VI

 

MANAGER
TERMINATION EVENTS

 

Section 6.1           Manager
Termination Events.

 

(a)           Manager
Termination Events. Each of the following events shall constitute a “Manager Termination Event” under this Agreement,
the assertion as to the occurrence of which may be made, and notice of which may be given, by either a Securitization Entity, the Back-Up
Manager, the Servicer or the Trustee (acting at the direction of the Control Party):

 

(i)            the
Interest-Only DSCR as calculated as of any Quarterly Calculation Date is less than 1.20x; provided that, on and after the
2021 Springing Amendments Implementation Date, such threshold may be increased at the request of the Manager, subject to approval by the
Control Party (such approval not to be unreasonably delayed, conditioned or withheld);

 

(ii)           any
failure by the Manager to remit a payment required to be deposited from a Concentration Account to the Collection Account or any other
Indenture Trust Account, within two (2) Business Days of the later of (a) its Actual Knowledge of its receipt thereof and (b) the
date such deposit is required to be made pursuant to the Transaction Documents; provided that any inadvertent failure to
remit such a payment shall not be a breach of this clause (ii) if in an amount less than $5 million and corrected within two (2) Business
Days after the Manager obtains Actual Knowledge thereof (it being understood that the Manager will not be responsible for the failure
of the Trustee to remit funds that were received by the Trustee from or on behalf of the Manager in accordance with the applicable Transaction
Documents);

 

(iii)         any
failure by the Manager to provide certain certificates or reports as required by Section 4.4 of the Indenture that shall not be cured
within ten (10) Business Days (or solely with respect to Quarterly Noteholders’ Reports and the Quarterly Compliance Certificates,
five (5) Business Days) of the Manager’s Actual Knowledge thereof;

 

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(iv)          a
material default by the Manager in the due performance and observance of any covenant set forth herein or any other Transaction Document
to which it is party (other than a default subject to subpart (ii) above) that shall have a Material Adverse Effect shall have occurred,
and such default shall not be cured within thirty (30) days after the Manager’s Actual Knowledge thereof, provided, however,
that as long as the Manager is diligently attempting to cure such default (so long as such default is capable of being cured), such cure
period shall be extended by an additional period as may be required to cure such default, but in no event by more than an additional thirty
(30) days; including, if applicable, by payment of liquidated damages in an amount equal to the Indemnification Amount and provided
further that no Manager Termination Event shall occur under this clause (iv) due to the breach of any covenant relating to a New
Asset set forth in Article V as long as the Manager has complied with Section 2.7(b) or 2.7(c) in respect thereof;

 

(v)           any
representation, warranty or statement of the Manager herein or in any other Transaction Document that is not qualified by materiality
or the definition of “Material Adverse Effect” proves to be incorrect in any material respect, or any such representation,
warranty or statement of the Manager that is qualified by materiality or the definition of “Material Adverse Effect” proves
to be incorrect in any respect and such breach is not cured within thirty (30) days after the Manager has obtained Actual Knowledge thereof;

 

(vi)          an
Event of Bankruptcy with respect to the Manager;

 

(vii)         any
final, non-appealable order against the Manager decreeing the dissolution of the Manager that is in effect for more than ten (10) Business
Days;

 

(viii)        a
final, non-appealable judgment for an amount in excess of $200,000,000 (exclusive of any portion thereof which is insured) is rendered
against the Manager and is not discharged or stayed within forty-five (45) days of the date when due;

 

(ix)           an
acceleration of more than $200,000,000 of the Indebtedness of the Manager, which Indebtedness has not been discharged or which acceleration
has not been rescinded and annulled;

 

(x)           this
Agreement or a material portion thereof ceases to be in full force and effect or enforceable in accordance with its terms (other than
in accordance with the express termination provisions hereof) or the Manager asserts as much in writing;

 

(xi)           a
failure by the Initial Manager to comply or cause compliance with the Holdco Specified Non-Securitization Debt Cap, and such failure has
continued for a period of forty-five (45) days after the Initial Manager has been notified in writing by any Securitization Entity, the
Control Party, the Back-Up Manager or the Trustee, or otherwise has obtained Actual Knowledge of such non-compliance; and/or

 

(xii)         the
occurrence of a Change in Management following the occurrence of a Change of Control.

 

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If a Manager Termination Event
has occurred and is continuing, the Control Party (acting at the direction of the Controlling Class Representative) may (i) waive
such Manager Termination Event (except for a Manager Termination Event described in clauses (vi) or (vii) above) or (ii) direct
the Trustee to terminate the Manager in its capacity as such by the delivery of a termination notice (a “Termination Notice”)
to the Manager (with a copy to each of the Securitization Entities, the Back-Up Manager and the Rating Agency); provided, that
the delivery of a Termination Notice to the Manager will not be required in respect of any Manager Termination Event relating to the Manager
Termination Events described in clauses (vi) or (vii) above. If the Trustee, acting at the direction of the Control Party (acting
at the direction of the Controlling Class Representative), delivers a Termination Notice to the Manager pursuant to this Agreement
(or automatically upon the occurrence of any Manager Termination Event relating to the Manager Termination Events described in clauses
(vi) or (vii) above), all rights, powers, duties, obligations and responsibilities of the Manager under this Agreement and the
other Transaction Documents (other than with respect to the payment of Indemnification Amounts or its obligations with respect to Disentanglement),
including with respect to the Accounts or otherwise, shall vest in and be assumed by the Successor Manager appointed by the Control Party
(acting at the direction of the Controlling Class Representative). If no Successor Manager has been appointed by the Control Party
(acting at the direction of the Controlling Class Representative), the Back-Up Manager shall serve as the Interim Successor Manager
and will work with the Servicer to implement the Transition Plan until a Successor Manager (other than the Back-Up Manager) has been appointed
by the Control Party (acting at the direction of the Controlling Class Representative).

 

(b)           From
the occurrence and during the continuation of a Manager Termination Event, each Securitization Entity and the Trustee (acting at the direction
of the Control Party) are hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Manager, as attorney-in-fact
or otherwise, all documents and other instruments (including any notices to Franchisees deemed necessary or advisable by the applicable
Securitization Entity or the Control Party), and to do or accomplish all other acts or take other measures reasonably necessary or appropriate,
to effect such vesting and assumption.

 

Section 6.2           Manager’s
Transitional Role.

 

(a)           Disentanglement.
Following the delivery of a Termination Notice to the Manager pursuant to Section 6.1(a) above or notice of resignation
of the Manager pursuant to Section 4.5(b) and for the duration of the Disentanglement Period (as hereinafter defined),
the Manager shall (and provided such Manager Termination Event shall occur as a result of a Change in Management following a Change of
Control, for a period ending not later than the twelfth (12th) month after the date of consummation of any transaction in which YUM! Brands, Inc.
(“YBI”) ceases to own a majority of the equity in the Initial Manager, the Initial Manager shall enter into sub-management
arrangements with YBI such that YBI and its affiliates shall be required to, for reasonable compensation and subject to reimbursement
of its out-of-pocket costs and expenses), (x) (i) cooperate with the Back-Up Manager and the Control Party in connection with
the implementation of the Transition Plan and the transition to a Successor Manager (including in connection with any resignation of the
Manager), without material interruption or adverse impact on the provision of Services (the “Disentanglement”), (ii) use
its commercially reasonable efforts to maintain as appropriate and as needed to assist in the Transition Plan the existing staffing and
resources of the Manager devoted to or shared with the provision of the Services prior to the date of such Termination Notice and (iii) allow
for reasonable access to the Manager’s premises, systems and offices during the Disentanglement Period (such activities the “Continuity
of Services”).

 

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(b)           Disentanglement
Period. During the period beginning on the date of (A) delivery of the Termination Notice to the Manager or (B) delivery
of a resignation notice by the Manager, and in each case ending no later than eighteen (18) months after the date of such termination
or resignation, as applicable (the “Disentanglement Period”), the Manager will (and provided such Manager Termination
Event shall occur as a result of a Change in Management following a Change of Control, for a period ending not later than the twelfth
(12th) month after the date of consummation of any transaction in which YBI ceases to own a majority of the equity of the Initial Manager),
the Initial Manager shall enter into sub-management arrangements with YBI such that YBI and its affiliates shall be required to, for reasonable
compensation and subject to reimbursement of its out-of-pocket costs and expenses) (x) cooperate with the Interim Successor Manager
or Successor Manager, as the case may be, and otherwise promptly take all actions reasonably required to assist in effecting a Disentanglement
while using commercially reasonable efforts to maintain Continuity of Services and shall follow any reasonable directions that may be
provided by the Back-Up Manager and the Control Party in connection therewith, (y) provide all information and assistance regarding
the terminated Services reasonably required for Disentanglement and Continuity of Services, including data conversion and migration, interface
specifications, and related professional services, and (z) provide for the prompt and orderly conclusion of all work, as the Control
Party and the Back-Up Manager may reasonably direct, including completion or partial completion of projects, documentation of all work
in progress, and other measures to assure an orderly transition to the Interim Successor Manager or Successor Manager, as the case may
be. All services relating to Disentanglement and Continuity of Services (collectively, the “Disentanglement Services”),
including all reasonable training for personnel of the Back-Up Manager, the Interim Successor Manager or the Successor Manager’s
designated alternate service provider in the performance of the Services, shall be deemed a part of the Services to be performed by the
Manager.

 

(c)           Fees
and Charges for the Disentanglement Services. So long as the Manager continues to provide the Services (whether or not the Manager
has been terminated as the Manager) during the Disentanglement Period, the Manager will continue to be paid the Weekly Management Fee.
The Manager shall be entitled to reimbursement from time to time of its actual costs for the provision of any Disentanglement Services,
other than those related to Continuity of Services, which shall remain separate obligations of the Manager.

 

(d)           Sub-manager
Arrangements; Authorizations.

 

With respect to each Sub-management Arrangement
and unless the Control Party elects to terminate such Sub-management Arrangement in accordance with Section 2.10, the Manager
shall, during the Disentanglement Period:

 

(i)           assign
to the Successor Manager or Interim Successor Manager, as the case may be (or such Successor Manager’s or Interim Successor’s
Manager, designated alternate service provider) all of the Manager’s rights under such Sub-management Arrangement to which it is
party used by the Manager in performance of the transitioned Services; and

 

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(ii)          procure
any third party authorizations necessary to grant the Successor Manager or Interim Successor Manager, as the case may be, (or such Successor
Manager’s or Interim Successor Manager’s designated alternate service provider) the use and benefit of such Sub-management
Arrangement to which it is party (used by the Manager in performing the transitioned Services), pending their assignment to the Successor
Manager under this Agreement.

 

If the Control Party elects to terminate such
Sub-management Arrangement in accordance with Section 2.10, the Manager shall take all reasonable actions necessary or reasonably
requested by the Control Party to accomplish a complete transition of the Services performed by such Sub-management to the Successor Manager
or Interim Successor Manager, as the case may be, or to any alternate service provider designated by the Control Party, without material
interruption or adverse impact on the provision of Services.

 

Section 6.3           Intellectual
Property. Within sixty (60) days of termination of this Agreement for any reason, the Manager shall deliver and surrender up to IP
Holder (with a copy to the Successor Manager (or Interim Successor Manager, as the case may be), the Servicer and the Back-Up Manager)
and shall terminate all use of all Securitization IP, including Trade Secrets; provided that (for the avoidance of doubt)
any rights granted to the Manager and the other Non-Securitization Entities as licensees pursuant to the IP License Agreements shall
continue pursuant to the terms thereof notwithstanding the termination of this Agreement and/or its role as Manager.

 

Section 6.4          Third
Party Intellectual Property. During the Disentanglement Period, the Manager shall assist and cooperate with the Successor Manager
and/or Interim Successor Manager, as the case may be, or its or their its designated alternate service provider in obtaining any necessary
licenses or consents to use any third party Intellectual Property then being used by the Manager or any Sub-manager. During the Disentanglement
Period, the Manager shall assign, and shall cause each Sub-manager to assign, any such license or sublicense directly to the Successor
Manager or the Interim Successor Manager, as the case may be, or its designated alternate service provider to the extent the Manager,
or each Sub-manager as applicable, has the rights to assign such agreements to the Successor Manager or the Interim Successor Manager,
as the case may be, without incurring any additional cost.

 

Section 6.5           No
Effect on Other Parties. Upon any termination of the rights and powers of the Manager from time to time pursuant to Section 6.1
or upon any appointment of a Successor Manager, all the rights, powers, duties, obligations, and responsibilities of each of the
Securitization Entities or the Trustee under this Agreement, the Indenture and the other Transaction Documents shall remain unaffected
by such termination or appointment and shall remain in full force and effect thereafter, except as otherwise expressly provided in this
Agreement or in the Indenture.

 

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Section 6.6         Rights
Cumulative. All rights and remedies from time to time conferred upon or reserved to any of the Securitization Entities, the Trustee,
the Servicer, the Control Party, the Back-Up Manager and the Noteholders or to any or all of the foregoing are cumulative, and none is
intended to be exclusive of another or any other right or remedy which they may have at law or in equity. Except as otherwise expressly
provided herein, no delay or omission in insisting upon the strict observance or performance of any provision of this Agreement, or in
exercising any right or remedy, shall be construed as a waiver or relinquishment of such provision, nor shall it impair such right or
remedy. Every such right and remedy may be exercised from time to time and as often as deemed expedient.

 

Article VII

 

CONFIDENTIALITY

 

Section 7.1           Confidentiality.

 

(a)           Each
of the parties hereto acknowledges that during the Term such party (the “Recipient”) may receive Confidential Information
from another party hereto (the “Discloser”). Each such party (except for the Trustee, whose confidentiality obligations
shall be governed in accordance with the Indenture) agrees to maintain the Confidential Information of the other party in the strictest
of confidence and shall not, except as otherwise contemplated herein, at any time, use, disseminate or disclose any Confidential Information
to any Person other than (i) its officers, directors, managers, employees, agents, advisors, Affiliates or representatives (including
legal counsel and accountants) who have a “need to know” and who have been apprised of this restriction or (ii) Franchisees
and prospective Franchisees, suppliers or other service providers under written confidentiality agreements that contain provisions at
least as protective as those set forth in this Agreement. The Recipient shall be liable for any breach of this Section 7.1
by any of its officers, directors, managers, employees, agents, advisors, representatives, Franchisees and prospective Franchisees, suppliers
or other services providers and shall immediately notify Discloser in the event of any loss or disclosure of any Confidential Information
of the Discloser. Upon termination of this Agreement, Recipient shall return to the Discloser, or at Discloser’s request, destroy,
all documents and records in its possession containing the Confidential Information of the Discloser. Confidential Information shall not
include information that: (A) is already known to Recipient without restriction on use or disclosure prior to receipt of such information
from the Discloser; (B) is or becomes part of the public domain other than by breach of this Agreement by, or other wrongful act
of, the Recipient; (C) is developed by the Recipient independently of and without reference to any Confidential Information of the
Discloser; (D) is received by the Recipient from a third party who is not under any obligation to the Discloser to maintain the confidentiality
of such information; or (E) is required to be disclosed by applicable law, statute, rule, regulation, subpoena, court order or legal
process; provided that the Recipient shall promptly inform the Discloser of any such requirement and cooperate with any
attempt by the Discloser to obtain a protective order or other similar treatment. It shall be the obligation of Recipient to prove that
such an exception to the definition of Confidential Information exists.

 

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(b)           Notwithstanding
anything to the contrary contained in Section 7.1(a), the parties hereto may use, disseminate or disclose Confidential Information
(other than Trade Secrets) to any Person in connection with the enforcement of rights of the Trustee or the Noteholders under the Indenture
or the Transaction Documents; provided, however, that prior to disclosing any such Confidential Information:

 

to any such Person other than in connection with
any judicial or regulatory proceeding, such Person shall agree in writing to maintain such Confidential Information in a manner at least
as protective of the Confidential Information as the terms of Section 7.1(a) and Recipient shall provide Discloser with
the written opinion of counsel that such disclosure contains Confidential Information only to the extent necessary to facilitate the
enforcement of such rights of the Trustee or the Noteholders; or

 

to any such Person or entity in connection with
any judicial or regulatory proceeding, Recipient shall (x) promptly notify Discloser of each such requirement and identify the documents
so required thereby so that Discloser may seek an appropriate protective order or similar treatment and/or waive compliance with the
provisions of this Agreement; (y) use reasonable efforts to assist Discloser in obtaining such protective order or other similar
treatment protecting such Confidential Information prior to any such disclosure; and (z) consult with Discloser on the advisability
of taking legally available steps to resist or narrow the scope of such requirement. If, in the absence of such a protective order or
similar treatment, the Recipient is nonetheless required by law to disclose any part of Discloser’s Confidential Information, then
the Recipient may disclose such Confidential Information without liability under this Agreement, except that the Recipient shall furnish
only that portion of the Confidential Information which is legally required.

 

Article VIII

 

MISCELLANEOUS
PROVISIONS

 

Section 8.1     Termination
of Agreement. The respective duties and obligations of the Manager and each of the Securitization Entities created by this Agreement
commenced on the Series 2016-1 Closing Date and shall, unless earlier terminated pursuant to Section 6.1(a), terminate
upon the earlier to occur of (x) the final payment or other liquidation of the last Managed Asset included in the Collateral or
(y) satisfaction and discharge of the Indenture pursuant to Section 12.1 of the Base Indenture (the “Term”).
Upon termination of this Agreement pursuant to this Section 8.1, the Manager shall pay over to the applicable Securitization
Entity or any other Person entitled thereto all proceeds of the Managed Assets held by the Manager.

 

Section 8.2     Survival.
The provisions of Section 2.1(c), Section 2.7, Section 2.8, Section 5.1, Article VI
or Article VII, this Section 8.2, Section 8.4, Section 8.5 and Section 8.9
shall survive termination of this Agreement.

 

Section 8.3      Amendment.

 

(a)           This
Agreement may only be amended, from time to time, in writing, upon the written consent of the Trustee (acting at the direction of the
Control Party), the Securitization Entities and the Manager; provided that any amendment that would materially adversely
affect the interests of the Noteholders shall require the consent of the Control Party, which consent shall not be unreasonably withheld,
conditioned or delayed; provided, further, that no consent of the Trustee or the Control Party shall be required
in connection with any amendment to accomplish any of the following:

 

(i)            to
correct or amplify the description of any required activities of the Manager;

 

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(ii)           to
add to the duties or covenants of the Manager for the benefit of any Noteholders or any other Secured Parties, or to add provisions to
this Agreement so long as such action does not modify the Managing Standard, materially adversely affect the enforceability of the Securitization
IP (taken as a whole), or materially adversely affect the interests of the Noteholders;

 

(iii)          to
correct any manifest error or to cure any ambiguity, defect or provision that may be inconsistent with the terms of the Base Indenture
or any other Transaction Document, or to correct or supplement any provision herein that may be inconsistent with the terms of the Base
Indenture or any offering memorandum for the Notes;

 

(iv)          to
evidence the succession of another Person to any party to this Agreement;

 

(v)           to
comply with Requirements of Law;

 

(vi)          to
allow any Future Brand or other assets to be contributed to, or acquired by, the Securitization Entities in a manner that does not violate
the Managing Standard and to provide for any applicable provisions with respect thereto; or

 

(vii)         to
take any action necessary and appropriate to facilitate the origination of New Franchise Agreements or the management and preservation
of the Franchise Documents, in each case, in accordance with the Managing Standard.

 

(b)           Promptly
after the execution of any such amendment, the Manager shall send to the Trustee, the Servicer, the Back-Up Manager and each Rating Agency
a conformed copy of such amendment, but the failure to do so shall not impair or affect its validity.

 

(c)           Any
such amendment or modification effected contrary to the provisions of this Section 8.3 shall be null and void.

 

The Issuer and the Trustee each agree not to
amend the Indenture or the Transaction Documents to which it is a party without the Manager’s consent if such amendment would materially
increase the Manager’s obligations or liabilities, or materially decrease the Manager’s rights or remedies under this Agreement,
the Indenture or any other Transaction Document.

 

Section 8.4     Governing
Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO CHOICE OF LAW RULES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

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Section 8.5     Notices.
All notices, requests or other communications desired or required to be given under this Agreement shall be in writing and shall be sent
by (a) certified or registered mail, return receipt requested, postage prepaid, (b) national prepaid overnight delivery service,
(c) electronic mail (of a pdf or similar file) or (d) personal delivery with receipt acknowledged in writing, to the address
set forth in Section 14.1 of the Base Indenture. If the Indenture or this Agreement permits reports to be posted to a password-protected
website, such reports shall be deemed delivered when posted on such website. Any party hereto may change its address for notices hereunder
by giving notice of such change to the other parties hereto, with a copy to the Control Party. Any change of address of a Noteholder
shown on a Note Register shall, after the date of such change, be effective to change the address for such Noteholder hereunder. All
notices and demands to any Person hereunder shall be deemed to have been given either at the time of the delivery thereof at the address
of such Person for notices hereunder, or on the third day after the mailing thereof to such address, as the case may be.

 

Section 8.6     Acknowledgement.
Without limiting the foregoing, the Manager hereby acknowledges that, as of the Series 2016-1 Closing Date, each of the Securitization
Entities pledged to the Trustee under the Indenture and the Guarantee and Collateral Agreement, as applicable, all of such Securitization
Entity’s right and title to, and interest in, this Agreement and the Collateral, and such pledge included all of such Securitization
Entity’s rights, remedies, powers and privileges, and all claims of such Securitization Entity against the Manager, under or with
respect to this Agreement (whether arising pursuant to the terms of this Agreement or otherwise available at law or in equity), including
(i) the rights of such Securitization Entity and the obligations of the Manager hereunder and (ii) the right, at any time,
to give or withhold consents, requests, notices, directions, approvals, demands, extensions or waivers under or with respect to this
Agreement or the obligations in respect of the Manager hereunder to the same extent as such Securitization Entity may do. The Manager
hereby consents to continuing and maintaining such pledges described above, acknowledges and agrees that (x) the Control Party and
the Controlling Class Representative shall be third-party beneficiaries of the rights of such Securitization Entity arising hereunder
and (y) during the continuance of an Event of Default, the Control Party and the Controlling Class Representative may, to the
extent provided in the Indenture and the Guarantee and Collateral Agreement, enforce the provisions of this Agreement, exercise the rights
of such Securitization Entity and enforce the obligations of the Manager hereunder without the consent of such Securitization Entity.

 

Section 8.7     Severability
of Provisions. If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or unenforceable,
such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Agreement and such invalidity
or unenforceability shall in no way affect the validity or enforceability of such remaining provisions, or the rights of any parties
hereto. To the extent permitted by law, the parties hereto waive any provision of law that renders any provision of this Agreement invalid
or unenforceable in any respect.

 

Section 8.8     Delivery
Dates. If the due date of any notice, certificate or report required to be delivered by the Manager hereunder falls on a day that
is not a Business Day, the due date for such notice, certificate or report shall be automatically extended to the next succeeding day
that is a Business Day.

 

Section 8.9     Limited
Recourse. The obligations of each of the Securitization Entities under this Agreement are solely the limited liability company obligations
of such Securitization Entity. The Manager agrees that each of the Securitization Entities shall be liable for any claims that it may
have against such Securitization Entity only to the extent that funds or assets are available to pay such claims pursuant to the Indenture
and that, to the extent that any such claims remain unpaid after the application of such funds and assets in accordance with the Indenture,
such claims shall be extinguished.

 

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Section 8.10     Binding
Effect; Assignment; Third Party Beneficiaries. The provisions of this Agreement shall be binding upon and inure to the benefit of
the respective successors and assigns of the parties hereto. Any assignment of this Agreement without the written consent of the Control
Party shall be null and void. Each of the Back-Up Manager and the Servicer (in its capacities as Control Party and Servicer) is an intended
third party beneficiary of this Agreement and may enforce the Agreement as though a party hereto to the extent provided in Section 8.6.
The Control Party and the Controlling Class Representative are third party beneficiaries to the extent set forth in Section 8.6.

 

Section 8.11     Article and
Section Headings. The Article and Section headings herein are for convenience of reference only, and shall not limit
or otherwise affect the meaning hereof.

 

Section 8.12    Concerning
the Trustee. In acting under this Agreement, the Trustee shall be afforded the rights, privileges, protections, immunities and indemnities
set forth in the Indenture as if fully set forth herein.

 

Section 8.13     Counterparts.
This Agreement may be executed and delivered in counterparts (including by email or facsimile transmission), each of which will be deemed
an original, and all of which together constitute one and the same instrument. For purposes of this Agreement, any reference to "written"
or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such
written communication may be transmitted by Electronic Transmission. "Electronic Transmission" means any form of communication
not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks
or databases (including one or more distributed electronic networks or databases (including, without limitation, Orbit, DocuSign and
AdobeSign)), that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced
in paper form by such a recipient through an automated process. The Trustee is authorized to accept written instructions, directions,
reports, notices or other communications delivered by Electronic Transmission and shall not have any duty or obligation to verify or
confirm that the Person sending instructions, directions, reports, notices or other communications or information by Electronic Transmission
is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf
of the party purporting to send such Electronic Transmission, and the Trustee shall not have any liability for any losses, liabilities,
costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions,
reports, notices or other communications or information to the Trustee, including, without limitation, the risk of the Trustee acting
on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third
parties (except to the extent such action results from gross negligence, willful misconduct or fraud by the Trustee). Any requirement
in this Agreement that is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit
signature to be by facsimile or electronic signature and shall not be deemed to prohibit delivery thereof by Electronic Transmission.
Notwithstanding anything to the contrary in this Agreement, any and all communications (both text and attachments) by or from the Trustee
that the Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive information and sent by Electronic
Transmission will be encrypted. The recipient of the Electronic Transmission will be required to complete a one-time registration process.

 

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Section 8.14     Entire
Agreement. This Agreement, together with the Indenture and the other Transaction Documents and the Managed Documents constitute the
entire agreement and understanding among the parties with respect to the subject matter hereof. Any previous agreement among the parties
with respect to the subject matter hereof is superseded by this Agreement, the Indenture, the other Transaction Documents and the Managed
Documents.

 

Section 8.15      Waiver
of Jury Trial; Jurisdiction; Consent to Service of Process.

 

(a)           The
parties hereto each hereby waives any right to have a jury participate in resolving any dispute, whether in contract, tort or otherwise,
arising out of, connected with, relating to or incidental to the transactions contemplated by this Agreement.

 

(b)           The
parties hereto each hereby irrevocably submits (to the fullest extent permitted by applicable law) to the non-exclusive jurisdiction
of any New York state or federal court sitting in the borough of Manhattan, New York City, State of New York, over any action or proceeding
arising out of or relating to this Agreement or any Transaction Documents, and the parties hereto hereby irrevocably agree that all claims
in respect of such action or proceeding shall be heard and determined in such New York state or federal court. The parties hereto each
hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection each may now or hereafter have, to remove
any such action or proceeding, once commenced, to another court on the grounds of forum non conveniens or otherwise.

 

(c)            Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 8.5. Nothing
in this Agreement shall affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

Section 8.16      Joinder
of Future Securitization Entities.

 

(a)            In
the event that the Issuer, or the Manager on its behalf, shall form a Future Securitization Entity pursuant to Section 8.30
of the Base Indenture, such Future Securitization Entity shall execute and deliver to the Manager and the Trustee (with a copy to the
Back-Up Manager) (i) a Joinder Agreement substantially in the form of Exhibit B and (ii) Power of Attorney(s) in
the form of Exhibit A-1 (in the case of any Future Securitization Entity that holds any Securitization IP) and Exhibit A-2
(in the case of any Future Securitization Entity that does not hold any Securitization IP), and such New Securitization Entity shall
thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Securitization Entity party hereto
on the Series 2021-1 Closing Date.

 

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Section 8.17     Amendment
and Restatement. The parties hereto agree in each of their respective capacities under the Original Management Agreement and this
Agreement that (i) this Agreement amends, restates and supersedes the Original Management Agreement in its entirety, which is superseded
in its entirety by this Agreement and shall be of no further force or effect except as amended and restated hereby and (ii) from
and after the date hereof, all references in each Transaction Document to the Original Management Agreement or the “Management
Agreement” shall be deemed and agreed to refer to this Agreement.

 

[The remainder of this page is
intentionally left blank.]

 

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

 

	 	TACO BELL CORP., as Manager
	 	 
	 	 
	 	By:	/s/ Scott Mezvinsky
	 	 	Name: Scott Mezvinsky
	 	 	Title: Authorized Signatory

 

[Signature Page to A&R
Management Agreement]

 

     

     

    

 

	 	TACO BELL FUNDING, LLC
	 	 
	 	 
	 	By:	/s/ Scott Mezvinsky
	 	 	Name: Scott Mezvinsky
	 	 	Title: Authorized Signatory
	 	 
	 	 
	 	TACO BELL IP HOLDER, LLC
	 	 
	 	 
	 	By:	/s/ Scott Mezvinsky
	 	 	Name: Scott Mezvinsky
	 	 	Title: Authorized Signatory
	 	 
	 	 
	 	TACO BELL FRANCHISOR HOLDINGS, LLC
	 	 
	 	 
	 	By:	/s/ Scott Mezvinsky
	 	 	Name: Scott Mezvinsky
	 	 	Title: Authorized Signatory
	 	 
	 	 
	 	TACO BELL FRANCHISOR, LLC
	 	 
	 	 
	 	By:	/s/ Scott Mezvinsky
	 	 	Name: Scott Mezvinsky
	 	 	Title: Authorized Signatory
	 	 
	 	 
	 	TACO BELL FRANCHISE HOLDER 1, LLC
	 	 
	 	 
	 	By:	/s/ Scott Mezvinsky
	 	 	Name: Scott Mezvinsky
	 	 	Title: Authorized Signatory

 

[Signature Page to A&R Management Agreement]

 

     

     

    

 

		CITIBANK, N.A., not in its individual capacity, but solely as Trustee
	 	 	 
	 	 	 
	 	By:	/s/ Anthony Bauza
	 	 	Name: Anthony Bauza
	 	 	Title: Senior Trust Officer

 

[Signature Page to A&R Management Agreement]

 

     

     

    

 

CONSENT OF CONTROL PARTY AND SERVICER IN ACCORDANCE
WITH SECTION 13.2 OF THE BASE INDENTURE AND SECTION 2.4(a) OF THE SERVICING AGREEMENT, MIDLAND LOAN SERVICES, A DIVISION
OF PNC BANK, NATIONAL ASSOCIATION, AS CONTROL PARTY AND AS SERVICER, HEREBY CONSENTS TO THE AMENDMENTS SET FORTH HEREIN EXCEPT (I) THOSE
ALREADY IN EFFECT PRIOR TO THE DATE HEREOF, (II) THOSE THAT TAKE EFFECT BY THEIR TERMS ON THE 2021 SPRINGING AMENDMENTS IMPLEMENTATION
DATE AND (III) THOSE THAT ARE EFFECTIVE UPON THE DATE HEREOF WITHOUT THE CONSENT OF THE CONTROL PARTY AND/OR WITH THE CONSENT OF
THE RATING AGENCIES, AND SOLELY TO THE EXTENT REQUIRED PURSUANT TO ANY TRANSACTION DOCUMENT, AND HEREBY DIRECTS THE TRUSTEE TO EXECUTE
THIS AMENDED AND RESTATED MANAGEMENT AGREEMENT:

 

	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION
	 	 
	as Control Party and Servicer	 
	 	 
	By:	/s/ David A. Eckels	 
	Name: David A. Eckels	 
	Title: Senior Vice President	 

 

[Signature Page to A&R Management
Agreement]

 

     

     

    

 

SCHEDULE 1

 

LIST OF PRODUCTS OR SERVICES PURCHASED FROM THIRD
PARTY VENDORS BY THE MANAGER

 

None.

 

    	 	Schedule 1-1	 

     

    

 

 

EXHIBIT A-1

 

POWER OF ATTORNEY OF IP HOLDER

 

KNOW ALL PERSONS BY THESE
PRESENTS, that in connection with the Management Agreement, dated as of __________ __, 20__, among Taco Bell Funding, LLC (the “Issuer”),
Taco Bell SPV Guarantor, LLC (“Funding Holdco”), Taco Bell IP Holder, LLC (“IP Holder”), Taco Bell
Franchisor, LLC (“Franchise Holder” and, together with Funding Holdco and IP Holder, the “Guarantors”
and, together with the Issuer and each future Subsidiary of the Issuer or Funding Holdco, the “Securitization Entities”)
and Citibank, N.A., not in its individual capacity but solely as the indenture trustee (together with its successor and assigns, the “Trustee”), IP
Holder hereby appoints Taco Bell Corp. (the “Manager”) and any and all officers thereof as its true and lawful attorney
in fact, with full power of substitution, in connection with the IP Services described below being performed with respect to the Securitization
IP, with full irrevocable power and authority in the place of IP Holder that is the owner thereof and in the name of IP Holder or in its
own name as agent of IP Holder, to take any and all appropriate action and to execute any and all documents and instruments which may
be necessary or desirable to accomplish the foregoing, subject to the Management Agreement, including, without limitation, the full power
to perform:

 

(a)            searching,
screening and clearing After-Acquired Securitization IP to assess patentability, registrability and the risk of potential infringement;

 

(b)            filing,
prosecuting, defending and maintaining applications and registrations for the Securitization IP in IP Holder’s name in the Securitization
Jurisdiction, including timely filing of evidence of use, applications for renewal and affidavits of use and/or incontestability, timely
paying of all registration and maintenance fees, responding to third-party oppositions of applications or challenges to registrations,
and responding to any office actions, reexaminations, interferences, inter partes reviews, post grant reviews, or other office or examiner
requests, reviews, or requirements;

 

(c)            monitoring
third-party use and registration of Intellectual Property, as applicable, and taking actions the Manager deems appropriate to oppose or
contest the use and any application or registration for Intellectual Property, as applicable, that could reasonably be expected to infringe,
dilute or otherwise violate the Securitization IP or IP Holder’s rights therein;

 

(d)            confirming
IP Holder’s legal title in and to any or all of the Securitization IP, including obtaining written assignments of Securitization
IP to IP Holder, recording transfers of title in the USPTO and USCO and transferring internet domain name registrations;

 

(e)            with
respect to IP Holder’s rights and obligations under the IP License Agreements and any Transaction Documents, monitoring the licensee’s
use of each licensed Trademark and the quality of its goods and services offered in connection with such Trademarks, rendering any approvals
(or disapprovals) that are required under the applicable license agreement(s), and employing reasonable means to ensure that any use of
any such Trademarks by any such licensee satisfies the quality control standards and usage provisions of the applicable license agreement;

 

    A-1-1

     

    

 

(f)            protecting,
policing, and, in the event that the Manager becomes aware of any unlicensed copying, imitation, infringement, dilution, misappropriation,
unauthorized use or other violation of the Securitization IP, or any portion thereof, enforcing such Securitization IP, including, (i) preparing
and responding to cease-and-desist, demand and notice letters, and requests for a license; and (ii) commencing, prosecuting and/or
resolving claims or suits involving imitation, infringement, dilution, misappropriation, the unauthorized use or other violation of such
Securitization IP, and seeking monetary and equitable remedies as the Manager deems appropriate in connection therewith; provided
that IP Holder will, and agrees to, join as a party to any such suits to the extent necessary to maintain standing;

 

(g)            performing
such functions and duties, and preparing and filing such documents, as are required under the Indenture or any other Transaction Document
to be performed, prepared and/or filed by IP Holder, including (i) executing and recording such financing statements (including continuation
statements) or amendments thereof or supplements thereto or such other instruments as the Issuer or the Control Party may, from time to
time, reasonably request (consistent with the obligations of IP Holder to perfect the Trustee’s lien in the applicable jurisdictions
within the Securitization Jurisdiction) in connection with the security interests in the Securitization IP granted by IP Holder to the
Trustee under the Indenture and (ii) preparing, executing and delivering grants of security interests or any similar instruments
as the Issuer or the Control Party may, from time to time, reasonably request (consistent with the obligations of IP Holder to perfect
the Trustee’s lien in the applicable jurisdictions within the Securitization Jurisdiction) that are intended to evidence such security
interests in the Securitization IP and recording such grants or other instruments with the relevant Governmental Authority including the
USPTO and USCO;

 

(h)            taking
such actions as any licensee under an IP License Agreement may request that are required by the terms, provisions and purposes of such
IP License Agreement (or by any other agreements pursuant to which IP Holder licenses the use of any Securitization IP) to be taken by
IP Holder, and preparing (or causing to be prepared) for execution by IP Holder all documents, certificates and other filings as IP Holder
will be required to prepare and/or file under the terms of such IP License Agreements (or such other agreements);

 

(i)            establishing
a fair market value for the royalties or other payments payable to IP Holder under any licenses of Securitization IP that are required
under the Transaction Documents to include such payments;

 

(j)            paying
or causing to be paid or discharged, from funds of the Securitization Entities, any and all taxes, charges and assessments that may be
levied, assessed or imposed upon any of the Securitization IP or contesting the same in good faith;

 

(k)            obtaining
licenses of third-party Intellectual Property for use and sublicense in connection with the Contributed Franchise Business and any other
assets of the Securitization Entities;

 

    A-1-2

     

    

 

(l)            sublicensing
the Securitization IP to suppliers, manufacturers, advertisers and other service providers in connection with the provision of products
and services for the Contributed Franchise Business;

 

(m)            with
respect to Trade Secrets and other confidential information of IP Holder, taking reasonable measures to maintain confidentiality and to
prevent non-confidential disclosures thereof; and

 

(n)            managing
passwords for and access to social media accounts, website hosting accounts, mobile app accounts, and other similar online accounts.

 

THIS POWER OF ATTORNEY IS
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO POWERS OF ATTORNEY MADE AND TO BE EXERCISED WHOLLY WITHIN SUCH STATE.

 

Dated:           __________
__, 20__

 

	 	TACO BELL IP HOLDER
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    A-1-3

     

    

 

	STATE OF ___________	)
	 	) ss.:
	COUNTY OF __________ )	 

 

On the ____ day of ________,
____, before me the undersigned, personally appeared, personally known to me or proved to me on the basis of satisfactory evidence to
be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity,
and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

		
	 	Notary Public

 

    A-1-4

     

    

 

EXHIBIT A-2

 

POWER OF ATTORNEY OF THE SECURITIZATION ENTITIES

 

KNOW ALL PERSONS BY THESE
PRESENTS, that in connection with the Management Agreement, dated as __________ __, 20__, among Taco Bell Funding, LLC (the “Issuer”),
Taco Bell SPV Guarantor, LLC (“Funding Holdco”), Taco Bell IP Holder, LLC (“IP Holder”), Taco Bell
Franchisor, LLC (“Franchise Holder” and, together with Funding Holdco and IP Holder and the, the “Guarantors”
and, together with the Issuer and each future Subsidiary of the Issuer or Funding Holdco, the “Securitization Entities”)
and Citibank, N.A., not in its individual capacity but solely as the indenture trustee (together with its successor and assigns, the “Trustee”),
each of the Securitization Entities hereby appoints Taco Bell Corp. (the “Manager”) and any and all officers thereof
as its true and lawful attorney in fact, with full power of substitution, in connection with the Services (as defined in the Management
Agreement) being performed with respect to the Managed Assets, with full irrevocable power and authority in the place of each Securitization
Entity and in the name of each Securitization Entity or in its own name as agent of each Securitization Entity, to take any and all appropriate
action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the foregoing, subject to
the Management Agreement, including, without limitation, the full power to:

 

(a)            perform
such functions and duties, and prepare and file such documents, as are required under the Indenture and the other Transaction Documents
to be performed, prepared and/or filed by any of the Securitization Entities, including: (i) recording such financing statements
(including continuation statements) or amendments thereof or supplements thereto or other instruments as the Trustee and any of the Securitization
Entities may from time to time reasonably request in order to perfect and maintain the Lien in the Collateral granted by any of the Securitization
Entities to the Trustee under the Transaction Documents in accordance with the UCC; and (ii) executing grants of security interests
or any similar instruments required under the Transaction Documents to evidence such Lien in the Collateral; and

 

(b)            take
such actions on behalf of each Securitization Entity as such Securitization Entity or Manager may reasonably request that are expressly
required by the terms, provisions and purposes of the Management Agreement; or cause the preparation by other appropriate Persons, of
all documents, certificates and other filings as each Securitization Entity shall be required to prepare and/or file under the terms of
the Transaction Documents.

 

    	 	Management Agreement	 
	 	 	 
	 	A-2-1	 

     

    

 

This power of attorney is
coupled with an interest. Capitalized terms used herein, and not defined herein shall have the meanings applicable to such terms in the
Management Agreement.

 

THIS POWER OF ATTORNEY IS
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO POWERS OF ATTORNEY MADE AND TO BE EXERCISED WHOLLY WITHIN SUCH STATE.

 

Dated:         __________
__, 20__

 

	 	TACO BELL FUNDING, LLC, as Issuer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	TACO BELL IP HOLDER, LLC, as IP Holder
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	TACO BELL FRANCHISOR HOLDINGS, LLC,
as Franchisor Holdco
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	TACO BELL FRANCHISOR, LLC, as Taco Bell
Franchisor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	TACO BELL FRANCHISE HOLDER 1, LLC, as
Franchise Holder
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Management Agreement	 
	 	 	 
	 	A-2-2	 

     

    

 

	STATE OF ___________	)
	 	) ss.:
	COUNTY OF __________ 	)

 

On the ____ day of ___________, ____, before me
the undersigned, personally Appeared personally known to me or proved to me on the basis of satisfactory evidence to be the individual
whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature
on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

		
	 	Notary Public

 

    	 	Management Agreement	 
	 	 	 
	 	A-2-3	 

     

    

 

EXHIBIT B

 

JOINDER AGREEMENT

 

JOINDER AGREEMENT, dated as
of ______________, 20__ (this “Joinder Agreement”), made by _______________ a ____________ (the “Future Securitization
Entity”), in favor of Taco Bell Corp., a California corporation, as Manager (the “Manager”), and Citibank,
N.A., as Trustee (in such capacity, together with its successors, the “Trustee”). All capitalized terms not defined
herein shall have the meaning ascribed to them in the Management Agreement (as defined below).

 

W I T N E S S E T H:

 

WHEREAS, Taco Bell Funding,
LLC, a Delaware limited liability company (the “Issuer”), and the Trustee, have entered into an Amended and Restated
Base Indenture dated as of August 19, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time
to time, exclusive of any Series Supplements, the “Base Indenture” and, together with all Series Supplements,
the “Indenture”), providing for the issuance from time to time of one or more Series of Notes thereunder; and

 

WHEREAS, in connection with
the Indenture, the Issuer, the other Securitization Entities party thereto from time to time, the Manager and the Trustee have entered
into the Amended and Restated Management Agreement, dated as of August 19, 2021 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Management Agreement”); and

 

WHEREAS, the Future Securitization
Entity has agreed to execute and deliver this Joinder Agreement in order to become a party to the Management Agreement;

 

NOW, THEREFORE, IT IS
AGREED:

 

1.            Management
Agreement. By executing and delivering this Joinder Agreement, the Future Securitization Entity, as provided in Section 8.16
of the Management Agreement, hereby becomes a party to the Management Agreement as a Securitization Entity thereunder with the same
force and effect as if originally named therein as a Securitization Entity and, without limiting the generality of the foregoing, hereby
expressly assumes all obligations and liabilities of a Securitization Entity thereunder. Each reference to a “Securitization Entity”
in the Management Agreement shall be deemed to include the Future Securitization Entity. The Management Agreement is hereby incorporated
herein by reference.

 

2.            Counterparts;
Binding Effect. This Joinder Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which taken together shall constitute a single contract. This Joinder Agreement
shall become effective when each of the Additional Franchise Entity, the Manager and the Trustee has executed a counterpart hereof. Delivery
of an executed counterpart of a signature page of this Joinder Agreement (including by facsimile or other electronic means of communication)
shall be effective as delivery of a manually executed counterpart of this Joinder Agreement.

 

    B-1

     

    

 

3.            Full
Force and Effect. Except as expressly supplemented hereby, the Management Agreement shall remain in full force and effect.

 

4.            Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

[The remainder of this page is intentionally
left blank.]

 

    B-2

     

    

 

 

IN WITNESS WHEREOF, the undersigned
has caused this Joinder Agreement to be duly executed and delivered as of the date first above written.

 

	 	[FUTURE SECURITIZATION ENTITY]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

	AGREED TO AND ACCEPTED	 
	 	 
	TACO BELL CORP., as Manager	 
	 	 
	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

 

 

	CITIBANK, N.A., in its capacity as Trustee	 
	 	 
	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

    B-3

     

    

 

EXHIBIT C

 

FORM OF WEEKLY MANAGER’S CERTIFICATE

 

[To be Provided]

 

    C-1Exhibit 4.2

      EXECUTION VERSION

      

      

    

    

    

    

    

    
      	
               

            

       

      

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

    Class A-1 0.10415% Asset Backed Notes

      Class A-2 0.34% Asset Backed Notes

      Class A-3 0.35% Asset Backed Notes

      Class B 0.69% Asset Backed Notes

      Class C 0.96% Asset Backed Notes

      Class D 1.55% Asset Backed Notes

    Class E 3.04% Asset Backed Notes

      

    

    ---------------------------------

    INDENTURE

    Dated as of July 31, 2021

    -----------------------------------

    EXETER HOLDINGS TRUST 2021-3

    Holding Trust

    

    

    CITIBANK, N.A.

      Indenture Trustee

    
      
        
          	
                   

                

        

      

      

      

    

    

    

    
      
        

    

    
    TABLE OF CONTENTS

    Page

    	
            ARTICLE I

             

            

          	
            DEFINITIONS AND INCORPORATION BY REFERENCE

          	
            3

          
	
            Section 1.1

          	
            Definitions

          	
            3

          
	
            Section 1.2

          	
            Incorporation by Reference of Trust Indenture Act

          	
            12

          
	
            Section 1.3

             

            

          	
            Rules of Construction

          	
            12

          
	
            ARTICLE II

             

            

          	
            THE NOTES

          	
            12

          
	
            Section 2.1

          	
            Form

          	
            12

          
	
            Section 2.2

          	
            Execution, Authentication and Delivery

          	
            13

          
	
            Section 2.3

          	
            Temporary Notes

          	
            13

          
	
            Section 2.4

          	
            Registration; Registration of Transfer and Exchange

          	
            14

          
	
            Section 2.5

          	
            Mutilated, Destroyed, Lost or Stolen Notes

          	
            17

          
	
            Section 2.6

          	
            Persons Deemed Owner

          	
            18

          
	
            Section 2.7

          	
            Payment of Principal and Interest; Defaulted Interest

          	
            18

          
	
            Section 2.8

          	
            Cancellation

          	
            19

          
	
            Section 2.9

          	
            Release of Collateral

          	
            20

          
	
            Section 2.10

          	
            Book-Entry Notes

          	
            20

          
	
            Section 2.11

          	
            Notices to Clearing Agency

          	
            22

          
	
            Section 2.12

             

            

          	
            Definitive Notes

          	
            22

          
	
            ARTICLE III

             

            

          	
            COVENANTS

          	
            23

          
	
            Section 3.1

          	
            Payment of Principal and Interest

          	
            23

          
	
            Section 3.2

          	
            Maintenance of Office or Agency

          	
            23

          
	
            Section 3.3

          	
            Money for Payments to be Held in Trust

          	
            23

          
	
            Section 3.4

          	
            Existence

          	
            25

          
	
            Section 3.5

          	
            Protection of Trust Estate

          	
            25

          
	
            Section 3.6

          	
            Opinions as to Trust Estate

          	
            26

          
	
            Section 3.7

          	
            Performance of Obligations; Servicing of Receivables

          	
            26

          
	
            Section 3.8

          	
            Negative Covenants

          	
            27

          
	
            Section 3.9

          	
            Annual Statement as to Compliance

          	
            28

          
	
            Section 3.10

          	
            Issuer May Consolidate, Etc

          	
            28

          
	
            Section 3.11

          	
            Successor or Transferee

          	
            30

          
	
            Section 3.12

          	
            No Other Business

          	
            30

          
	
            Section 3.13

          	
            No Borrowing

          	
            30

          

    

    

    

    

    
      ii

      
        

    

    	
            Section 3.14

          	
            Servicer’s Obligations

          	
            30

          
	
            Section 3.15

          	
            Guarantees, Loans, Advances and Other Liabilities

          	
            30

          
	
            Section 3.16

          	
            Capital Expenditures

          	
            31

          
	
            Section 3.17

          	
            Compliance with Laws

          	
            31

          
	
            Section 3.18

          	
            Restricted Payments

          	
            31

          
	
            Section 3.19

          	
            Notice of Events of Default

          	
            31

          
	
            Section 3.20

          	
            Further Instruments and Acts

          	
            31

          
	
            Section 3.21

          	
            Amendments of Sale and Servicing Agreement and Trust Agreement

          	
            31

          
	
            Section 3.22

             

            

          	
            Income Tax Characterization

          	
            31

          
	
            ARTICLE IV

             

            

          	
            SATISFACTION AND DISCHARGE

          	
            32

          
	
            Section 4.1

          	
            Satisfaction and Discharge of Indenture

          	
            32

          
	
            Section 4.2

          	
            Application of Trust Money

          	
            33

          
	
            Section 4.3

             

            

          	
            Repayment of Moneys Held by Note Paying Agent

          	
            33

          
	
            ARTICLE V

             

            

          	
            REMEDIES

          	
            34

          
	
            Section 5.1

          	
            Events of Default

          	
            34

          
	
            Section 5.2

          	
            Rights Upon Event of Default

          	
            35

          
	
            Section 5.3

          	
            Collection of Indebtedness and Suits for Enforcement by Indenture Trustee

          	
            36

          
	
            Section 5.4

          	
            Remedies

          	
            38

          
	
            Section 5.5

          	
            Optional Preservation of the Trust Estate

          	
            39

          
	
            Section 5.6

          	
            Priorities

          	
            40

          
	
            Section 5.7

          	
            Limitation of Suits

          	
            43

          
	
            Section 5.8

          	
            Unconditional Rights of Noteholders To Receive Principal and Interest

          	
            44

          
	
            Section 5.9

          	
            Restoration of Rights and Remedies

          	
            44

          
	
            Section 5.10

          	
            Rights and Remedies Cumulative

          	
            44

          
	
            Section 5.11

          	
            Delay or Omission Not a Waiver

          	
            44

          
	
            Section 5.12

          	
            Control by Noteholders

          	
            45

          
	
            Section 5.13

          	
            Waiver of Past Defaults

          	
            45

          
	
            Section 5.14

          	
            Undertaking for Costs

          	
            45

          
	
            Section 5.15

          	
            Waiver of Stay or Extension Laws

          	
            46

          
	
            Section 5.16

          	
            Action on Notes

          	
            46

          

    

    

    

    

    

    

    
      iii

      
        

    

    	
            Section 5.17

             

            

          	
            Performance and Enforcement of Certain Obligations

          	
            46

          
	
            ARTICLE VI

             

            

          	
            THE INDENTURE TRUSTEE

          	
            47

          
	
            Section 6.1

          	
            Duties of Indenture Trustee

          	
            47

          
	
            Section 6.2

          	
            Rights of Indenture Trustee

          	
            48

          
	
            Section 6.3

          	
            Individual Rights of Indenture Trustee

          	
            51

          
	
            Section 6.4

          	
            Indenture Trustee’s Disclaimer

          	
            51

          
	
            Section 6.5

          	
            Notice of Defaults

          	
            52

          
	
            Section 6.6

          	
            Reports by Indenture Trustee to Holders

          	
            52

          
	
            Section 6.7

          	
            Compensation and Indemnity

          	
            52

          
	
            Section 6.8

          	
            Replacement of Indenture Trustee

          	
            53

          
	
            Section 6.9

          	
            Successor Indenture Trustee by Merger

          	
            54

          
	
            Section 6.10

          	
            Appointment of Co-Indenture Trustee or Separate Indenture Trustee

          	
            55

          
	
            Section 6.11

          	
            Eligibility; Disqualification

          	
            56

          
	
            Section 6.12

          	
            Preferential Collection of Claims Against Issuer

          	
            57

          
	
            Section 6.13

          	
            Appointment and Powers

          	
            57

          
	
            Section 6.14

          	
            Performance of Duties

          	
            57

          
	
            Section 6.15

          	
            Limitation on Liability

          	
            58

          
	
            Section 6.16

          	
            Reliance Upon Documents

          	
            58

          
	
            Section 6.17

          	
            Force Majeure

          	
            59

          
	
            Section 6.18

          	
            [Reserved]

          	
            59

          
	
            Section 6.19

          	
            Representations and Warranties of the Indenture Trustee and the Issuer and the Holding Trust

          	
            59

          
	
            Section 6.20

          	 	
            59

          
	
            Section 6.20

             

            

          	
            Waiver of Setoffs

          	
            60

          
	
            ARTICLE VII

             

            

          	
            NOTEHOLDERS’ LISTS AND REPORTS

          	
            60

          
	
            Section 7.1

          	
            Issuer to Furnish to Indenture Trustee Names and Addresses of Noteholders

          	
            60

          
	
            Section 7.2

          	
            Preservation of Information; Communications to Noteholders

          	
            60

          
	
            Section 7.3

          	
            Reports by Issuer

          	
            62

          
	
            Section 7.4

             

            

          	
            Reports by Indenture Trustee

          	
            63

          
	
            ARTICLE VIII

             

            

          	
            ACCOUNTS, DISBURSEMENTS AND RELEASES

          	
            63

          
	
            Section 8.1

          	
            Collection of Money

          	
            63

          

    

    

    
      iv

      
        

    

    	
            Section 8.2

          	
            Release of Trust Estate

          	
            63

          
	
            Section 8.3

             

            

          	
            Opinion of Counsel

          	
            64

          
	
            ARTICLE IX

             

            

          	
            SUPPLEMENTAL INDENTURES

          	
            64

          
	
            Section 9.1

          	
            Supplemental Indentures Without Consent of Noteholders

          	
            64

          
	
            Section 9.2

          	
            Supplemental Indentures with Consent of Noteholders

          	
            66

          
	
            Section 9.3

          	
            Execution of Supplemental Indentures

          	
            67

          
	
            Section 9.4

          	
            Effect of Supplemental Indenture

          	
            68

          
	
            Section 9.5

          	
            Conformity With Trust Indenture Act

          	
            68

          
	
            Section 9.6

             

            

          	
            Reference in Notes to Supplemental Indentures

          	
            68

          
	
            ARTICLE X

             

            

          	
            REDEMPTION OF NOTES

          	
            68

          
	
            Section 10.1

          	
            Redemption

          	
            68

          
	
            Section 10.2

          	
            Form of Redemption

          	
            69

          
	
            Section 10.3

             

            

          	
            Notes Payable on Redemption Date

          	
            69

          
	
            ARTICLE XI

             

            

          	
            MISCELLANEOUS

          	
            69

          
	
            Section 11.1

          	
            Compliance Certificates and Opinions, etc

          	
            69

          
	
            Section 11.2

          	
            Form of Documents Delivered to Indenture Trustee

          	
            71

          
	
            Section 11.3

          	
            Acts of Noteholders

          	
            72

          
	
            Section 11.4

          	
            Notices, etc., to Indenture Trustee, Issuer and Rating Agencies

          	
            72

          
	
            Section 11.5

          	
            Notices to Noteholders; Waiver

          	
            73

          
	
            Section 11.6

          	
            Conflict with Trust Indenture Act

          	
            74

          
	
            Section 11.7

          	
            Patriot Act

          	
            74

          
	
            Section 11.8

          	
            Effect of Headings and Table of Contents

          	
            74

          
	
            Section 11.9

          	
            Successors and Assigns

          	
            74

          
	
            Section 11.10

          	
            Separability

          	
            74

          
	
            Section 11.11

          	
            Benefits of Indenture

          	
            74

          
	
            Section 11.12

          	
            Legal Holidays

          	
            75

          
	
            Section 11.13

          	
            GOVERNING LAW AND SUBMISSION TO JURISDICTION

          	
            75

          
	
            Section 11.14

          	
            WAIVER OF JURY TRIAL

          	
            75

          
	
            Section 11.15

          	
            Counterparts

          	
            75

          
	
            Section 11.16

          	
            Recording of Indenture

          	
            75

          
	
            Section 11.17

          	
            Trust Obligation

          	
            76

          
	
            Section 11.18

          	
            No Petition

          	
            76

          
	
            Section 11.19

          	
            Inspection

          	
            76

          

    

    

    
      v

      
        

    

    	
            Section 11.20

          	
            No Recourse

          	
            77

          
	 	 	 

    

    

    	
            EXHIBITS

          	 
	 	 
	
            EXHIBIT A-1

          	
            Form of Class A-1 Note

          
	
            EXHIBIT A-2

          	
            Form of Class A-2 Note

          
	
            EXHIBIT A-3

          	
            Form of Class A-3 Note

          
	
            EXHIBIT B

          	
            Form of Class B Note

          
	
            EXHIBIT C

          	
            Form of Class C Note

          
	
            EXHIBIT D

          	
            Form of Class D Note

          
	
            EXHIBIT E-1

          	
            Form of Class E Note (QIB)

          
	
            EXHIBIT E-2

          	
            Form of Class E Note (Institutional Accredited Investor)

          
	
            EXHIBIT E-3

          	
            Form of Class E Note (Regulation S)

          
	
            EXHIBIT F-1

          	
            Form of Transfer Certificate for Transfers from Regulation S Global Note to Global Note

          
	
            EXHIBIT F-2

          	
            Form of Transfer Certificate for Transfers from Global Note to Regulation S Global Note

          

    

    

    SCHEDULES

    
      SCHEDULE A                              Representations and Warranties of the Issuer and the Holding Trust

    

    

    

    
      vi

      
        

    

    INDENTURE dated as of July 31, 2021, among EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3, a Delaware statutory trust (the “Issuer”), EXETER HOLDINGS TRUST 2021-3, a Delaware
      statutory trust (the “Holding Trust”), and CITIBANK, N.A., a national banking association, as indenture trustee (the “Indenture Trustee”).

    Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer’s Class A-1 0.10415% Asset Backed Notes (the “Class

        A-1 Notes”), Class A-2 0.34% Asset Backed Notes (the “Class A-2 Notes”), Class A-3 0.35% Asset Backed Notes (the “Class A-3 Notes”), the Class B 0.69% Asset Backed Notes (the “Class B Notes”), the Class C 0.96% Asset Backed
      Notes (the “Class C Notes”), the Class D 1.55% Asset Backed Notes (the “Class D Notes”) and the Class E 3.04% Asset Backed Notes (the “Class E Notes” and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3
      Notes, the Class B Notes, the Class C Notes and the Class D Notes, the “Notes”).

    As security for the payment and performance by the Issuer of its obligations under this Indenture and the Notes, the Issuer and the Holding Trust have agreed to assign the
      Collateral (as defined below) as collateral to the Indenture Trustee for the benefit of the Indenture Trustee on behalf of the Noteholders.

    GRANTING CLAUSE

    The Issuer and the Holding Trust hereby Grant to the Indenture Trustee at the Closing Date, for the benefit of the Issuer Secured Parties, all of the Issuer’s and the Holding
      Trust’s right, title and interest in and to the following property, whether now existing or hereafter acquired or arising (a) the Receivables and all moneys received thereon after the Cutoff Date; (b) the security interests in the Financed Vehicles
      granted by Obligors pursuant to the Receivables and any other interest of the Issuer or the Holding Trust in the Financed Vehicles; (c) any proceeds with respect to the Receivables repurchased by a Dealer or Direct Lender, pursuant to a Dealer
      Agreement or Direct Lender Agreement, as applicable, as a result of a breach of representation or warranty in such Dealer Agreement or Direct Lender Agreement; (d) all rights under any Service Contracts on the related Financed Vehicles; (e) any
      proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; (f) the Trust Accounts and the
      Lockbox Account and all funds on deposit from time to time in the Trust Accounts and the Lockbox Account, and in all investments and proceeds thereof and all rights of the Issuer or the Holding Trust therein (including all income thereon); (g) the
      Issuer’s and the Holding Trust’s rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, including the delivery requirements, representations and warranties and the cure and repurchase obligations of Exeter under
      the Purchase Agreement; (h) the Issuer’s and the Holding Trust’s rights and benefits, but none of its obligations or burdens, under the Sale Agreement, including the delivery requirements, representations and warranties and the cure and repurchase
      obligations of the Representation Provider under the Sale Agreement; (i) all items contained in the Receivable Files and any and all other documents that Exeter keeps on file in accordance with its customary procedures relating to the Receivables,
      the Obligors or the Financed Vehicles; (j) the Issuer’s and the Holding Trust’s rights and benefits, but none of its obligations or burdens, under the Sale and Servicing Agreement (including all rights of the Seller under the Purchase Agreement and
      the Sale Agreement assigned to the Issuer pursuant to the Sale and Servicing Agreement and

    
      
        

    

    
    contributed to the Holding Trust pursuant to the Contribution Agreement); (k) all of the Issuer’s and the Holding Trust’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v)
      General Intangibles (as such terms are defined in the UCC) relative to the property described in (a) through (j); (l) all proceeds and investments with respect to items (a) through (j); (m) the Holding Trust Certificate, and all distributions on or
      in respect of the Holding Trust Certificate and any other rights granted to the holder of the Holding Trust Certificate and (n) all present and future claims, demands, causes and choses of action in respect of any or all of the foregoing and all
      payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts,
      accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property
      which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”).

    The foregoing Grant is made in trust to the Indenture Trustee, for the benefit of the Issuer Secured Parties.  The Indenture Trustee hereby acknowledges such Grant, accepts the
      trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the interests of such parties, recognizing the priorities of their respective interests may be
      adequately and effectively protected.

    The Indenture Trustee shall maintain custody of the Holding Trust Certificate actually received by it in accordance with the terms of this Indenture and its internal policies and
      procedures relating the holding of similar property.  During the existence and continuance of an Event of Default, the prudent person standard of care shall not apply to the Indenture Trustee’s duties as custodian of the Holding Trust Certificate
      hereunder.  The Issuer shall deliver the Holding Trust Certificate to the Indenture Trustee on the Closing Date or such other date as agreed to by the Issuer and the Indenture Trustee.

    Each of the Issuer and the Holding Trust hereby authorizes the filing of a financing statement against the Issuer and the Holding Trust, respectively, describing the Collateral
      as constituting all assets whether now owned and existing or hereafter arising or acquired of the Issuer as debtor and the Holding Trust as debtor or similar language.

    
      2

      
        

    

    ARTICLE I

      

      Definitions and Incorporation by Reference

    Section 1.1      Definitions.  Except as otherwise specified herein, the following terms have the respective meanings set forth below for all purposes of this Indenture.

    “Act” has the meaning specified in Section 11.3(a).

    “Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person.  For the
      purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
      or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.  A Person shall not be deemed to be an Affiliate of any person solely because such other Person has the contractual right or
      obligation to manage such Person unless such other Person controls such Person through equity ownership or otherwise.

    “Authorized Officer” means, with respect to the Issuer and the Servicer, any officer or agent acting pursuant to a power of attorney of the Owner Trustee or the Servicer,
      as applicable, who is authorized to act for the Owner Trustee or the Servicer, as applicable, in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by each of the Owner Trustee and the Servicer to the
      Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter).

    “Basic Documents” means this Indenture, the Certificate of Trust, the Trust Agreement, the Holding Trust Agreement, the Purchase Agreement, the Sale Agreement, the Sale
      and Servicing Agreement, the Contribution Agreement, the Custodian Agreement, the Lockbox Account Agreement, the Underwriting Agreement, the Asset Representations Review Agreement and other documents and certificates delivered in connection
      therewith.

    “Benefit Plan Investor” has the meaning specified in Section 2.4.

    “Book Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in
      Section 2.10.

    “Business Day” means any day other than a Saturday, a Sunday, legal holiday or other day on which commercial banking institutions located in Wilmington, Delaware, Irving,
      Texas, New York, New York, Jersey City, New Jersey or any other location of any successor Servicer, successor Owner Trustee or successor Indenture Trustee are authorized or obligated by law, executive order or governmental decree to be closed.

    “Certificates” means trust certificates evidencing the beneficial interest of Certificateholders in the Issuer.

    
      3

      
        

    

    “Certificateholders” means the Person in whose name a Certificate is registered on the Certificate Register.

    “Certificate of Trust” means the certificate of trust of the Issuer substantially in the form of Exhibit B to the Trust Agreement.

    “Class A Notes” means, collectively, the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes.

    “Class A-1 Interest Rate” means 0.10415% per annum (computed on the basis of the actual number of days in the related Interest Period and a year assumed to consist of 360
      days).

    “Class A-1 Notes” means the Class A-1 0.10415% Asset Backed Notes, substantially in the form of Exhibit A-1.

    “Class A-2 Interest Rate” means 0.34% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

    “Class A-2 Notes” means the Class A-2 0.34% Asset Backed Notes, substantially in the form of Exhibit A-2.

     “Class A-3 Interest Rate” means 0.35% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

    “Class A-3 Notes” means the Class A-3 0.35% Asset Backed Notes, substantially in the form of Exhibit A-3.

     “Class B Interest Rate” means 0.69% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

    “Class B Notes” means the Class B 0.69% Asset Backed Notes, substantially in the form of Exhibit B.

    “Class C Interest Rate” means 0.96% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

    “Class C Notes” means the Class C 0.96% Asset Backed Notes, substantially in the form of Exhibit C.

    “Class D Interest Rate” means 1.55% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

    “Class D Notes” means the Class D 1.55% Asset Backed Notes, substantially in the form of Exhibit D.

    “Class E Interest Rate” means 3.04% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

    
      4

      
        

    

    “Class E Notes” means the Class E 3.04% Asset Backed Notes, substantially in the form of Exhibit E-1, Exhibit E-2 or Exhibit E-3, as applicable.

    “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

    “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry
      transfers and pledges of securities deposited with the Clearing Agency.

    “Closing Date” means August 25, 2021.

    “Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

    “Collateral” has the meaning specified in the Granting Clause of this Indenture.

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

    “Controlling Party” means the Indenture Trustee, acting on behalf of the Noteholders.

    “Corporate Trust Office” means the principal office of the Indenture Trustee, (i) solely with respect to the transfer, surrender, exchange or presentation of final payment
      of the Notes, 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention: Citibank Agency & Trust, EART 2021-3 and (ii) for all other purposes, the principal office of the Indenture Trustee at which at any particular time its
      corporate trust business shall be administered which office at date of the execution of this Indenture is located at 388 Greenwich Street, New York, New York 10013, Attention: Citibank Agency & Trust, EART 2021-3, or at such other address as the
      Indenture Trustee may designate from time to time by notice to the Noteholders, the Servicer and the Issuer, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify
      the Noteholders and the Issuer).

    “Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

    “Definitive Notes” has the meaning specified in Section 2.10.

    “Distribution Compliance Period” means the period from the Closing Date to the 40th day after the Closing Date.

    “Distribution Date” has the meaning specified in the Sale and Servicing Agreement.

    “ERISA” has the meaning specified in Section 2.4.

    “Event of Default” has the meaning specified in Section 5.1.

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

    
      5

      
        

    

    “Executive Officer” means, with respect to any corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice
      President, any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation; and with respect to any partnership, any general partner thereof.

    “FATCA” means Sections 1471 through 1474 of the Code, any regulations or official interpretations thereof, any applicable agreement entered into pursuant to Section
      1471(b)(1) of the Code, any applicable intergovernmental agreement and any non-U.S. law or regulation implementing the foregoing.

    “FATCA Withholding Tax” shall mean any deduction or withholding pursuant to FATCA.

    “Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the September 2022 Distribution Date, (ii) the Class A-2 Notes, the January 2024
      Distribution Date, (iii) the Class A-3 Notes, the February 2025 Distribution Date, (iv) the Class B Notes, the January 2026 Distribution Date, (v) the Class C Notes, the October 2026 Distribution Date, (vi) the Class D Notes, the June 2027
      Distribution Date, and (vii) the Class E Notes, the December 2028 Distribution Date.

    “Flow-Through Entity” means an entity treated for U.S. federal income tax purposes as a partnership, subchapter S corporation or grantor trust (or a disregarded entity the
      single owner of which is any of the foregoing), in each case as defined in the Code.

    “Force Majeure Event” shall mean any default or delay caused by acts of God or government, including wars or military action, terrorism or threat of terrorism, riots or
      civil unrest, pandemics, epidemics, fires, storms, earthquakes, floods, power outages or other disasters of nature, provided such default or delay could not have been prevented by the taking of commercially reasonable precautions such as the
      implementation and execution of disaster recovery plans.

     “Global Notes” has the meaning specified in Section 2.10.

    “Grant” means mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer, create, grant a lien upon and a security interest in and right of
      set-off against, deposit, set over and confirm pursuant to this Indenture.  A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder,
      including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other
      communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do
      or receive thereunder or with respect thereto.

    “Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note Register.

    
      6

      
        

    

    “Indebtedness” means, with respect to any Person at any time, (a) indebtedness or liability of such Person for borrowed money whether or not evidenced by bonds,
      debentures, notes or other instruments, or for the deferred purchase price of property or services (including trade obligations); (b) obligations of such Person as lessee under leases which should have been or should be, in accordance with generally
      accepted accounting principles, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits under plans covered by Title IV of ERISA; (d) obligations issued for or liabilities incurred on the account of
      such Person; (e) obligations or liabilities of such Person arising under acceptance facilities; (f) obligations of such Person under any guarantees, endorsements (other than for collection or deposit in the ordinary course of business) and other
      contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss; (g) obligations of such Person secured by any lien on property or assets of such Person, whether
      or not the obligations have been assumed by such Person; or (h) obligations of such Person under any interest rate or currency exchange agreement.

    “Indenture” means this Indenture as amended and supplemented from time to time.

    “Indenture Trustee” means Citibank, N.A., a national banking association, not in its individual capacity but as indenture trustee under this Indenture, or any successor
      indenture trustee under this Indenture.

    “Independent” means, when used with respect to any specified Person, that the Person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Seller
      and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons and (c)
      is not connected with the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.

    “Independent Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the
      applicable requirements of Section 11.1, prepared by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the
      signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof.

    “Institutional Accredited Investor” means an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.

    “Interest Rate” means, with respect to the (i) Class A-1 Notes, the Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate, (iii) Class A-3 Notes, the
      Class A-3 Interest Rate, (iv) Class B Notes, the Class B Interest Rate, (v) Class C Notes, the Class C Interest Rate, (vi) Class D Notes, the Class D Interest Rate, and (vii) Class E Notes, the Class E Interest Rate.

    “Issuer” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained
      herein and required by the TIA, each other obligor on the Notes.

    
      7

      
        

    

    “Issuer Order” and “Issuer Request” means a written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to the
      Indenture Trustee.

    “Issuer Secured Parties” means the Indenture Trustee in respect of the Trustee Issuer Secured Obligations.

    “Majority Noteholders” means the Holders of Notes representing a majority of (i) the Class A Notes Outstanding (voting together as a Class) as long as any Class A Notes
      are Outstanding, and thereafter (ii) the Class B Notes Outstanding as long as any Class B Notes are Outstanding, and thereafter (iii) the Class C Notes Outstanding as long as any Class C Notes are Outstanding, and thereafter (iv) the Class D Notes
      Outstanding as long as any Class D Notes are Outstanding, and thereafter (v) the Class E Notes Outstanding as long as any Class E Notes are Outstanding.

    “Note” means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note, a Class B Note, a Class C Note, a Class D Note or a Class E Note.

    “Note Owner” means, with respect to a Book-Entry Note, the person who is the owner of such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the
      books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

    “Note Paying Agent” means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 and is
      authorized by the Issuer to make the payments to and distributions from the Collection Account and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuer.  For so long as Citibank, N.A., is
      the Indenture Trustee, it shall also act as the Note Paying Agent.

    “Note Register” and “Note Registrar” have the respective meanings specified in Section 2.4.

    “Noteholder FATCA Information” has the meaning set forth in Section 3.22(c) hereof.

    “Noteholder Tax Identification Information” has the meaning set forth in Section 3.22(c) hereof.

    “Notice of Default” has the meaning set forth in Section 5.1 hereof.

    “Officer’s Certificate” means a certificate signed by any Authorized Officer of the Owner Trustee, under the circumstances described in, and otherwise complying with, the
      applicable requirements of Section 11.1 and TIA §314, and delivered to the Indenture Trustee.  Unless otherwise specified, any reference in this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of
      the Issuer.

    
      8

      
        

    

    “Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture, be employees of or counsel to the
      Issuer and who shall be satisfactory to the Indenture Trustee, and which shall comply with any applicable requirements of Section 11.1, and shall be in form and substance satisfactory to the Indenture Trustee.

    “Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except:

    (i)               Notes theretofore canceled by the Note Registrar or delivered
      to the Note Registrar for cancellation;

    (ii)            Notes or portions thereof in respect of which the amount of
      money necessary for full payment of such notes or such or portions thereof has been theretofore deposited with the Indenture Trustee or any Note Paying Agent in trust for the Noteholders (provided, however,
      that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor, satisfactory to the Indenture Trustee); and

    (iii)              Notes in exchange for or in lieu of other Notes which have
      been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser;

    provided, however, that in determining whether the Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization,
      direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be
      Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee
      either has actual knowledge of such ownership or has received written notice thereof shall be so disregarded.  Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
      Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons.

    “Outstanding Amount” means the aggregate principal amount of all Notes, or class of Notes, as applicable, Outstanding at the date of determination.

    “Permanent Regulation S Global Note” has the meaning specified in Section 2.10.

    “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note;
      and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

    “Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding.

    
      9

      
        

    

     “Qualified Institutional Buyer” has the meaning specified in Rule 144A of the Securities Act.

    “Rating Agency” means each of Moody’s and S&P so long as such Persons maintain a rating on the Notes; and if any of Moody’s or S&P no longer maintains a rating on
      the Notes, such other nationally recognized statistical rating organization engaged by the Seller.

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

    “Record Date” means, with respect to a Distribution Date or Redemption Date, the close of business on the Business Day immediately preceding such Distribution Date or
      Redemption Date.

    “Redemption Date” means in the case of a redemption of the Notes pursuant to Section 10.1(a) or a payment to Noteholders pursuant to Section 10.1(b), the Distribution Date
      specified by the Servicer or the Issuer pursuant to Section 10.1(a) or 10.1(b) as applicable.

    “Redemption Price” means (a) in the case of a redemption of the Notes pursuant to Section 10.1(a), an amount equal to the unpaid principal amount of the then outstanding
      principal amount of each class of Notes being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date, or (b) in the case of a payment made to Noteholders pursuant to Section 10.1(b), the amount on deposit in the Note
      Distribution Account, but not in excess of the amount specified in clause (a) above.

    “Regulation S” means Regulation S under the Securities Act.

    “Regulation S Global Notes” has the meaning specified in Section 2.10.

    “Responsible Officer” means, with respect to the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture Trustee, including any Executive Vice
      President, Senior Vice President, Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above
      designated officers and having direct responsibility for the administration of this Indenture or any other Basic Document and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
      knowledge of and familiarity with the particular subject.

    “Rule 144A” means Rule 144A under the Securities Act.

    “Rule 144A Notes” means any Book-Entry Notes initially issued to Qualified Institutional Buyers or Institutional Accredited Investors.

    
      10

      
        

    

    “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of July 31, 2021, among the Issuer, the Holding Trust, the Seller, the Servicer, the
      Indenture Trustee and the Backup Servicer, as the same may be amended or supplemented from time to time.

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

    “Securities Act” means the Securities Act of 1933, as amended.

    “Similar Laws” has the meaning specified in Section 2.4.

    “STAMP” has the meaning specified in Section 2.4.

    “State” means any one of the 50 states of the United States of America or the District of Columbia.

    “Tax Opinion” means, with respect to any action, an Opinion of Counsel to the effect that, for U.S. federal income tax purposes, (a) such action will not cause the Notes
      of any Outstanding Class of Notes that were characterized as debt at the time of their issuance to be characterized as other than debt, (b) such action will not cause the Issuer to be deemed to be an association (or publicly traded partnership)
      taxable as a corporation, (c) such action will not cause the Issuer or the Holding Trust to be treated as other than a “grantor trust” within the meaning of subtitle A, chapter 1, subchapter J, part I, subpart E of the Code and (d) except to the
      extent consented to by the applicable affected Noteholder(s), such action will not cause or constitute an event in which gain or loss would be recognized by any Noteholder.

    “Temporary Regulation S Global Note” has the meaning specified in Section 2.10.

    “Termination Date” means the date on which the Indenture Trustee shall have received payment and performance of all Trustee Issuer Secured Obligations.

    “Trust Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the lien and security interest of this Indenture for
      the benefit of the Noteholders (including all property and interests Granted to the Indenture Trustee), including all proceeds thereof.

    “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and in force on the date hereof, unless otherwise specifically provided.

    “Trustee Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe to or on behalf of the Indenture Trustee for the benefit of the
      Noteholders under this Indenture, the Notes or any Basic Document.

    “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to time.

    Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Sale and Servicing Agreement or the Trust Agreement.

    
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    Section 1.2      Incorporation by Reference of Trust Indenture Act.  Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference
      in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

    “Commission” means the Securities and Exchange Commission.

    “indenture securities” means the Notes.

    “indenture security holder” means a Noteholder.

    “indenture to be qualified” means this Indenture.

    “indenture trustee” or “institutional trustee” means the Indenture Trustee.

    “obligor” on the indenture securities means the Issuer.

    All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to
      them by such definitions.

    Section 1.3      Rules of Construction.  Unless the context otherwise requires:

    i.            a term has the meaning assigned to it;

    ii.            an accounting term not otherwise defined has the meaning assigned to it in accordance
      with generally accepted accounting principles as in effect from time to time;

    iii.            “or” is not exclusive;

    iv.            “including” means including without limitation; and

    v.            words in the singular include the plural and words in the plural include the singular.

    ARTICLE II

      

      The Notes

    Section 2.1      Form.  The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, in
      each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially the forms set forth in Exhibits A-1, A-2, A-3, B, C, D, E-1, E-2 and E-3, as applicable, with such appropriate insertions, omissions,
      substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the
      officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the

    
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    text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

    The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as
      determined by the officers executing such Notes, as evidenced by their execution of such Notes.

    Each Note shall be dated the date of its authentication.  The terms of the Notes set forth in Exhibits A-1, A-2, A-3, B, C, D, E-1, E-2 and E-3 are part of the terms of this
      Indenture.

    Section 2.2      Execution, Authentication and Delivery.  The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers.  The signature of any
      such Authorized Officer on the Notes may be manual or facsimile.

    Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals
      or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

    The Indenture Trustee shall, upon receipt of the Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $124,000,000, Class
      A-2 Notes for original issue in an aggregate principal amount of $309,890,000, Class A-3 Notes for original issue in an aggregate principal amount of $199,800,000, Class B Notes for original issue in an aggregate principal amount of $206,550,000,
      Class C Notes for original issue in an aggregate principal amount of $189,170,000, Class D Notes for original issue in an aggregate principal amount of $187,160,000 and Class E Notes for original issue in an aggregate principal amount of
      $80,220,000.  The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes outstanding at any time may not exceed such amounts except as provided in Section 2.5.

    The Class A Notes, Class B Notes, Class C Notes and Class D Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000
      (except for one Note of each class which may be issued in a denomination other than an integral multiple of $1,000).  The Class E Notes shall be issuable as registered Notes in the minimum denomination of $854,000 and in integral multiples of $1,000
      (except for one Note of such class which may be issued in a denomination other than an integral multiple of $1,000).

    No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication
      substantially in the form provided for herein executed by the Indenture Trustee by the manual or facsimile signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that
      such Note has been duly authenticated and delivered hereunder.

    Section 2.3      Temporary Notes.  Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall
      authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with

    
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    such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.

    If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay.  After the preparation of Definitive Notes, the temporary Notes
      shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the Noteholder.  Upon surrender for cancellation of any one or more
      temporary Notes, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations.  Until so exchanged, the temporary Notes shall in all
      respects be entitled to the same benefits under this Indenture as Definitive Notes.

    Section 2.4      Registration; Registration of Transfer and Exchange.  The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such
      reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes.  The Indenture Trustee shall be “Note Registrar” for the purpose of registering Notes and transfers
      of Notes as herein provided.  Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

    If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of
      such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee
      shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Noteholders of the Notes and the principal amounts and number of such Notes. 
      For so long as Citibank, N.A. is the Indenture Trustee, it shall also act as the Note Registrar.

    The Class E Notes have not been and will not be registered under the Securities Act or any state or other applicable securities laws and will not be listed on any exchange.  A
      Noteholder may only offer, sell or otherwise transfer, in whole or in part, a Class E Note to a Qualified Institutional Buyer, Institutional Accredited Investor or a non-U.S. Persons outside the United States pursuant to available exemptions from the
      registration requirements of the Securities Act and all other applicable securities laws.

    Subject to Sections 2.10 and 2.12 hereof, upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section
      3.2, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated
      transferee or transferees, one or more new Notes, in any authorized denominations, of the same class and a like aggregate principal amount.

    At the option of the Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same class and a like aggregate principal amount, upon surrender
      of the Notes to be exchanged at such office or agency.  Whenever any Notes are so surrendered for exchange, subject to Sections 2.10 and 2.12 hereof, if the requirements of Section 8-401(1) of

    
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    the UCC are met the Issuer shall execute and upon its request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder
      making the exchange is entitled to receive.

    All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits
      under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

    Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written instrument of transfer in the forms
      attached to Exhibits A-1, A-2, A-3, B, C, D, E-1, E-2 and E-3 duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of
      the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in
      substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require.

    Notwithstanding the foregoing, in the case of any sale or other transfer of a Class A Note, Class B Note, Class C Note or Class D Note (or a beneficial interest therein), the
      purchaser or other transferee of such Note shall be required or deemed to represent and warrant to the Note Registrar that it is not and will not be, and is not acting on behalf of or investing the assets of, an entity that is or will be (a) an
      “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to Title I of ERISA, (b) a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject
      to Section 4975 of the Code, (c) an entity whose underlying assets are deemed to include assets of an employee benefit plan or a plan described in (a) or (b) above by reason of such employee benefit plan’s or plan’s investment in the entity
      (collectively, a “Plan”) or (d) an employee benefit plan, a plan or similar arrangement that is not a  Plan but is subject to federal, state, local or non-U.S. laws or regulations substantially similar to Section 406 of ERISA or Section 4975
      of the Code (collectively, “Similar Law” and a “Similar Law Plan”) unless such purchaser’s or transferee’s acquisition, holding and disposition of a Class A Note, Class B Note, Class C Note or Class D Note (or a beneficial interest
      therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or a non-exempt violation of any provision of any Similar Law.

    Notwithstanding the foregoing, in the case of any sale or other transfer of a Class E Note (or a beneficial interest in any such Note), the transferee of such Note shall be required or deemed to
      represent and warrant to the Note Registrar that it is not and will not be, and is not acting on behalf of or investing the assets of, an entity that is or will be a Plan or a Similar Law Plan.

    Each holder of a Class A Note, Class B Note, Class C Note or Class D Note (or a beneficial interest therein) shall provide the Issuer and the Indenture Trustee with the
      Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information.  In addition, each holder of such Note will be deemed to understand that the Issuer and the Indenture Trustee have the
      right to withhold interest payable with respect to the Note (without any corresponding gross-up) on any beneficial owner of an

    
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    interest in a Note that fails to comply with the foregoing requirements and any other requirements under FATCA.

    The Issuer represents, warrants and covenants to the Indenture Trustee that, the Issuer will provide or will cause to be provided, upon request, (i) information to the extent
      necessary or required for the Indenture Trustee to determine whether payments made or to be made by the Issuer with respect to the Notes are payments of U.S. source income subject to U.S. federal withholding tax or (ii) such additional information to
      the extent necessary or required that it may have to assist the Indenture Trustee or the Note Paying Agent in making informational reports.  The Indenture Trustee shall withhold from any payments with respect to the Notes as required by applicable
      law.

    The transferee of any Class E Notes acknowledges that it is deemed to represent that, as a result of its own activities separate from those of the Issuer, it would not be
      required to treat income from the Class E Notes as effectively connected to a United States trade or business of a person that is not a U.S. person (within the meaning of Section 7701(a)(30)), and it further acknowledges that the Indenture provides
      that no holder of a Class E Note shall provide the Issuer with either an IRS Form W-8ECI (or successor form) or an IRS Form W-8IMY (or successor form) to which an IRS Form W-8ECI (or successor form) is attached (either directly or as part of another
      form attached to such IRS Form W-8IMY).

    No portion of the Class E Notes or any interest therein may be transferred, directly or indirectly, to any Person which would provide an IRS Form W‐8ECI or IRS Form W‐8IMY with
      an attached IRS Form W‐8ECI in response to the withholding requirements of the Code.

    Each holder of a Class E Note (or a beneficial interest in any such Note), by acceptance of such Note or such interest in such Note, acknowledges that it is deemed to represent
      (A) either (I) is not and will not become for U.S. federal income tax purposes a Flow-Through Entity or (II) if it is or becomes a Flow-Through Entity, then (x)(1) none of the direct or indirect beneficial owners of any of the interests in such
      Flow-Through Entity has or ever will have more than 50% of the value of its interest in such Flow-Through Entity attributable to the interest of such Flow-Through Entity in the Class E Notes and any equity interests in the Issuer or (2) solely in the
      case of EFCAR, LLC acquiring Class E Notes for the purposes of the U.S. risk retention rules, there will be no more than five (5) owners of such Flow-Through Entity (as determined for purposes of section 1.7704-1(h) of the Treasury Regulations) and
      each such owner either is not and will not become a Flow-Through Entity or satisfies the preceding clause (1), and (y) it is not and will not be a principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Class
      E Notes to permit any partnership to satisfy the 100 partner limitation of section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, (B) it will not
      sell, assign, transfer, pledge or otherwise convey any participating interest in any Note or any financial instrument or contract the value of which is determined by reference in whole or in part to any Note, (C) it is not acquiring and will not
      sell, transfer, assign, participate, pledge or otherwise dispose of any Class E Notes (or interest therein) if such acquisition, sale, transfer, assignment, participation, pledge or disposition is through, or would cause any Class E Notes (or
      interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b) of the Code, including, without limitation, an interdealer quotation system that regularly disseminates firm buy

    
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    or sell quotations and (D) it does not and will not beneficially own any Class E Note (or any beneficial interest therein) in an amount that is less than the minimum denomination for such Class E
      Note.  To the extent a holder of a Class E Note (or a beneficial interest therein) is unable to make each of the representations contained in the foregoing clauses (A), (B), (C) and (D), such holder acknowledges that it is deemed to agree to provide
      an opinion of nationally recognized U.S. tax counsel reasonably acceptable to the Issuer that its acquisition of a Class E Note (or any beneficial interest therein) will not cause the Issuer to be treated as a publicly traded partnership taxable as a
      corporation.  Any transfer of a Class E Note (or any beneficial interest therein) that does not comply with the foregoing requirements will be deemed null and void ab initio.

    No holder of a Class E Note shall acquire, sell, transfer, assign, participate, pledge, or dispose of any Class E Note, or interest therein, if such acquisition, sale, transfer,
      assignment, participation, pledge or disposition is through, or would cause any Class E Note, or interest therein, to be marketed on or through, an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including,
      without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations.

    No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Note Registrar may require payment of a sum sufficient to cover any
      tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

    Prior to any Notes which are retained on the Closing Date by the Sponsor or an entity that is deemed to be an affiliate of the Sponsor for U.S. federal income tax purposes (such
      Notes, the “Retained Notes”) being sold, pledged or transferred, the Sponsor and the Indenture Trustee shall have received an Opinion of Counsel that such Notes will be characterized as indebtedness for U.S. federal income tax purposes.

    The preceding provisions of this section notwithstanding, the Issuer shall not be required to make and the Note Registrar shall not register transfers or exchanges of Notes
      selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to the Note.

    Section 2.5      Mutilated, Destroyed, Lost or Stolen Notes.  If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security, surety bond, or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless,
      then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a bona fide purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and
      upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such
      destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may direct the Indenture Trustee,
      in writing, to pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, without surrender thereof.  If, after

    
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    the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide purchaser of the original Note in lieu of which
      such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such
      replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security, surety bond or indemnity provided therefor to the extent
      of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

    Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other
      governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith.

    Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual
      obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes
      duly issued hereunder.

    The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
      destroyed, lost or stolen Notes.

    Section 2.6      Persons Deemed Owner.  Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer
      or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the Record Date) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any on such Note and for all other purposes
      whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary.

    Section 2.7      Payment of Principal and Interest; Defaulted Interest.

    (a)            The Notes shall accrue interest as provided in the forms of the Class A-1 Note, the
      Class A-2 Note, the Class A-3 Note, the Class B Note, the Class C Note, the Class D Note and the Class E Note set forth in Exhibits A-1, A-2, A-3, B, C, D, E-1, E-2, and E-3, as applicable, and such interest shall be due and payable on each
      Distribution Date, as specified therein.  Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Distribution Date shall be paid to the Person in whose name
      such Note (or one or more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have
      been issued, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account
      designated by such nominee and except for the final installment of

    
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    principal payable with respect to such Note on a Distribution Date or on the Final Scheduled Distribution Date (and except for the Redemption Price for any Note called for redemption pursuant to
      Section 10.1(a)) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3.

    (b)            The principal of each Note shall be payable in installments on each Distribution
      Date as provided in the forms of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note, the Class B Note, the Class C Note, the Class D Note and the Class E Note, set forth in Exhibits A-1, A-2, A-3, B, C, D, E-1, E-2 and E-3, as applicable. 
      Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Majority
      Noteholders have declared the Notes to be immediately due and payable in the manner provided in Section 5.2.  All principal payments on each class of Notes shall be made pro rata to the Noteholders of such class entitled thereto.  Upon written notice
      from the Issuer, the Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Distribution Date on which the Issuer expects that the final installment of principal of and
      interest on such Note will be paid.  Such notice shall be mailed or transmitted by facsimile prior to such final Distribution Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and
      shall specify the place where such Note may be presented and surrendered for payment of such installment.  Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

    (c)            If the Issuer defaults in a payment of interest on the Notes, and such default is
      waived by the Controlling Party, acting at the direction of the Majority Noteholders, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner.  The
      Issuer may pay such defaulted interest to the Persons who are Noteholders on the immediately following Distribution Date, and, if such amount is not paid on such following Distribution Date, then on a subsequent special record date, which date shall
      be at least five Business Days prior to the payment date.  The Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least 15 days before any such special record date, the Issuer shall mail to each Noteholder
      and the Indenture Trustee a notice that states the special record date, the payment date and the amount of defaulted interest to be paid.

    Section 2.8      Cancellation.  All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the
      Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee.  The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder
      which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee.  No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this
      Section, except as expressly permitted by this Indenture.  All canceled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall timely
      direct by an Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee.

    
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    Section 2.9      Release of Collateral.  The Indenture Trustee shall, on the earlier of (i) the Termination Date or (ii) the Redemption Date (if the Notes are redeemed in
      full on such date), release any remaining portion of the Trust Estate from the lien created by this Indenture and deposit in the Collection Account any funds then on deposit in any other Trust Account.

    Section 2.10      Book-Entry Notes.  The Class A Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes, upon original issuance, will be issued in the form
      of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer.  The Rule 144A Notes sold to Persons who are Qualified Institutional Buyers or
      Institutional Accredited Investors will be issued in the form of restricted global notes (each, a “Global Note”).  The Class E Notes sold to Persons who are not U.S. Persons in offshore transactions in reliance on Regulation S of the
      Securities Act will each be issued initially in the form of a Temporary Regulation S Global Note (the “Temporary Regulation S Global Note”) and a Permanent Regulation S Global Note (the “Permanent Regulation S Global Note” and,
      collectively, with the Temporary Regulation S Global Note the “Regulation S Global Notes”) for each class of Notes.  Before the last day of the Distribution Compliance Period, beneficial interests in the Regulation S Global Notes will be
      represented by a Temporary Regulation S Global Note, and on and after the Distribution Compliance Period, beneficial interests in the Regulation S Global Notes will be represented by a Permanent Regulation S Global Note.  Such Notes shall initially
      be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no such Note Owner will receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section
      2.12.  Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.12:

    (i)               the provisions of this Section shall be in full force and
      effect;

    (ii)            the Note Registrar and the Indenture Trustee shall be entitled
      to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Holder of the Notes, and shall have no obligation
      to the Note Owners;

    (iii)            to the extent that the provisions of this Section conflict
      with any other provisions of this Indenture, the provisions of this Section shall control;

    (iv)            the rights of Note Owners shall be exercised only through the
      Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants.  Unless and until Definitive Notes are issued pursuant to Section 2.12, the
      initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants;

    (v)            whenever this Indenture requires or permits actions to be taken
      based upon instructions or directions of Noteholders evidencing a specified percentage of the Outstanding Amount of the Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to
      such effect from Note

    
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    Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such
      instructions to the Indenture Trustee;

    (vi)            Note Owners may receive copies of any reports sent to
      Noteholders pursuant to this Indenture, upon written request, together with a certification that they are Note Owners and payment of reproduction and postage expenses associated with the distribution of such reports, from the Indenture Trustee at the
      Corporate Trust Office; and

    (vii)             notwithstanding any provision to the contrary herein, so
      long as a Regulation S Global Note remains outstanding and is held by or on behalf of the Clearing Agency, transfers of a Regulation S Global Note, in whole or in part, shall only be made in accordance with this Section 2.10.

    (A)            Subject to clauses (B) through (D) of this Section 2.10(vii),
      transfers of a Regulation S Global Note shall be limited to transfers of such Regulation S Global Note in whole, but not in part, to a nominee of the Clearing Agency or to a successor of the Clearing Agency or such successor’s nominee.

    (B)            Regulation S Global Note to Global Note.  A holder of a
      beneficial interest in a Temporary Regulation S Global Note may not transfer any of its interest in such Temporary Regulation S Global Note to a Person who wishes to take delivery thereof in the form of a Global Note until the expiration of the
      Distribution Compliance Period.  After the expiration of the Distribution Compliance Period, Regulation S Global Notes will be represented by a Permanent Regulation S Global Note.  If a holder of a beneficial interest in a Permanent Regulation S
      Global Note wishes to transfer all or a part of its interest in such Permanent Regulation S Global Note to a Person who wishes to take delivery thereof in the form of a Global Note, such holder may, subject to the terms hereof and the rules and
      procedures of the Clearing Agency, exchange or cause the exchange of such interest for an equivalent beneficial interest in a Global Note of the same Class.  Upon receipt by the Note Registrar of (A) instructions from the Clearing Agency directing
      the Note Registrar to cause such Global Note to be increased by an amount equal to such beneficial interest in such Permanent Regulation S Global Note but not less than the minimum denomination applicable to the Class E Notes, (B) a certificate
      substantially in the form of Exhibit F-1 hereto given by the prospective transferee of such beneficial interest and stating, among other things, that such transferee acquiring such beneficial interest in a Global Note is a Qualified Institutional
      Buyer, is obtaining such beneficial interest in a transaction pursuant to Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other applicable jurisdiction, and (C) a certificate substantially in
      the form of Exhibit F-1 hereto given by the prospective transferor of such beneficial interest, then the Note Registrar will instruct the Clearing Agency to reduce the aggregate principal amount of such Permanent Regulation S Global Note by the
      aggregate principal amount of the beneficial interest in such Permanent Regulation S Global Note to be transferred, increase the aggregate principal amount of the Global Note specified in such instructions by an

    
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    aggregate principal amount equal to such reduction in such aggregate principal amount of the Permanent Regulation S Global Note and make the corresponding adjustments to the
      applicable participants’ accounts.

    (C)            Global Note to Regulation S Global Note.  If a holder of
      a beneficial interest in a Global Note wishes to transfer all or a part of its interest in such Global Note to a Person who wishes to take delivery thereof in the form of a Regulation S Global Note, such holder may, subject to the terms hereof and
      the rules and procedures of the Clearing Agency exchange or cause the exchange of such interest for an equivalent beneficial interest in a Regulation S Global Note of the same Class.  Upon receipt by the Note Registrar of (A) instructions from the
      Clearing Agency directing the Note Registrar to cause the aggregate principal amount of such Regulation S Global Note to be increased by an amount equal to such beneficial interest in such Global Note but not less than the minimum denomination
      applicable to the Class E Notes to be exchanged, and (B) a certificate substantially in the form of Exhibit F-2 hereto given by the prospective transferee of such beneficial interest and stating, among other things, that such transferee
      acquiring such beneficial interest in a Regulation S Global Note is a Regulation S non-U.S. Person located outside the United States and such transfer is being made pursuant to Regulation S of the Securities Act, then the Note Registrar will instruct
      the Clearing Agency to reduce the aggregate principal amount of such Global Note by the aggregate principal amount of the interest in such Global Note to be transferred, increase the aggregate principal amount of the Regulation S Global Note
      specified in such instructions by an aggregate principal amount equal to such reduction in the aggregate principal amount of the Global Note and make the corresponding adjustments to the applicable participants’ accounts.

    (D)            Other Exchanges.  In the event that a Global Note or
      Regulation S Global Note is exchanged for one or more Definitive Notes pursuant to Section 2.12, such Notes may be exchanged for one another only in accordance with such procedures as are substantially consistent with the provisions above (including
      certification requirements intended to ensure that such transfers comply with Rule 144A or are to Regulation S non-U.S. Persons and otherwise comply with Regulation S, as the case may be) and as may be from time to time adopted by the Issuer and the
      Indenture Trustee.

    Section 2.11      Notices to Clearing Agency.  Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive
      Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the
      Note Owners.

    Section 2.12      Definitive Notes.  If (i) Exeter advises the Indenture Trustee in writing that the Clearing Agency is no longer willing, qualified or able to properly
      discharge its responsibilities with respect to the Notes, and Exeter is unable to locate a qualified successor or (ii) after the occurrence of an Event of Default, the Majority Noteholders advise the Indenture Trustee through the Clearing Agency in
      writing that the continuation of a book-entry system

    
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    through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such
      event and of the availability of Definitive Notes to Note Owners requesting the same.  Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration
      instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency.  Additionally, any Noteholder who is not eligible to hold such Notes through the
      Clearing Agency may instruct the Indenture Trustee to issue a Definitive Note in accordance with Section 2.4 hereof.  None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and
      may conclusively rely on, and shall be fully protected in relying on, such instructions.  Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.  The Issuer represents that any
      indebtedness issued hereunder is excluded from the definition of “covered security” under Treasury Regulation 1.6045-1(a)(15) because such indebtedness is subject to Internal Revenue Code section 1272(a)(6).  Temporary Regulation S Global Notes may
      not be issued as Definitive Notes.

    ARTICLE III

      

      Covenants

    Section 3.1      Payment of Principal and Interest.  The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of
      the Notes and this Indenture.  Without limiting the foregoing, the Issuer will cause to be distributed all amounts on deposit in the Note Distribution Account on a Distribution Date deposited therein pursuant to the Sale and Servicing Agreement (i)
      for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the
      Class B Notes, to the Class B Noteholders, (v) for the benefit of the Class C Notes, to the Class C Noteholders, (vi) for the benefit of the Class D Notes, to the Class D Noteholders and (vii) for the benefit of the Class E Notes, to the Class E
      Noteholders.  Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.

    Section 3.2      Maintenance of Office or Agency.  The Issuer will maintain in Jersey City, New Jersey, an office or agency where Notes may be surrendered for
      registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served.  The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing
      purposes.  The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency.  If at any time the Issuer shall fail to maintain any such office or agency or shall fail
      to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders,
      notices and demands.

    Section 3.3      Money for Payments to be Held in Trust.  On or before each Distribution Date and Redemption Date, the Issuer shall deposit or cause to be deposited in
      the

    
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    Note Distribution Account from the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons
      entitled thereto and (unless the Note Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act.

    The Issuer will cause each Note Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Note Paying Agent shall
      agree with the Indenture Trustee (and if the Indenture Trustee acts as Note Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Note Paying Agent will:

    (i)            hold all sums held by it for the payment of amounts due with
      respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;

    (ii)            give the Indenture Trustee notice of any default by the Issuer
      (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes;

    (iii)            at any time during the continuance of any such default, upon
      the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Note Paying Agent;

    (iv)            immediately resign as a Note Paying Agent and forthwith pay to
      the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Note Paying Agent at the time of its appointment; and

    (v)            comply with all requirements of the Code with respect to the
      withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

    The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Note Paying Agent
      to pay to the Indenture Trustee all sums held in trust by such Note Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Note Paying Agent; and upon such a payment by any Note
      Paying Agent to the Indenture Trustee, such Note Paying Agent shall be released from all further liability with respect to such money.

    Subject to applicable laws with respect to the escheat of funds, any money held by the Indenture Trustee or any Note Paying Agent in trust for the payment of any amount due with
      respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request and shall be deposited by the Indenture Trustee in the Collection
      Account; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such
      Note Paying Agent with respect to such trust money shall thereupon cease; provided, however,

    
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    that the Indenture Trustee or such Note Paying Agent, before being required to make any such repayment, shall at the expense of the Issuer cause to be published once, in a newspaper published in
      the English language, customarily published on each Business Day and of general circulation in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date
      of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment
      (including, but not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the
      records of the Indenture Trustee or of any Note Paying Agent, at the last address of record for each such Holder).

    Section 3.4      Existence.  Except as otherwise permitted by the provisions of Section 3.10, each of the Issuer and the Holding Trust will keep in full effect its
      existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer or Holding Trust hereunder is or becomes, organized under the laws of any other state or of the United States of
      America, in which case each of the Issuer and the Holding Trust will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each
      jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.

    Section 3.5      Protection of Trust Estate.  Each of the Issuer and the Holding Trust intends the security interest Granted pursuant to this Indenture in favor of the
      Issuer Secured Parties to be prior to all other liens in respect of the Trust Estate, and the Issuer and the Holding Trust shall take all actions necessary to obtain and maintain, in favor of the Indenture Trustee, for the benefit of the Issuer
      Secured Parties, a first lien on and a first priority, perfected security interest in the Trust Estate.  The Issuer and the Holding Trust will from time to time prepare (or shall cause to be prepared), execute and deliver all such supplements and
      amendments hereto and instruments of further assurance and other instruments and authorize all such financing statements or continuation statements, and will take such other action necessary or advisable to:

    (i)            Grant more effectively all or any portion of the Trust Estate;

    (ii)            maintain or preserve the lien and security interest (and the
      priority thereof) in favor of the Indenture Trustee for the benefit of the Issuer Secured Parties created by this Indenture or carry out more effectively the purposes hereof;

    (iii)            perfect, publish notice of or protect the validity of any
      Grant made or to be made by this Indenture;

    (iv)            enforce any of the Collateral;

    (v)            preserve and defend title to the Trust Estate and the rights of
      the Indenture Trustee in such Trust Estate against the claims of all persons and parties; and

    
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    (vi)            pay all taxes or assessments levied or assessed upon the Trust
      Estate when due.

    Each of the Issuer and the Holding Trust hereby designates the Indenture Trustee its agent and attorney-in-fact to authorize any financing statement or continuation statement or execute any other
      instrument required to be executed or authorized to accomplish the foregoing; provided, however, that the Indenture Trustee shall not be obligated to execute or authorize such instruments except upon the written direction of the initial Servicer, the
      Issuer or the Holding Trust.

    Section 3.6      Opinions as to Trust Estate.

    (a)             On the Closing Date, the Issuer shall furnish to the Indenture Trustee and the
      Backup Servicer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents,
      and with respect to the filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest in favor of the Indenture Trustee, for the benefit of the Issuer
      Secured Parties, created by this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and perfected security interest effective.

    
      
        (b)        Within 120 days after the beginning of each calendar year, beginning with the first calendar year beginning more than six months after the Closing Date, the Issuer
          shall furnish to the Indenture Trustee and the Backup Servicer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this
          Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the filing of any financing statements and continuation statements as are necessary to maintain the lien and security interest created by this
          Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest.  Such Opinion of Counsel shall also describe the recording, filing,
          re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to
          maintain the lien and security interest of this Indenture until March 31 in the following calendar year.

      

    

    Section 3.7      Performance of Obligations; Servicing of Receivables.

    (a)            The Issuer and the Holding Trust will not take any action and will use its best
      efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment,
      hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Basic
      Documents or such other instrument or agreement.

    (b)            The Issuer and the Holding Trust may contract with other Persons to assist it in
      performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer or the Holding Trust

    
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    shall be deemed to be actions taken by the Issuer or the Holding Trust, as applicable.  Initially, the Issuer and the Holding Trust have contracted with the Servicer to assist the Issuer and the
      Holding Trust in performing its duties under this Indenture.

    (c)            The Issuer and the Holding Trust will punctually perform and observe all of its
      obligations and agreements contained in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate, including, but not limited to, preparing (or causing to prepared) and filing (or causing to be filed) all
      UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein.  Except as otherwise
      expressly provided therein, the Issuer and the Holding Trust shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of the Indenture Trustee or the Majority Noteholders.

    (d)            If a responsible officer of the Owner Trustee shall have actual knowledge of the
      occurrence of a Servicer Termination Event under the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee and the Rating Agencies thereof in accordance with Section 11.4, and shall specify in such notice the action, if
      any, the Issuer is taking in respect of such default.  If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables,
      the Issuer shall take all reasonable steps available to it to remedy such failure.

    (e)            Each of the Issuer and the Holding Trust agrees that it will not waive timely
      performance or observance by the Servicer, Exeter or the Seller of their respective duties under the Basic Documents if the effect thereof would adversely affect the Holders of the Notes.

    Section 3.8      Negative Covenants.  So long as any Notes are Outstanding, the Issuer and the Holding Trust shall not:

    (i)            except as expressly permitted by this Indenture or the Basic
      Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer or the Holding Trust, including those included in the Trust Estate, unless directed to do so by the Controlling Party;

    (ii)            claim any credit on, or make any deduction from the principal
      or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part
      of the Trust Estate; or

    (iii)            (A) permit the validity or effectiveness of this Indenture to
      be impaired, or permit the lien in favor of the Indenture Trustee created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the
      Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise
      arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other

    
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    liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or omission of the related Obligor), (C) permit the lien of
      this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate or (D) except as otherwise expressly provided therein, amend, modify or fail to comply
      with the provisions of the Basic Documents without the prior written consent of the Controlling Party.

    Section 3.9      Annual Statement as to Compliance.  The Issuer will deliver to the Indenture Trustee, within 120 days after the end of each fiscal year of the Issuer
      (commencing with the fiscal year ended December 31, 2021) and otherwise in compliance with the requirements of TIA §314(a)(4), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that

    (i)            a review of the activities of the Issuer during such year and of
      performance under this Indenture has been made under such Authorized Officer’s supervision; and

    (ii)            to the best of such Authorized Officer’s knowledge, based on
      such review, the Issuer has complied with all conditions and covenants under this Indenture and the other Basic Documents throughout such year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such
      default known to such Authorized Officer and the nature and status thereof.

    Section 3.10      Issuer May Consolidate, Etc. Only on Certain Terms.

    (a)            The Issuer shall not consolidate or merge with or into any other Person, unless:

    (i)            the Person (if other than the Issuer) formed by or surviving
      such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any state and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Controlling Party, in
      form satisfactory to the Controlling Party, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or
      observed, all as provided herein;

    (ii)            immediately after giving effect to such transaction, no
      Default or Event of Default shall have occurred and be continuing;

    (iii)            the Rating Agency Condition shall have been satisfied with
      respect to such transaction;

    (iv)            the Issuer shall have received a Tax Opinion;

    (v)            any action as is necessary to maintain the lien and security
      interest created by this Indenture shall have been taken;

    
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    (vi)            the Issuer shall have delivered to the Indenture Trustee an
      Officers’ Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been
      complied with (including any filing required by the Exchange Act); and

    (vii)        the Issuer or the Person (if other than the Issuer) formed by or
      surviving such consolidation or merger has a net worth, immediately after such consolidation or merger, that is (a) greater than zero and (b) not less than the net worth of the Issuer immediately prior to giving effect to such consolidation or
      merger.

    (b)            The Issuer shall not convey or transfer all or substantially all of its properties
      or assets, including those included in the Trust Estate, to any Person, unless

    (i)            the Person that acquires by conveyance or transfer the
      properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any state, (B) expressly assume, by
      an indenture supplemental hereto, executed and delivered to the Controlling Party, in form satisfactory to the Controlling Party, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every
      agreement and covenant of this Indenture and each of the Basic Documents on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so
      conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss,
      liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of persons, then one specified Person) shall prepare (or cause to be
      prepared) and make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes;

    (ii)            immediately after giving effect to such transaction, no
      Default or Event of Default shall have occurred and be continuing;

    (iii)            the Rating Agency Condition shall have been satisfied with
      respect to such transaction;

    (iv)            the Issuer shall have received a Tax Opinion;

    (v)            any action as is necessary to maintain the lien and security
      interest created by this Indenture shall have been taken;

    
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    (vi)            the Issuer shall have delivered to the Indenture Trustee an
      Officers’ Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been
      complied with (including any filing required by the Exchange Act); and

    (vii)                          the Issuer or the Person (if other than the
      Issuer) formed by or surviving such conveyance or transfer has a net worth, immediately after such conveyance or transfer, that is (a) greater than zero and (b) not less than the net worth of the Issuer immediately prior to giving effect to such
      conveyance or transfer.

    Section 3.11      Successor or Transferee.

    (a)            Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a),
      the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had
      been named as the Issuer herein.

    (b)            Upon a conveyance or transfer of all the assets and properties of the Issuer
      pursuant to Section 3.10(b), Exeter Automobile Receivables Trust 2021-3 will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery
      of written notice to the Indenture Trustee stating that Exeter Automobile Receivables Trust 2021-3 is to be so released.

    Section 3.12      No Other Business.  The Issuer and the Holding Trust shall not engage in any business other than financing, purchasing, owning, selling and managing the
      Collateral in the manner contemplated by this Indenture and the Basic Documents and activities incidental thereto.

    Section 3.13      No Borrowing.  The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any Indebtedness except for
      (i) the Notes and (ii) any other Indebtedness permitted by or arising under the Basic Documents.  The proceeds of the Notes shall be used exclusively to fund the Issuer’s purchase of the Receivables and the other assets specified in the Sale and
      Servicing Agreement (and the subsequent transfer of the Receivables and such other assets to the Holding Trust pursuant to the Contribution Agreement), to fund the Reserve Account and to pay the Issuer’s organizational, transactional and start-up
      expenses.

    Section 3.14      Servicer’s Obligations.  The Issuer shall cause the Servicer to comply with Sections 4.9, 4.10 and 4.11 of the Sale and Servicing Agreement.

    Section 3.15      Guarantees, Loans, Advances and Other Liabilities.  Except as contemplated by the Sale and Servicing Agreement, the Contribution Agreement or this
      Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise),
      endorse or otherwise become contingently liable, directly

    
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    or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of,
      or any other interest in, or make any capital contribution to, any other Person.

    Section 3.16      Capital Expenditures.  The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or
      personalty).

    Section 3.17      Compliance with Laws.  The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the
      aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any Basic Document.

    Section 3.18      Restricted Payments.  The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or
      otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to
      the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided,
        however, that the Issuer may make, or cause to be made, distributions to the Servicer, the Owner Trustee, the Indenture Trustee and the Certificateholders as permitted by, and to the extent funds are available for such purpose under, the
      Sale and Servicing Agreement or Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the Basic Documents.

    Section 3.19      Notice of Events of Default.  Upon a responsible officer of the Owner Trustee having actual knowledge thereof, the Issuer agrees to give the Indenture
      Trustee and the Rating Agencies prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

    Section 3.20      Further Instruments and Acts.  Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further
      acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

    Section 3.21      Amendments of Sale and Servicing Agreement and Trust Agreement.  The Issuer shall not agree to any amendment to Section 12.1 of the Sale and Servicing
      Agreement or Section 10.1 of the Trust Agreement to eliminate the requirements thereunder that the Indenture Trustee or the Holders of the Notes consent to amendments thereto as provided therein.

    Section 3.22      Income Tax Characterization.

    (a)            The Issuer has entered into this Indenture, and the Notes will be issued, with the
      intention that, for all purposes including U.S. federal income, state and local income, single business and franchise and any other income taxes, the Notes (other than Notes, if any, retained by the Issuer or a Person that is considered the same
      Person as the Issuer for U.S. federal income tax purposes), as indebtedness and hereby instructs the Indenture Trustee, and each Noteholder (and owner of an interest therein) shall be deemed, by virtue of acquisition of an interest in such

    
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    Note, to have agreed, to treat the Notes as indebtedness for all applicable tax reporting purposes, unless otherwise determined by a final, non-contested determination of an applicable authority.

    (b)            The Issuer covenants to the Indenture Trustee that should it become aware that any
      Noteholder is subject to FATCA Withholding Tax, upon receipt of information that is not made available to the Indenture Trustee at substantially the same time, the Issuer will promptly provide such information to the Indenture Trustee.

    (c)            To the extent required by applicable law, all Noteholders shall deliver to the
      Indenture Trustee, the Note Paying Agent, and the Issuer prior to the first Distribution Date and at any time or times required by applicable law, (i) a correct, complete and properly executed IRS Form W-9, IRS Form W-8BEN, IRS Form W-8BEN-E, IRS
      Form W-8ECI (except with respect to Class E Notes), IRS Form W-8IMY (except with respect to Class E Notes without any IRS Forms W-8ECI attached) or IRS Form W-8EXP (with appropriate attachments to these forms), or any successor form, as applicable (“Noteholder

        Tax Identification Information”) and (ii) any documentation that is required under FATCA or is otherwise necessary (in the sole determination of the Issuer, the Indenture Trustee, the Note Paying Agent or other agent of the Issuer, as
      applicable) to enable the Issuer, the Indenture Trustee, the Note Paying Agent, and any other agent of the Issuer to comply with their obligations under FATCA and to determine that such Noteholder (or holder of any beneficial interest in a Note) has
      complied with its obligations under FATCA, or to determine the amount to deduct and withhold from a payment (“Noteholder FATCA Information”).

    ARTICLE IV

      

      Satisfaction and Discharge

    Section 4.1      Satisfaction and Discharge of Indenture.  This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of
      registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13,
      3.20, 3.21 and 3.22, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Section 4.2) and (vi) the rights of
      Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments
      acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when

    (A)            either

    (1)            all Notes theretofore authenticated and delivered (other than
      (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and
      thereafter repaid to the Issuer or discharged from such trust, as

    
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    provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or

    (2)            all Notes not theretofore delivered to the Indenture Trustee
      for cancellation

    (i)            have become due and payable,

    (ii)            will become due and payable at their respective Final
      Scheduled Distribution Dates within one year, or

    (iii)        are to be called for redemption within one year under
      arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer,

    and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of
      or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore
      delivered to the Indenture Trustee for cancellation when due to the Final Scheduled Distribution Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.1(a)) as the case may be;

    (B)            the Issuer has paid or caused to be paid all Trustee Issuer
      Secured Obligations and any other sums payable hereunder by the Issuer; and

    (C)            the Issuer has delivered to the Indenture Trustee an Officer’s
      Certificate, an Opinion of Counsel and, if required by the TIA, an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent herein
      provided for relating to the satisfaction and discharge of this Indenture have been complied with.

    Section 4.2      Application of Trust Money.  All moneys deposited with the Indenture Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by it, in
      accordance with the provisions of the Notes, this Indenture and the other Basic Documents, to the payment, either directly or through any Note Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the
      payment or redemption of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such moneys need not be segregated from other funds except to the extent required
      herein or in the Sale and Servicing Agreement or required by law.

    Section 4.3      Repayment of Moneys Held by Note Paying Agent.  In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys
      then held by any Note Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be

    
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    held and applied according to Section 3.3 and thereupon such Note Paying Agent shall be released from all further liability with respect to such moneys.

    ARTICLE V

      

      Remedies

    Section 5.1      Events of Default.  “Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default
      and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

    (i)            default in the payment of any interest when it becomes due and
      payable on (i) any Class A Notes, (ii) if no Class A Notes are outstanding, the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding,
      the Class D Notes or (v) if no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding, the Class E Notes, and such default, in each case, shall continue for a period of five (5) days; or

    (ii)            default in the payment of the Outstanding Amount of any Note on
      the applicable Final Scheduled Distribution Date; or

    (iii)            default in the observance or performance of any covenant or
      agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), which default materially and adversely affects the rights
      of the Noteholders, and which default shall continue unremedied for a period of forty-five (45) days (or for such longer period, not in excess of ninety (90) days, as may be reasonably necessary to remedy such default; provided that such default is
      capable of remedy within ninety (90) days or less and the Servicer on behalf of the Owner Trustee delivers an Officer’s Certificate to the Indenture Trustee to the effect that such default is capable of remedy within ninety (90) days or less and that
      the Issuer has commenced, or will promptly commence and diligently pursue, all reasonable efforts to remedy such default) after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and
      the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

    (iv)            any representation or warranty of the Issuer made in this
      Indenture, in any Basic Document or in any certificate or any other writing delivered pursuant hereto or in connection herewith proving to have been incorrect as of the time when the same shall have been made, which failure materially and adversely
      affects the rights of the Noteholders, and which failure shall continue unremedied for a period of forty-five (45) days (or for such longer period, not in excess of ninety (90) days, as may be reasonably necessary to remedy such failure; provided
      that such failure is capable of remedy within ninety (90) days or less and the Servicer on behalf of the Owner Trustee delivers an Officer’s Certificate to the Indenture Trustee to the effect that such failure is capable of remedy

    
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    within ninety (90) days or less and that the Issuer has commenced, or will promptly commence and diligently pursue, all reasonable efforts to remedy such failure) after there
      shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, a written notice specifying such
      incorrect representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

    (v)            the filing of a decree or order for relief by a court having
      jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a
      receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall
      remain unstayed and in effect for a period of sixty (60) consecutive days; or

    (vi)            the commencement by the Issuer of a voluntary case under any
      applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the
      appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer of any general assignment for the
      benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of action by the Issuer in furtherance of any of the foregoing;

    provided, however, that if any delay or failure of performance referred to in clause (i), (ii), (iii) or (iv) above shall have been caused by a Force Majeure Event, (a) the
      initial grace period referred to in such clauses (i), (iii) or (iv) above shall be extended for an additional sixty (60) calendar days and (b) a grace period of sixty (60) calendar days shall be given for any delay or failure of performance referred
      to in clause (ii) above.

    The Issuer shall deliver to the Indenture Trustee, within five days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with
      the giving of notice and the lapse of time would become an Event of Default under clause (iii), its status and what action the Issuer is taking or proposes to take with respect thereto.

    Section 5.2      Rights Upon Event of Default.

    (a)            If an Event of Default shall have occurred and be continuing, the Indenture Trustee
      shall, if so requested in writing by the Majority Noteholders, declare by written notice to the Issuer that the Notes become, whereupon they shall become, immediately due and payable at par, together with accrued interest thereon.

    (b)            At any time after such declaration of acceleration of maturity has been made and
      before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Majority Noteholders, by written notice to

    
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    the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

    (i)            the Issuer has paid or deposited with the Indenture Trustee a
      sum sufficient to pay:

    (A)            all payments of principal of and interest on all Notes and all
      other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and

    (B)            all sums paid or advanced by the Indenture Trustee hereunder and
      the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and

    (C)            all other outstanding fees and expenses of the Issuer; and

    (ii)            all Events of Default, other than the nonpayment of the
      principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.13.

    No such rescission shall affect any subsequent default or impair any right consequent thereto.

    Section 5.3      Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

    (a)            The Issuer covenants that if (i) default is made in the payment of any interest on
      any Note when the same becomes due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable,
      the Issuer will pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such
      rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the
      reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.

    (b)            Each Issuer Secured Party hereby irrevocably and unconditionally appoints the
      Controlling Party as the true and lawful attorney-in-fact of such Issuer Secured Party for so long as such Issuer Secured Party is not the Controlling Party, with full power of substitution, to execute, acknowledge and deliver any notice, document,
      certificate, paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place and stead of such Issuer Secured Party such acts, things and deeds for or on behalf of and in the name of such Issuer Secured
      Party under this Indenture (including specifically under Section 5.4) and under the Basic Documents which such Issuer Secured Party could or might do or which may be necessary, desirable or convenient in such Controlling Party’s sole discretion to
      effect the purposes contemplated hereunder and under the Basic Documents and, without limitation, following the occurrence of an Event of Default, exercise full right, power and authority to take, or defer from

    
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    taking, any and all acts with respect to the administration, maintenance or disposition of the Trust Estate.

    (c)            If an Event of Default occurs and is continuing, the Indenture Trustee shall, at
      the direction of the Majority Noteholders, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Indenture Trustee or the Indenture Trustee at the direction of such Majority Noteholders
      shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or
      legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

    (d)            Notwithstanding anything to the contrary contained in this Indenture (including,
      without limitation, Sections 5.4(a), 5.12, 5.13 and 5.17), if the Issuer fails to perform its obligations under Section 10.1(b) hereof when and as due, the Indenture Trustee shall, at the written direction of the Majority Noteholders, proceed to
      protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Indenture Trustee or the Majority Noteholders, shall deem most effective to protect and enforce any such rights, whether for specific performance
      of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

    (e)            In case there shall be pending, relative to the Issuer or any other obligor upon
      the Notes or any Person having or claiming an ownership interest in the Trust Estate, proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver,
      assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable
      Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as
      therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or
      otherwise:

    (i)            to file and prove a claim or claims for the whole amount of
      principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the
      Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor
      Indenture Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings;

    (ii)            unless prohibited by applicable law and regulations, to vote on
      behalf of the Noteholders in any election of a trustee, a standby trustee or person performing similar functions in any such Proceedings;

    
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    (iii)            to collect and receive any moneys or other property payable or
      deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and

    (iv)            to file such proofs of claim and other papers or documents as
      may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any Proceedings relative to the Issuer, its creditors and its property;

    and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee, and, in
      the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor
      Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad
      faith.

    (f)            Nothing herein contained shall be deemed to authorize the Indenture Trustee to
      authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to
      vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person.

    (g)            All rights of action and of asserting claims under this Indenture or under any of
      the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall
      be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents
      and attorneys, shall be for the ratable benefit of the Holders of the Notes.

    (h)            In any Proceedings brought by the Indenture Trustee (and also any Proceedings
      involving the interpretation of any provision of this Indenture), the Indenture Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any such proceedings.

    Section 5.4      Remedies.

    (a)            If an Event of Default shall have occurred and be continuing, the Indenture Trustee
      shall, at the direction of the Majority Noteholders, do one or more of the following (subject to Section 5.5):

    (i)            institute Proceedings in its own name and as trustee of an
      express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such
      moneys adjudged due;

    
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    (ii)            institute Proceedings from time to time for the complete or
      partial foreclosure of this Indenture with respect to the Trust Estate;

    (iii)            exercise any remedies of a secured party under the UCC and
      take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Holders of the Notes; and

    (iv)            sell the Trust Estate or any portion thereof or rights or
      interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that, the Indenture Trustee may not sell or otherwise liquidate the Trust
      Estate following an Event of Default unless:

    
      	
              

              

            	
              (I)             such Event of Default is of the
                  type described in Section 5.1(i) or (ii), or

            

    

    
      	
              

              

            	
              (II)            either

            

    

    (x)            the Holders of 100% of the Outstanding Amount of the Notes
      consent thereto, or

    (y)            the proceeds of such sale or liquidation distributable to the
      Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest, or

    (z)            the Indenture Trustee determines that the Trust Estate will not
      continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee provides prior written notice to the Issuer
      (who shall deliver such notice to the Rating Agencies) and obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the Notes.

    In determining such sufficiency or insufficiency with respect to clauses (y) and (z), the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an
      Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

    Section 5.5      Optional Preservation of the Trust Estate.  If the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and
      such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, maintain possession of the Trust Estate.  It is the desire of the parties hereto and the Noteholders that there be at all times
      sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Trust Estate.  In determining whether to maintain
      possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as
      to the sufficiency of the Trust Estate for such purpose.

    
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    Section 5.6      Priorities.

    (a)            Following (1) the occurrence of an Event of Default pursuant to Sections 5.1(i),
      5.1(ii), 5.1(v) or 5.1(vi) of this Indenture or (2) the receipt of Insolvency Proceeds pursuant to Section 10.1(b) of the Sale and Servicing Agreement, the Available Funds, plus any amounts on deposit in the Reserve Account, including any money or
      property collected pursuant to Section 5.4 of this Indenture and any such Insolvency Proceeds, shall be applied by the Indenture Trustee on the related Distribution Date in the following order of priority:

    (i)            amounts due and owing and required to be distributed to the
      Servicer (provided there is no Servicer Termination Event), the Owner Trustee, the Asset Representations Reviewer, the Custodian, the Indenture Trustee, the Lockbox Bank and the Backup Servicer (including the Backup Servicer in its capacity as the
      successor Servicer if so appointed), respectively, pursuant to clauses (i) and (ii) of Section 5.7(a) of the Sale and Servicing Agreement and not previously distributed, ratably and without preference or priority of any kind without regard to any
      caps set forth in clauses (i) and (ii) of Section 5.7(a) of the Sale and Servicing Agreement;

    (ii)            to the Class A Noteholders, pro rata, based upon the aggregate
      amount of interest due to each Class of the Class A Notes, for amounts due and unpaid on each such Class of Class A Notes in respect of interest (including any premium), according to the amounts due and payable on each such Class of Class A Notes in
      respect of interest (including any premium);

    (iii)            first, to the Holders of the Class A-1 Notes, for amounts due
      and unpaid on the Class A-1 Notes in respect of principal, until the Outstanding Amount of the Class A-1 Notes is reduced to zero, and second, to the Holders of the Class A-2 Notes and the Class A-3 Notes, pro rata (based on the Outstanding Amount of
      each such Class) for amounts due and unpaid on the Class A-2 Notes and Class A-3 Notes in respect of principal, until the Outstanding Amount of the Class A-2 Notes and Class A-3 Notes is reduced to zero;

    (iv)            to the Class B Noteholders for amounts due and unpaid on the
      Class B Notes in respect of interest (including any premium), according to the amounts due and payable on the Class B Notes in respect of interest (including any premium);

    (v)              to Holders of the Class B Notes for amounts due and unpaid on
      the Class B Notes in respect of principal, according to the amounts due and payable on the Class B Notes in respect of principal, until the Outstanding Amount of the Class B Notes is reduced to zero;

    (vi)            to the Class C Noteholders for amounts due and unpaid on the
      Class C Notes in respect of interest (including any premium), according to the amounts due and payable on the Class C Notes in respect of interest (including any premium);

    (vii)           to Holders of the Class C Notes for amounts due and unpaid on
      the Class C Notes in respect of principal, according to the amounts due and payable on the Class C Notes in respect of principal, until the Outstanding Amount of the Class C Notes is reduced to zero;

    
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    (viii)         to the Class D Noteholders for amounts due and unpaid on the
      Class D Notes in respect of interest (including any premium), according to the amounts due and payable on the Class D Notes in respect of interest (including any premium);

    (ix)            to Holders of the Class D Notes for amounts due and unpaid on
      the Class D Notes in respect of principal, according to the amounts due and payable on the Class D Notes in respect of principal, until the Outstanding Amount of the Class D Notes is reduced to zero;

    (x)            to the Class E Noteholders for amounts due and unpaid on the
      Class E Notes in respect of interest (including any premium), according to the amounts due and payable on the Class E Notes in respect of interest (including any premium);

    (xi)            to Holders of the Class E Notes for amounts due and unpaid on
      the Class E Notes in respect of principal, according to the amounts due and payable on the Class E Notes in respect of principal, until the Outstanding Amount of the Class E Notes is reduced to zero; and

    (xii)           to the Certificate Distribution Account for distribution to
      the Certificateholders in accordance with the Trust Agreement.

    (b)            Following the occurrence of an Event of Default pursuant to Sections 5.1(iii) or
      (iv) of this Indenture, the Available Funds, plus any amounts on deposit in the Reserve Account, including any money or property collected pursuant to Section 5.4 of this Indenture, shall be applied by the Indenture Trustee on the related
      Distribution Date in the following order of priority:

    (i)            from the Total Available Funds, to the Servicer, (1) the Base
      Servicing Fee for the related Collection Period, (2) any Supplemental Servicing Fees for the related Collection Period, (3) any amounts specified in Section 5.3, (4) to the extent the Servicer has not reimbursed itself in respect of such amounts
      pursuant to Section 5.3, and to the extent not retained by the Servicer, and to pay to Exeter any amounts paid by Obligors during the related Collection Period that did not relate to (x) principal and interest payments due on the Receivables and (y)
      any fees or expenses related to extensions due on the Receivables and (5) to any successor Servicer, transition fees;

    (ii)            from the Total Available Funds, to each of the Indenture
      Trustee, the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed), the Custodian, the Asset Representations Reviewer, the Lockbox Bank and the Owner Trustee, their respective accrued and unpaid
      fees, expenses and indemnities (in each case, to the extent such fees, expenses or indemnities have not been previously paid by Exeter);

    (iii)            from the Total Available Funds, to the Class A Noteholders,
      pro rata based on the amounts distributable pursuant to this clause to each Class of the Class A Notes, the Noteholders’ Interest Distributable Amount for the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes for such Distribution Date;

    
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    (iv)            from the Total Available Funds, for distribution as provided in
      Section 5.7(b) of the Sale and Servicing Agreement, the Class A Principal Parity Amount;

    (v)              from the Total Available Funds, for distribution as provided
      in Section 5.7(b) of the Sale and Servicing Agreement, any Matured Principal Shortfall on account of the Class A Notes;

    (vi)           from the Total Available Funds, to the Class B Noteholders, the
      Noteholders’ Interest Distributable Amount for the Class B Notes for such Distribution Date;

    (vii)           from the Total Available Funds, for distribution as provided
      in Section 5.7(b) of the Sale and Servicing Agreement, the Class B Principal Parity Amount;

    (viii)         from the Total Available Funds, for distribution as provided in
      Section 5.7(b) of the Sale and Servicing Agreement, any Matured Principal Shortfall on account of the Class B Notes;

    (ix)           from the Total Available Funds, to the Class C Noteholders, the
      Noteholders’ Interest Distributable Amount for the Class C Notes for such Distribution Date;

    (x)            from the Total Available Funds, for distribution as provided in
      Section 5.7(b) of the Sale and Servicing Agreement, the Class C Principal Parity Amount;

    (xi)            from the Total Available Funds, for distribution as provided in
      Section 5.7(b) of the Sale and Servicing Agreement, any Matured Principal Shortfall on account of the Class C Notes;

    (xii)         from the Total Available Funds, to the Class D Noteholders, the
      Noteholders’ Interest Distributable Amount for the Class D Notes for such Distribution Date;

    (xiii)           from the Total Available Funds, for distribution as provided
      in Section 5.7(b) of the Sale and Servicing Agreement, the Class D Principal Parity Amount;

    (xiv)            from the Total Available Funds, for distribution as provided
      in Section 5.7(b) of the Sale and Servicing Agreement, any Matured Principal Shortfall on account of the Class D Notes;

    (xv)          from the Total Available Funds, to the Class E Noteholders, the
      Noteholders’ Interest Distributable Amount for the Class E Notes for such Distribution Date;

    (xvi)           from the Total Available Funds, for distribution as provided
      in Section 5.7(b) of the Sale and Servicing Agreement, the Class E Principal Parity Amount;

    
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    (xvii)          from the Total Available Funds, for distribution as provided
      in Section 5.7(b) of the Sale and Servicing Agreement, any Matured Principal Shortfall on account of the Class E Notes;

    (xviii)         from the Total Available Funds, to the Reserve Account, the
      Reserve Account Deposit Amount for such Distribution Date;

    (xix)            from the Total Available Funds, (1) first, to the Class A-1
      Noteholders in reduction of the remaining principal balance of the Class A-1 Notes, until the outstanding principal balance thereof has been reduced to zero, (2) second, to the Class A-2 Noteholders and the Class A-3 Noteholders, pro rata, in
      reduction of the remaining principal balance of the Class A-2 Notes and the Class A-3 Notes, until the outstanding principal balance of each such Class has been reduced to zero, (3) third, to the Class B Noteholders in reduction of the remaining
      principal balance of the Class B Notes, until the outstanding principal balance thereof has been reduced to zero, (4) fourth, to the Class C Noteholders in reduction of the remaining principal balance of the Class C Notes, until the outstanding
      principal balance thereof has been reduced to zero, (5) fifth, to the Class D Noteholders in reduction of the remaining principal balance of the Class D Notes, until the outstanding principal balance thereof has been reduced to zero and (6) sixth, to
      the Class E Noteholders in reduction of the remaining principal balance of the Class E Notes, until the outstanding principal balance thereof has been reduced to zero;

    (xx)         from the Total Available Funds, to the Certificate Distribution
      Account for distribution to the Certificateholders in accordance with the Trust Agreement, the aggregate amount remaining in the Collection Account.

    (c)            The Indenture Trustee may fix a record date and payment date for any payment to
      Noteholders pursuant to this Section 5.6.  At least 15 days before such record date the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

    (d)            Notwithstanding Sections 5.6(a) and Section 5.6(b), the Indenture Trustee shall, in
      the same order and priority described in such Sections and in accordance with the written directions of Exeter Finance LLC, distribute to Exeter Finance LLC any amounts otherwise payable to the Lockbox Bank pursuant to such Sections, to the extent
      that Exeter Finance LLC shall have certified to the Indenture Trustee that such amounts were withdrawn directly by the Lockbox Bank from funds on deposit in a bank account of Exeter Finance LLC.

    Section 5.7      Limitation of Suits.  No Holder of any Note shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or
      for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

    (i)                such Holder has previously given written notice to the
      Indenture Trustee of a continuing Event of Default;

    (ii)            the Holders of not less than 25% of the Outstanding Amount of
      the Notes have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;

    
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    (iii)            such Holder or Holders have offered to the Indenture Trustee
      indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request;

    (iv)            the Indenture Trustee for 60 days after its receipt of such
      notice, request and offer of indemnity has failed to institute such Proceedings; and

    (v)            no direction inconsistent with such written request has been
      given to the Indenture Trustee during such 60-day period by the Majority Noteholders;

    it being understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
      prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided.

    Section 5.8      Unconditional Rights of Noteholders To Receive Principal and Interest.  Notwithstanding any other provisions in this Indenture, the Holder of any Note
      shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of
      redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

    Section 5.9      Restoration of Rights and Remedies.  If the Controlling Party or any Noteholder has instituted any Proceeding to enforce any right or remedy under this
      Indenture and such proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall,
      subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such
      Proceeding had been instituted.

    Section 5.10      Rights and Remedies Cumulative.  No right or remedy herein conferred upon or reserved to the Controlling Party or to the Noteholders is intended to be
      exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. 
      The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

    Section 5.11      Delay or Omission Not a Waiver.  No delay or omission of the  Indenture Trustee, the Controlling Party or any Holder of any Note to exercise any right
      or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein.  Every right and remedy given by this Article V or by law to the
      Indenture Trustee, the Controlling Party or to the

    
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    Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee, the Controlling Party or by the Noteholders, as the case may be.

    Section 5.12      Control by Noteholders.  The Majority Noteholders shall have the right to direct the time, method and place of conducting any Proceeding for any remedy
      available to the Controlling Party or the Indenture Trustee, as applicable, with respect to the Notes or exercising any trust or power conferred on the Controlling Party or the Indenture Trustee, as applicable; provided that

    (i)              such direction shall not be in conflict with any rule of law
      or with this Indenture;

    (ii)            subject to the express terms of Section 5.4, any direction to
      the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Noteholders representing not less than 100% of the Outstanding Amount of the Notes;

    (iii)            if the conditions set forth in Section 5.5 have been satisfied
      and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Trust Estate
      shall be of no force and effect; and

    (iv)            the Indenture Trustee may take any other action deemed proper
      by the Indenture Trustee that is not inconsistent with such direction;

    provided, however, that, subject to Article VI, the Indenture Trustee need not take any action that it determines might involve it in liability, financial
      or otherwise, without receiving indemnity satisfactory to it, or might materially adversely affect the rights of any Noteholders not consenting to such action.

    Section 5.13      Waiver of Past Defaults.  Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.4, the Majority Noteholders
      may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the
      consent of the Holder of each Note.  In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any
      subsequent or other Default or impair any right consequent thereto.

    Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to
      have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

    Section 5.14      Undertaking for Costs.  All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have
      agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under

    
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    this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to
      pay the costs of such suit, and that such court may in its discretion assess reasonable costs and expenses, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of
      the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in
      the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and
      in this Indenture (or, in the case of redemption, on or after the Redemption Date).

    Section 5.15      Waiver of Stay or Extension Laws.  The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or
      in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent
      that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
      execution of every such power as though no such law had been enacted.

    Section 5.16      Action on Notes.  The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking,
      obtaining or application of any other relief under or with respect to this Indenture.  Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the
      Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer.

    Section 5.17      Performance and Enforcement of Certain Obligations.

    (a)            Promptly following a request from the Indenture Trustee to do so, the Issuer agrees
      to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Sale and
      Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the
      manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by
      the Seller or the Servicer of each of their obligations under the Sale and Servicing Agreement.

    (b)            If an Event of Default has occurred and is continuing, the Controlling Party may,
      and, at the written direction of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall, subject to Article VI, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in
      connection with the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or

    
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    observance by the Seller or the Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and
      Servicing Agreement, and any right of the Issuer to take such action shall be suspended.

    ARTICLE VI

      

      The Indenture Trustee

    Section 6.1      Duties of Indenture Trustee.

    (a)            If an Event of Default has occurred and is continuing, and a Responsible Officer of
      the Indenture Trustee has actual knowledge or received written notice of such Event of Default, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and the Basic Documents to which it is a party and use the same
      degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

    (b)            Except during the continuance of an Event of Default as to which a Responsible
      Officer of the Indenture Trustee has actual knowledge or received written notice of such Event of Default:

    (i)            the Indenture Trustee undertakes to perform such duties and
      only such duties as are expressly and specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and

    (ii)            in the absence of bad faith on its part, the Indenture Trustee
      may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, the
      Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture.

    (c)            The Indenture Trustee may not be relieved from liability for its own negligence,
      willful misconduct or bad faith, except that:

    (i)              this paragraph does not limit the effect of paragraph (b) of
      this Section;

    (ii)            the Indenture Trustee shall not be liable for any action taken
      or error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and

    (iii)            the Indenture Trustee shall not be liable with respect to any
      action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.12.

    
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    (d)              The Indenture Trustee shall not be liable for interest on any money received by
      it except as the Indenture Trustee may agree in writing with the Issuer.

    (e)            Money held in trust by the Indenture Trustee need not be segregated from other
      funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement.

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

    (g)              Every provision of this Indenture relating to the conduct or affecting the
      liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA.

    (h)            The Indenture Trustee shall, and hereby agrees that it will, perform all of the
      obligations and duties required of it under the Sale and Servicing Agreement.

    (i)            Without limiting the generality of this Section 6.1, the Indenture Trustee shall
      have no duty (i) to see to any recording, filing or depositing of this Indenture or any agreement referred to herein or any financing statement evidencing a security interest in the Financed Vehicles, or to see to the maintenance of any such
      recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or discharge of
      any tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against any part of the Issuer, (iv) to confirm or verify the contents of any reports or certificates delivered to the
      Indenture Trustee pursuant to this Indenture or the Sale and Servicing Agreement believed by the Indenture Trustee to be genuine and to have been signed or presented by the proper party or parties, (v) to monitor the status of any lien hereunder or
      the performance of the collateral or (vi) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance of observance of any of the Issuer’s, the Seller’s or the Servicer’s representations, warranties or covenants or the
      Servicer’s duties and obligations as Servicer and as custodian of the Receivable Files under the Sale and Servicing Agreement.

    (j)            In no event shall Citibank, N.A., in any of its capacities hereunder, be deemed to
      have assumed any duties of the Owner Trustee under the Delaware Statutory Trust Statute, common law, the Trust Agreement or the Holding Trust Agreement.

    (k)            The Indenture Trustee shall not be charged with actual knowledge of any Event of
      Default unless a Responsible Officer of the Indenture Trustee has actual knowledge or received written notice of such Event of Default in accordance with the provisions of this Indenture.

    Section 6.2      Rights of Indenture Trustee.

    
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    (a)            The Indenture Trustee may conclusively rely on any document believed by it to be
      genuine and to have been signed or presented by the proper person.  The Indenture Trustee is not responsible for any document provided to it, and it need not investigate or re-calculate, evaluate, verify or independently determine the accuracy of any
      report, certificate, information, statement, representation or warranty or any fact or matter stated in such document and may conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein.

    (b)            Before the Indenture Trustee acts or refrains from acting, other than in the
      fulfillment of the specific duties and obligations required to be performed by it in connection with an asset representations review pursuant to Section 7.2(f), a repurchase of Receivables pursuant to Section 3.2(a) of the Sale and Servicing
      Agreement or dispute resolution pursuant to Section 3.4 of the Sale and Servicing Agreement, it may require an Officer’s Certificate or an Opinion of Counsel, the costs of which (including the Indenture Trustee’s reasonable attorney’s fees and
      expenses) shall be paid by the party requesting that the Indenture Trustee act or refrain from acting.  The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or
      Opinion of Counsel unless the Indenture Trustee was negligent in such reliance.

    (c)            The Indenture Trustee may execute any of the trusts or powers hereunder or perform
      any duties hereunder either directly or by or through agents (including affiliates) or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of,
      Exeter Finance LLC or any other party to the Basic Documents, or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder.

    (d)            The Indenture Trustee shall not be liable for any action it takes or omits to take
      in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.

    (e)            The Indenture Trustee may consult with counsel, and the advice or opinion of
      counsel (written or oral) with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith
      and in accordance with the advice or opinion of such counsel.

    (f)              The Indenture Trustee shall be under no obligation to institute, conduct or
      defend any litigation under this Indenture or in relation to this Indenture, at the request, order or direction of any of the Noteholders, pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Indenture
      Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby; provided, however, that the Indenture Trustee shall, upon the
      occurrence of an Event of Default (that has not been cured), exercise the rights and powers vested in it by this Indenture with reasonable care and skill.

    
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    (g)            The Indenture Trustee shall not be bound to make any investigation into the facts
      or matters stated in any claims of breach of representations and warranties, resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to
      do so by the Noteholders evidencing not less than 25% of the Outstanding Amount thereof; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or
      liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture or the Sale and
      Servicing Agreement, the Indenture Trustee may require an indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to so proceeding with such investigation; the reasonable expense of every such examination shall
      be paid by the Person making such request, or, if paid by the Indenture Trustee, shall be reimbursed by the Person making such request upon demand.

    (h)            The Indenture Trustee shall not be liable for any losses on investments except for
      losses resulting from the failure of the Indenture Trustee to make an investment in accordance with instructions given in accordance hereunder.  If the Indenture Trustee acts as the Note Paying Agent or Note Registrar, the rights and protections
      afforded to the Indenture Trustee shall be afforded to the Note Paying Agent and Note Registrar.

    (i)              Anything in this Indenture to the contrary notwithstanding, in no event shall
      the Indenture Trustee be liable for special, indirect, incidental, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), whether or not any such damages were foreseeable or contemplated, even if
      the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

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

    
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    (k)            To the extent the Indenture Trustee is requested by a party or Noteholder to act
      outside of its contractual obligations set forth under the terms of the Basic Documents, the Indenture Trustee may require indemnity satisfactory to it from the instructing party or Noteholder against the costs, expenses, and liabilities that may be
      incurred related to such request.

    (l)               The Indenture Trustee shall have no responsibility for the enforceability of
      the Note or the recitals contained in the Basic Documents.

    (m)           Except as otherwise expressly set forth in the Basic Documents, the Indenture
      Trustee shall not be held responsible for the acts or omissions of the Seller, Servicer, Issuer, Backup Servicer, Owner Trustee, or any other party to the Basic Documents, and may assume performance of such parties absent written notice or actual
      knowledge of a Responsible Officer to the contrary. The Indenture Trustee shall not be responsible or liable for any misconduct or negligence on the part of, or for the monitoring or supervision of, Exeter or any of its Affiliates or any other party
      to any of the Basic Documents.

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

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

    (p)            For the avoidance of doubt, none of the Indenture Trustee, the Owner Trustees or
      the Backup Servicer shall be responsible for determining whether any breach of a representation or warranty or document defect constitutes a breach or defect or the materiality of any such breach or defect.

    (q)            The rights, benefits, protections, immunities and indemnities afforded the
      Indenture Trustee hereunder shall extend to the Indenture Trustee (in any of its capacities) under any other Basic Document or related agreement as though set forth therein in their entirety mutatis mutandis.

    Section 6.3      Individual Rights of Indenture Trustee.  The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may
      otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee.  Any Note Paying Agent, Note Registrar, co-registrar or co-Note Paying Agent may do the same with like rights.  However, the
      Indenture Trustee must comply with Sections 6.11 and 6.12.

    Section 6.4      Indenture Trustee’s Disclaimer.  The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this
      Indenture, the Trust Estate or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with
      the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

    
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    Section 6.5      Notice of Defaults.  If an Event of Default occurs and is continuing and if it is either known by, or written notice of the existence thereof has been
      delivered to, a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within 30 days after such knowledge or notice occurs.  Except in the case of a Default in payment of principal of
      or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice to the Noteholder if and so long as it in good faith determines that withholding the notice is in
      the interests of Noteholders.

    Section 6.6      Reports by Indenture Trustee to Holders.  At the end of each calendar year, the Indenture Trustee shall deliver to each person who at any time during the
      calendar year was a Noteholder a statement as to the aggregate amounts of interest and principal paid to the Noteholder to the extent required by the Code and any other information as may be reasonably required to enable such Holder to prepare its
      federal and state income tax returns.

    Section 6.7      Compensation and Indemnity.

    (a)            Pursuant to Section 5.7(a) and Section 8.3 of the Sale and Servicing Agreement, the
      Issuer shall pay, to the Indenture Trustee and the Backup Servicer (subject to any applicable caps) from time to time compensation for its services.  The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of
      an express trust.  The Issuer shall reimburse, the Indenture Trustee and the Backup Servicer (subject to any applicable caps) for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the
      compensation for its services.  Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s and the Backup Servicer’s agents, counsel, accountants and experts.  The Issuer shall
      indemnify the Indenture Trustee, the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed), and their respective officers, directors, employees and agents against any and all losses, liabilities or
      expenses (including reasonable fees and expenses of outside counsel, which shall include any reasonable fees and expenses of outside counsel incurred in connection with (i) any enforcement of the indemnification obligation hereunder or (ii) the
      successful defense, in whole or in part, of any claim that the Indenture Trustee or Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) breached its standard of care) incurred by each of them in
      connection with the acceptance or the administration of the trusts hereunder and the performance of its duties hereunder and under the Basic Documents.  The Indenture Trustee or the Backup Servicer (including the Backup Servicer in its capacity as
      the successor Servicer if so appointed) shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity.  Failure by the Indenture Trustee or the Backup Servicer (including the Backup Servicer in its capacity as the
      successor Servicer if so appointed) to so notify the Issuer and the Servicer shall not relieve the Issuer of its obligations hereunder or the Servicer of its obligations under Article XI of the Sale and Servicing Agreement.  The Issuer shall defend,
      or shall cause the Servicer to defend, the claim, and the Indenture Trustee or the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) may have separate counsel and the Issuer shall pay, or cause
      the Servicer to pay, the fees and expenses of such counsel.  Neither the Issuer nor the Servicer need to reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee or the Backup Servicer (including the
      Backup Servicer in its capacity as the successor Servicer if so

    
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    appointed) through the Indenture Trustee’s or the Backup Servicer’s (including the Backup Servicer in its capacity as the successor Servicer if so appointed) own willful misconduct, gross
      negligence or bad faith.

    (b)            The Issuer’s and the Servicer’s obligations to the Indenture Trustee or the Backup
      Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) pursuant to this Section shall survive the discharge or assignment of this Indenture or the earlier resignation or removal of the Indenture Trustee or
      the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed).  When the Indenture Trustee or the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so
      appointed) incurs expenses after the occurrence of an Event of Default specified in Section 5.1(v) or (vi) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any
      other applicable federal or State bankruptcy, insolvency or similar law.  Notwithstanding anything else set forth in this Indenture or the Basic Documents, the Indenture Trustee agrees that the obligations of the Issuer (but not the Servicer) to the
      Indenture Trustee hereunder and under the Basic Documents shall be recourse to the Trust Estate only and specifically shall not be recourse to the assets of any Certificateholder or Noteholder.  In addition, the Indenture Trustee agrees that its
      recourse (for its own account or the account of the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed)) to the Issuer and the Trust Estate shall be limited to the right to receive the
      distributions referred to in Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of this Indenture, as applicable.

    Section 6.8      Replacement of Indenture Trustee.  The Indenture Trustee may resign at any time by so notifying the Issuer.  The Issuer may and shall, remove the
      Indenture Trustee for the following “causes”:

    (i)                 the Indenture Trustee fails to comply with Section 6.11;

    (ii)            a court of competent jurisdiction in the premises in respect of
      the Indenture Trustee in an involuntary case or proceeding under federal or State banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, shall have entered a
      decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or ordering
      the winding-up or liquidation of the Indenture Trustee’s affairs;

    (iii)         an involuntary case under the federal bankruptcy laws, as now or
      hereafter in effect, or another present or future federal or State bankruptcy, insolvency or similar law is commenced with respect to the Indenture Trustee and such case is not dismissed within 60 days;

    (iv)             the Indenture Trustee commences a voluntary case under any
      federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator,
      assignee, custodian, trustee, conservator,

    
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    sequestrator (or other similar official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or makes any assignment for the benefit of
      creditors or fails generally to pay its debts as such debts become due or takes any action in furtherance of any of the foregoing; or

    (v)            the Indenture Trustee otherwise becomes incapable of acting.

    If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to
      herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee.

    A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer.  Thereupon the resignation or removal of
      the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the retiring Indenture Trustee under this Indenture subject to satisfaction of the Rating Agency Condition. 
      The successor Indenture Trustee shall mail a notice of its succession to the Noteholders.  The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.

    If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Majority Noteholders
      may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee; all fees, costs and expenses (including attorneys’ fees and expenses) incurred by the Indenture Trustee in connection with such petition will be
      paid by the Issuer pursuant to Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of this Indenture, as applicable.

    If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the
      appointment of a successor Indenture Trustee.

    Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective
      until acceptance of appointment by the successor Indenture Trustee pursuant to Section 6.8 and payment of all fees and expenses owed to the outgoing Indenture Trustee.

    Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Servicer’s obligations under Section 6.7 shall continue for the benefit of
      the retiring Indenture Trustee.

    Section 6.9      Successor Indenture Trustee by Merger.  The Indenture Trustee may merge with any other corporation or banking association.  If the Indenture Trustee
      consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association,
      without any further act shall be the successor Indenture Trustee.  The Indenture Trustee shall provide prior written notice of any such transaction to the Issuer (who shall deliver such notice to the Rating Agencies).

    
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    In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the
      Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor indenture trustee, and deliver such Notes so authenticated; and in case at that time any
      of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such
      certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have.

    Section 6.10      Appointment of Co-Indenture Trustee or Separate Indenture Trustee.

    (a)            Notwithstanding any other provisions of this Indenture, at any time, for the
      purpose of (i) meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located  (ii) engaging in enforcement actions or (iii) handling a potential conflict of interest on behalf of the Indenture
      Trustee, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-indenture trustee or co-indenture trustees, or separate indenture trustee or separate indenture trustees, of
      all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such
      powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable.  No co-indenture trustee or separate indenture trustee hereunder shall be required to meet the terms of eligibility as a successor indenture
      trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-indenture trustee or separate indenture trustee shall be required under Section 6.8 hereof.

    (b)            Every separate indenture trustee and co-indenture trustee shall, to the extent
      permitted by law, be appointed and act subject to the following provisions and conditions:

    (i)            all rights, powers, duties and obligations conferred or imposed
      upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate indenture trustee or co-indenture trustee jointly (it being understood that such separate indenture trustee or
      co-indenture trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee
      shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and
      performed singly by such separate indenture trustee or co-indenture trustee, but solely at the direction of the Indenture Trustee;

    
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    (ii)            no indenture trustee (including any separate trustee or
      co-trustee) hereunder shall be personally liable by reason of any act or omission or the appointment of any other indenture trustee (including any separate trustee or co-trustee) hereunder, including acts or omissions of predecessor or successor
      indenture trustees; and

    (iii)            the Indenture Trustee may at any time accept the resignation
      of or remove any separate indenture trustee or co-indenture trustee.

    (c)            Any notice, request or other writing given to the Indenture Trustee shall be deemed
      to have been given to each of the then separate indenture trustees and co-indenture trustees, as effectively as if given to each of them.  Every instrument appointing any separate indenture trustee or co-indenture trustee shall refer to this
      Indenture and the conditions of this Article VI.  Each separate indenture trustee and co-indenture trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either
      jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or
      affording protection to, the Indenture Trustee.  Every such instrument shall be filed with the Indenture Trustee.

    (d)            Any separate indenture trustee or co-indenture trustee may at any time constitute
      an attorney-in-fact of the Indenture Trustee with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.  If any separate indenture trustee or
      co-indenture trustee shall die, dissolve, become insolvent, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall invest in and be exercised by the Indenture Trustee, to the extent
      permitted by law, without the appointment of a new or successor indenture trustee.

    (e)            Any and all amounts relating to the fees and expenses of the co-indenture trustee
      or separate indenture trustee will be borne by the Trust Estate.

    Section 6.11      Eligibility; Disqualification.  The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a).  The Indenture Trustee shall have a
      combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long-term debt rating of BBB, or an equivalent rating, or better by the Rating Agencies.  The Indenture
      Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under
      which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

    Within 90 days after ascertaining the occurrence of an Event of Default which shall not have been cured or waived, unless authorized by the Commission, the Indenture Trustee
      shall resign with respect to the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and/or the Class E Notes in accordance with Section 6.8 of this Indenture, and the Issuer shall appoint a successor Indenture Trustee for each of
      such Classes, as applicable, so that there will be

    
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    separate Indenture Trustees for the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes.  In the event the Indenture Trustee fails to comply with the terms
      of the preceding sentence, the Indenture Trustee shall comply with clauses (ii) and (iii) of TIA § 310(b).

    In the case of the appointment hereunder of a successor Indenture Trustee with respect to any Class of Notes pursuant to this Section 6.11, the Issuer, the retiring Indenture
      Trustee and the successor Indenture Trustee with respect to such Class of Notes shall execute and deliver an indenture supplemental hereto wherein each successor Indenture Trustee shall accept such appointment and which (i) shall contain such
      provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, the successor Indenture Trustee all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of the Class to which the
      appointment of such successor Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not retiring with respect to all Classes of Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the
      rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of each Class as to which the retiring Indenture Trustee is not retiring shall continue to be vested in the Indenture Trustee and (iii) shall add to or
      change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Indenture Trustee, it being understood that nothing herein or in such supplemental indenture
      shall constitute such Indenture Trustees co‐indenture trustees of the same trust and that each such Indenture Trustee shall be an indenture trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by
      any other such Indenture Trustee; and upon the removal of the retiring Indenture Trustee shall become effective to the extent provided herein.

    Section 6.12      Preferential Collection of Claims Against Issuer.  The Indenture Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in
      TIA § 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

    Section 6.13      Appointment and Powers.  Subject to the terms and conditions hereof, each of the Issuer and the Holding Trust hereby appoints Citibank, N.A., as the
      Indenture Trustee with respect to the Collateral, and Citibank, N.A. hereby accepts such appointment and agrees to act as Indenture Trustee with respect to the Collateral for the Issuer Secured Parties, to maintain custody and possession of such
      Collateral (except as otherwise provided hereunder, under the Sale and Servicing Agreement or under the Custodian Agreement) and to perform the other duties of the Indenture Trustee in accordance with the provisions of this Indenture and the other
      Basic Documents.  Each Issuer Secured Party hereby authorizes the Indenture Trustee to take such action on its behalf, and to exercise such rights, remedies, powers and privileges hereunder, and as are specifically authorized to be exercised by the
      Indenture Trustee by the terms hereof, together with such actions, rights, remedies, powers and privileges as are reasonably incidental thereto, including, but not limited to, the execution of any powers of attorney.

    Section 6.14      Performance of Duties.  The Indenture Trustee shall have no duties or responsibilities except those expressly set forth in this Indenture and the other
      Basic Documents to which the Indenture Trustee is a party or as directed by the Controlling Party in accordance with this Indenture.  The Indenture Trustee shall not be required to take any discretionary actions

    
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    hereunder, other than to fulfill the specific duties and obligations required to be performed by it in connection with an asset representations review pursuant to Section 7.2(f), a repurchase of
      Receivables pursuant to Section 3.2(a) of the Sale and Servicing Agreement or dispute resolution pursuant to Section 3.4 of the Sale and Servicing Agreement, except upon the receipt of written direction and with security and indemnity reasonably
      satisfactory to the Indenture Trustee.  The Indenture Trustee shall, and hereby agrees that it will, subject to this Article, perform all of the duties and obligations required of it under the Sale and Servicing Agreement.

    Section 6.15      Limitation on Liability.  Neither the Indenture Trustee nor any of its directors, officers or employees shall be liable for any action taken or omitted
      to be taken by it or them hereunder, or in connection herewith, except that the Indenture Trustee shall be liable for its gross negligence, bad faith or willful misconduct; nor shall the Indenture Trustee be responsible for the validity,
      effectiveness, value, sufficiency or enforceability against the Issuer and the Holding Trust of this Indenture or any of the Collateral (or any part thereof).  Notwithstanding any term or provision of this Indenture, the Indenture Trustee shall incur
      no liability to the Issuer, the Holding Trust or the Issuer Secured Parties for any action taken or omitted by the Indenture Trustee in connection with the Collateral, except for the gross negligence, bad faith or willful misconduct on the part of
      the Indenture Trustee, and, further, shall incur no liability to the Issuer Secured Parties except for gross negligence, bad faith or willful misconduct in carrying out its duties to the Issuer Secured Parties. The Indenture Trustee shall be
      protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document reasonably believed
      by the Indenture Trustee to be genuine and to have been duly executed by the appropriate signatory, and (absent actual knowledge to the contrary by a Responsible Officer of the Indenture Trustee) the Indenture Trustee shall not be required to make
      any independent investigation with respect thereto.  The Indenture Trustee shall at all times be free independently to establish to its reasonable satisfaction, but shall have no duty to independently verify, the existence or nonexistence of facts
      that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Basic Documents.  The Indenture Trustee may consult with counsel, and shall not be liable for any action taken or omitted to be taken by it
      hereunder in good faith and in accordance with the advice of such counsel.  The Indenture Trustee shall not be under any obligation to exercise any of the remedial rights or powers vested in it by this Indenture or risk its own funds or otherwise
      incur financial liability in the performance of any of its duties hereunder unless it shall have received security or indemnity reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities which might be incurred by
      it.  This Section 6.15 shall survive the termination, assignment, resignation or removal of the Indenture Trustee in accordance with the terms of this Indenture.

    Section 6.16      Reliance Upon Documents.  In the absence of negligence, bad faith or willful misconduct on its part, the Indenture Trustee shall be entitled to
      conclusively rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons and shall have no liability in acting, or omitting to act,
      where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any such document or instrument.

    
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    Section 6.17      Force Majeure. Any delays in or failure by the Indenture Trustee in the performance of any obligations hereunder shall be excused if and to the extent
      caused by any Force Majeure Event.

    Section 6.18      [Reserved].

    Section 6.19      Representations and Warranties of the Indenture Trustee and the Issuer and the Holding Trust.

    (a)            The Indenture Trustee represents and warrants to the Issuer, the Holding Trust and
      each Issuer Secured Party as follows:

    (i)            Due Organization.  The Indenture Trustee is a national
      banking association and is duly authorized and licensed under applicable law to conduct its business as presently conducted.

    (ii)            Corporate Power.  The Indenture Trustee has all
      requisite right, power and authority to execute and deliver this Indenture and to perform all of its duties as Indenture Trustee hereunder.

    (iii)            Due Authorization.  The execution and delivery by the
      Indenture Trustee of this Indenture and the other Basic Documents to which it is a party, and the performance by the Indenture Trustee of its duties hereunder and thereunder, have been duly authorized by all necessary corporate proceedings and no
      further approvals or filings, including any governmental approvals, are required for the valid execution and delivery by the Indenture Trustee, or the performance by the Indenture Trustee, of this Indenture and such other Basic Documents.

    (iv)            Valid and Binding Indenture.  The Indenture Trustee has
      duly executed and delivered this Indenture and each other Basic Document to which it is a party, and each of this Indenture and each such other Basic Document constitutes the legal, valid and binding obligation of the Indenture Trustee, enforceable
      against the Indenture Trustee in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii)
      the availability of equitable remedies may be limited by equitable principles of general applicability.

    (v)            No Conflicts.  The execution and delivery of each Basic
      Document to which it is a party by the Indenture Trustee and the performance by the Indenture Trustee of its obligations thereunder, in its capacity as Indenture Trustee or otherwise, do not conflict with or result in any violation of (i) any law or
      regulation of

    
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    the United States of America governing the banking or trust powers of the Indenture Trustee or (ii) the articles of incorporation and by-laws of the Indenture Trustee.

    (vi)            No Actions.  To the best of the Indenture Trustee’s
      knowledge, there are no actions, proceedings or investigations known to the Indenture Trustee, either pending or threatened in writing, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality which
      would, if adversely determined, affect in any material respect the consummation, validity or enforceability against the Indenture Trustee, in its capacity as Indenture Trustee or otherwise, of any Basic Document.

    (b)            Each of the Issuer and the Holding Trust represents and warrants that the
      representations and warranties set forth on the attached Schedule of Representations with respect to the Receivables as of the date hereof, and as of the Closing Date, are true and correct.  Such representations and warranties speak as of the
      execution and delivery of this Indenture and as of the Closing Date, but shall survive the pledge of the Receivables to the Indenture Trustee and shall not be waived.

    Section 6.20      Waiver of Setoffs.  The Indenture Trustee hereby expressly waives any and all rights of setoff that the Indenture Trustee may otherwise at any time have
      under applicable law with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at all times be held and applied solely in accordance with the provisions hereof and the Sale and Servicing Agreement.

    ARTICLE VII

      

      Noteholders’ Lists and Reports

    Section 7.1      Issuer to Furnish to Indenture Trustee Names and Addresses of Noteholders.  The Issuer will furnish or cause to be furnished to the Indenture Trustee (a)
      not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders as of such Record
      Date, (b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is
      furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished.

    Section 7.2      Preservation of Information; Communications to Noteholders.

    (a)            The Indenture Trustee shall preserve, in as current a form as is reasonably
      practicable, the names and addresses of the Holders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Holders received

    
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    by the Indenture Trustee in its capacity as Note Registrar.  The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished.

    (b)            Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with
      respect to their rights under this Indenture or under the Notes.

    (c)                The Issuer, the Indenture Trustee and the Note Registrar shall have the
      protection of TIA § 312(c).

    (d)           A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if
      the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and provide written notices and make written requests and written demands and give written directions to the Indenture Trustee through the procedures of the
      Clearing Agency and by notice to the Indenture Trustee. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account
      statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note. The Indenture Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a
      Note Owner, other than to fulfill the specific duties and obligations required to be performed by it in connection with an asset representations review pursuant to Section 7.2(f), a repurchase of Receivables pursuant to Section 3.2(a) of the Sale and
      Servicing Agreement, or dispute resolution pursuant to Section 3.4 of the Sale and Servicing Agreement, unless the Noteholder or Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it
      against the costs and expenses that it may incur in complying with the request, demand or direction.

    (e)            A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if
      the Notes are represented by Book-Entry Notes) that wishes to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Basic Documents may send a request to the Issuer or
      the Servicer, on behalf of the Issuer, to include information regarding the communication in a Form 10-D to be filed by the Issuer with the Commission. Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method
      by which other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, a certification from that Person that it is a Note Owner, together with at least one form of
      documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document. A Noteholder or Note Owner, as applicable, that delivers a request under this Section 7.2(e) will
      be deemed to have certified to the Issuer and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights under this Indenture or the other Basic Documents, and
      will not be used for other purposes. The Issuer will promptly deliver any such request to the Servicer. On receipt of a request, the Servicer will include, or will cause the Depositor (at the Servicer’s expense) to include, in the Form 10-D filed by
      the Issuer with the Commission for the Collection Period in which the request was received (A) a statement that the Issuer has received a request from a Noteholder or Note Owner, as applicable, that is interested in communicating with other
      Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Basic Documents, (B) the name of the requesting

    
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    Noteholder or Note Owner, (C) the date the request was received and (D) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting
      Noteholder or Note Owner.

    (f)            If a Delinquency Trigger occurs, a Noteholder (if the Notes are represented by
      Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a written demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset
      Representations Reviewer to conduct an Asset Review of the Asset Review Receivables under the Asset Representations Review Agreement. In the case of a Note Owner, each written demand must be accompanied by a certification from that Person that it is
      a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document.  If Noteholders and Note Owners, as applicable,
      of at least 5% of the aggregate principal amount of the Notes (excluding the Outstanding Amount of any Notes that are held by the Sponsor or any of its Affiliates) demand a vote within 90 days of the filing of the Form 10-D reporting the occurrence
      of the Delinquency Trigger, the Indenture Trustee will promptly request such a vote of the Noteholders through the Clearing Agency, which vote will remain open until the 150th day after the filing of the related Form 10-D. If (i) a voting quorum of
      Noteholders holding at least 5% of the aggregate principal amount of the Notes (excluding the Outstanding Amount of any Notes that are held by the Sponsor or any of its Affiliates) participate in the related vote and (ii) Noteholders of a majority of
      the principal amount of Notes (excluding the Outstanding Amount of any Notes that are held by the Sponsor or any of its Affiliates) voted agree to an Asset Review, then the Indenture Trustee will send an Asset Review Notice to the Asset
      Representations Reviewer and the Servicer under the Asset Representations Review Agreement directing the Asset Representations Reviewer to conduct the Asset Review.

    Section 7.3      Reports by Issuer.

    (a)            The Issuer shall:

    (i)            file with the Indenture Trustee, within 15 days after the Issuer
      is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations
      prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

    (ii)            file with the Indenture Trustee and the Commission in
      accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required
      from time to time by such rules and regulations; and

    (iii)            supply to the Indenture Trustee (and the Indenture Trustee
      shall transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant

    
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    to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations prescribed from time to time by the Commission.

    (b)            Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on
      December 31 of each year.

    (c)            Delivery of such reports, information and documents to the Indenture Trustee is for
      informational purposes only and the Indenture Trustee’s receipt of such shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with
      any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates).

    Section 7.4      Reports by Indenture Trustee.  If required by TIA § 313(a), within 60 days after each May 31, beginning with May 31, 2022, the Indenture Trustee shall
      mail to each Noteholder if required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b).

    A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes
      are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

    ARTICLE VIII

      

      Accounts, Disbursements and Releases

    Section 8.1      Collection of Money.  Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and
      collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture and the Sale and Servicing Agreement.  The
      Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement.  Except as otherwise expressly provided in this Indenture or in the Sale and Servicing Agreement, if any default occurs in
      the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and
      prosecution of appropriate proceedings.  Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V.

    Section 8.2      Release of Trust Estate.

    (a)            Subject to the payment of its fees and expenses and other amounts pursuant to
      Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, in a manner and under circumstances that are not inconsistent with the
      provisions of this Indenture.  No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be

    
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    bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys.

    (b)            The Indenture Trustee shall, at such time as there are no Notes outstanding and all
      sums due to it pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit
      in the Trust Accounts.

    Section 8.3      Opinion of Counsel.  The Indenture Trustee shall receive at least seven days’ notice when requested by the Issuer to take any action pursuant to Section
      8.2(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require as a condition to such action, an Opinion of Counsel in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any
      such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with.  Counsel rendering any such opinion may rely, without independent investigation, on the
      accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action.

    ARTICLE IX

      

      Supplemental Indentures

    Section 9.1      Supplemental Indentures Without Consent of Noteholders.

    (a)            Without the consent of the Holders of any Notes and with prior notice to the Rating
      Agencies by the Issuer, as evidenced to the Indenture Trustee, the parties hereto, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions
      of the TIA as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes:

    (i)            to correct or amplify the description of any property at any
      time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional
      property;

    (ii)            to evidence the succession, in compliance with the applicable
      provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained;

    (iii)            to add to the covenants of the Issuer, for the benefit of the
      Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer;

    (iv)            to convey, transfer, assign, mortgage or pledge any property
      to or with the Indenture Trustee;

    
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    (v)            (A) to cure any ambiguity or to conform this Indenture or any
      supplemental indenture to the Prospectus; provided, however, that the Owner Trustee and the Indenture Trustee will be entitled to receive and conclusively rely upon an Opinion of Counsel stating with respect
      to any such supplemental indenture, that (i) such supplemental indenture is authorized or permitted by the terms of this Indenture, (ii) the conditions precedent to entering into such supplemental indenture have been satisfied and (iii) the execution
      and delivery of such supplemental indenture will not cause the Issuer or Holding Trust to be characterized for U.S. federal income tax purposes as an association or a publicly traded partnership taxable as a corporation and will not adversely affect
      the tax treatment as debt of the Notes that were characterized as debt at the time of issuance or (B) to correct or supplement any provision herein or in any supplemental indenture, to comply with any changes to the Code, or to make any other
      provisions with respect to matters or questions arising under this Indenture or any supplemental indenture which shall not be inconsistent with the provisions of this Indenture; provided, however, (i)(x) 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 respects the interests of any Noteholder or (y) the Rating Agency Condition shall have been
      satisfied with respect to such supplemental indenture and the Issuer shall have notified the Indenture Trustee in writing that the Rating Agency Condition has been satisfied with respect to such supplemental indenture and (ii) the Owner Trustee and
      the Indenture Trustee will be entitled to receive and conclusively rely upon an Opinion of Counsel described in the proviso in clause (A) above;

    (vi)            to evidence and provide for the acceptance of the appointment
      hereunder by a successor indenture trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one indenture trustee,
      pursuant to the requirements of Article VI; or

    (vii)                          to modify, eliminate or add to the provisions
      of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any applicable federal statute hereafter enacted, and to add to this Indenture such other provisions as may be expressly
      required by the TIA.

    The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be
      therein contained.  The Indenture Trustee’s reasonable costs and expenses related to any such

    
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    supplement shall be paid by the Issuer pursuant to Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of this Indenture, as applicable.

    (b)            The parties hereto, when authorized by an Issuer Order, may, also without the
      consent of any of the Holders of the Notes but with prior notice to the Rating Agencies by the Issuer, as evidenced to the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or
      changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, to the extent not
      otherwise permitted by Section 9.1(a), that as evidenced by an Opinion of Counsel stating, (i) such action shall not adversely affect in any material respect the interests of any Noteholder, (ii) such supplemental indenture is authorized or permitted
      by the terms of this Indenture and (iii) all conditions precedent to entering into such supplemental indenture have been satisfied.

    Section 9.2      Supplemental Indentures with Consent of Noteholders.  The parties hereto, when authorized by an Issuer Order, also may, with prior notice to the Rating
      Agencies by the Issuer, and with the consent of the Majority Noteholders, by Act of such Holders delivered to the parties hereto, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in
      any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that no such supplemental
      indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

    (i)            change the date of payment of any installment of principal of or
      interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, change the provision of this Indenture relating to the application of collections on, or the proceeds of the sale
      of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable;

    (ii)             impair the right to institute suit for the enforcement of the
      provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after
      the Redemption Date);

    (iii)            reduce the percentage of the Outstanding Amount of the Notes,
      the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their
      consequences provided for in this Indenture;

    (iv)            modify or alter the provisions of the proviso to the definition
      of the term “Outstanding” or the term “Majority Noteholders”;

    (v)            reduce the percentage of the Outstanding Amount of the Notes
      required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4;

    
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    (vi)         modify any provision of this Section except to increase any
      percentage specified herein or to provide that certain additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby;

    (vii)           modify any of the provisions of this Indenture in such manner
      as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Distribution Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders
      to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or

    (viii)         permit the creation of any lien ranking prior to or on a parity
      with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in any of the Basic Documents, terminate the lien of this Indenture on any property at any time subject hereto or
      deprive the Holder of any Note of the security provided by the lien of this Indenture.

    The Indenture Trustee may rely on an Opinion of Counsel of external counsel to the Issuer as to whether or not any Notes would be affected by any supplemental indenture and any
      such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder.  The Indenture Trustee’s reasonable costs and expenses related to any supplemental indenture shall be paid
      by the Issuer pursuant to Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of this Indenture, as applicable.

    It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such
      Act shall approve the substance thereof.

    Promptly after the execution by the parties hereto of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders of the Notes to which
      such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture.  Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way
      impair or affect the validity of any such supplemental indenture.

    Notwithstanding the foregoing, no supplemental indenture pursuant to this Section 9.2 shall be permitted unless the parties hereto have received an Opinion of Counsel stating
      that (i) such supplemental indenture is authorized or permitted by the terms of this Indenture, (ii) the conditions precedent to entering into such supplemental indenture have been satisfied and (iii) the execution and delivery of such supplemental
      indenture will not cause the Issuer or Holding Trust to be characterized for U.S. federal income tax purposes as an association or a publicly traded partnership taxable as a corporation and will not adversely affect the tax treatment as debt of the
      Notes that were characterized as debt at the time of issuance.

    Section 9.3      Execution of Supplemental Indentures.  In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article
      IX or the amendments or modifications thereby of the trusts created by this Indenture, the Indenture Trustee

    
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    shall be entitled to receive and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this
      Indenture.  The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.

    Section 9.4      Effect of Supplemental Indenture.  Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be
      deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the
      Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be
      deemed to be part of the terms and conditions of this Indenture for any and all purposes.

    Section 9.5      Conformity With Trust Indenture Act.  Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall
      conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act.

    Section 9.6      Reference in Notes to Supplemental Indentures.  Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this
      Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture.  If the Issuer or the Indenture Trustee shall so determine, new
      Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for
      Outstanding Notes.

    ARTICLE X

      

      Redemption of Notes

    Section 10.1      Redemption.

    (a)            The Notes shall be redeemed in whole, but not in part, on any Distribution Date on
      which the Servicer or Seller exercises its option to purchase the Trust Estate pursuant to Section 10.1(a) of the Sale and Servicing Agreement, for a purchase price equal to the Redemption Price; provided, however,
      that no such redemption may be effected unless the Issuer has available funds sufficient to pay the Redemption Price on such Distribution Date.  The Servicer or the Issuer shall furnish the Rating Agencies notice of such redemption.  If the Notes are
      to be redeemed pursuant to this Section 10.1(a), the Servicer or the Issuer shall furnish notice of such election to the Indenture Trustee not later than 10 days prior to the Redemption Date and the Issuer shall deposit with the Indenture Trustee in
      the Collection Account the amount required to be so deposited pursuant to Section 10.1(a) of the Sale and Servicing Agreement, whereupon all outstanding Notes shall be due and payable on the Redemption Date subject to the furnishing of a notice
      complying with Section 10.2 to each Holder of Notes.

    
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    (b)            In the event that the assets of the Issuer are distributed pursuant to Section 8.1
      of the Trust Agreement, all amounts on deposit in the Note Distribution Account shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon.  If amounts are to be paid to Noteholders pursuant
      to this Section 10.1(b), the Servicer or the Issuer shall, to the extent practicable, furnish notice of such event to the Indenture Trustee not later than 45 days prior to the Redemption Date whereupon all such amounts shall be payable on the
      Redemption Date.

    Section 10.2      Form of Redemption.  (a)  Notice of redemption under Section 10.1(a) shall be given by the Indenture Trustee by facsimile or by first-class mail,
      postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register.

    All notices of redemption shall state:

    (i)            the Redemption Date;

    (ii)              the Redemption Price;

    (iii)            that the Record Date otherwise applicable to such Redemption
      Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to
      be maintained as provided in Section 3.2); and

    (iv)             that interest on the Notes shall cease to accrue on the
      Redemption Date.

    (b)            Notice of redemption of the Notes shall be given by the Indenture Trustee in the
      name and at the expense of the Issuer.  Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

    (c)               Prior notice of redemption under Section 10.1(b) is not required to be given to
      the Noteholders.

    Section 10.3      Notes Payable on Redemption Date.  The Notes to be redeemed shall, following notice of redemption, as required by Section 10.2 (in the case of
      redemption pursuant to Section 10.1(a)), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any
      period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

    ARTICLE XI

      

      Miscellaneous

    Section 11.1      Compliance Certificates and Opinions, etc.

    
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    (a)            Upon any application or request by the Issuer to the Indenture Trustee to take any
      action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (1) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
      complied with, (2) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (3) (if required by the TIA) an Independent Certificate from a firm of certified public
      accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional
      certificate or opinion need be furnished.

    Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

    (i)            a statement that each signatory of such certificate or opinion
      has read or has caused to be read such covenant or condition and the definitions herein relating thereto;

    (ii)            a brief statement as to the nature and scope of the examination
      or investigation upon which the statements or opinions contained in such certificate or opinion are based;

    (iii)          a statement that, in the opinion of each such signatory, such
      signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

    (iv)            a statement as to whether, in the opinion of each such
      signatory such condition or covenant has been complied with.

    (b)            (i)            Prior

      to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any
      obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such
      deposit) to the Issuer of the Collateral or other property or securities to be so deposited.

    (ii)            Whenever the Issuer is required to furnish to the Indenture
      Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the
      fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates
      delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as
      set forth in the related Officer’s Certificate is less than $25,000 or less than 1% percent of the Outstanding Amount of the Notes.

    
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    (iii)            Other than with respect to the release of any Purchased
      Receivables or Liquidated Receivables, whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each
      person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this
      Indenture in contravention of the provisions hereof.

    (iv)            Whenever the Issuer is required to furnish to the Indenture
      Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if
      the fair value of the property or securities and of all other property other than Purchased Receivables and Liquidated Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as
      set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair
      value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1 percent of the then Outstanding Amount of the Notes.

    (v)            Notwithstanding Section 2.9 or any other provision of this
      Section, the Issuer may (or may cause the Holding Trust to) (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and
      to the extent permitted or required by the Basic Documents.

    Section 11.2      Form of Documents Delivered to Indenture Trustee.  In any case where several matters are required to be certified by, or covered by an opinion of, any
      specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with
      respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

    Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by,
      counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous.  Any such
      certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Seller or the Issuer, stating that
      the information with respect to such factual matters is in the possession of the Servicer, the Seller or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
      respect to such matters are erroneous.

    
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    Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
      they may, but need not, be consolidated and form one instrument.

    Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a
      condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or
      report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report.  The foregoing
      shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI.

    Section 11.3      Acts of Noteholders.

    (a)            Any request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except
      as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer.  Such instrument or instruments (and the
      action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent shall
      be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.  In the event the Indenture Trustee shall receive conflicting or
      inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the Outstanding Amount of the Notes or the Majority Noteholders, the Indenture Trustee in its sole discretion may determine what
      action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

    (b)            The fact and date of the execution by any person of any such instrument or writing
      may be proved in any customary manner of the Indenture Trustee.

    (c)            The ownership of Notes shall be proved by the Note Register.

    (d)            Any request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer
      in reliance thereon, whether or not notation of such action is made upon such Note.

    Section 11.4      Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.  Any request, demand, authorization, direction, notice, consent, waiver or Act of
      Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with:

    
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    (a)            The Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for
      every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall be deemed to have been duly given upon receipt to the Indenture Trustee at its Corporate Trust Office, or

    (b)            The Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for
      every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall deemed to have been duly given upon receipt to the Issuer addressed to: Exeter Automobile Receivables Trust
      2021-3, in care of Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, with a copy to Exeter Automobile Receivables Trust 2021-3, c/o Exeter Finance LLC,
      2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention: Chief Financial Officer, and a copy to Exeter Automobile Receivables Trust 2021-3, c/o Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention: Chief Legal
      Officer, or at any other address previously furnished in writing to the Indenture Trustee by Issuer.  The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee.

    (c)             Notices required to be given to the Rating Agencies shall be provided by the
      Issuer in writing, personally delivered, electronically delivered, delivered by overnight courier or mailed certified mail, return receipt requested to (i) in the case of S&P, via electronic delivery to Servicer_reports@sandp.com; for any
      information not available in electronic format, hard copies should be sent to the following address:  55 Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group or (ii) in the case of Moody’s, at the following
      address: Moody’s Investors Service, Inc., 7 World Trade Center at 250 Greenwich Street, Asset Finance Group, 24th floor, New York, New York 10007; or as to each of the foregoing, at such other address as shall be designated by written notice to the
      other parties.

    (d)            All demands, notices and communications provided to the Indenture Trustee, the
      Noteholders or the Backup Servicer pursuant to this Indenture shall be provided to EFIT, as a Certificateholder, at the following address: c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware
      19890-0001, Attention: Corporate Trust Administration.

    Section 11.5      Notices to Noteholders; Waiver.  Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless
      otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the
      earliest date, prescribed for the giving of such notice.  In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the
      sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner here in provided shall conclusively be presumed to have been duly given.

    Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and
      such waiver shall be the equivalent of such notice.  Waivers of notice by Noteholders shall be filed with

    
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    the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

    In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to
      Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

    Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not
      under any circumstance constitute a Default or Event of Default.

    Section 11.6      Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included
      in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

    The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this
      Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

    Section 11.7      Patriot Act.  The parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements under the U.S.A. Patriot Act
      and its implementing regulations, the Indenture Trustee, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
      relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information as the Indenture Trustee may reasonably request that will help the Indenture Trustee to identify
      and verify each party’s identity, including without limitation each party’s name, physical address, tax identification number, organizational documents, certificate of good standing, license to do business, or other pertinent identifying information.

    Section 11.8        Effect of Headings and Table of Contents.  The Article and Section headings herein and the Table of Contents are for convenience only and shall not
      affect the construction hereof.

    Section 11.9        Successors and Assigns.  All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so
      expressed or not.  All agreements of the Indenture Trustee in this Indenture shall bind its successors.

    Section 11.10      Separability.  In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and
      enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

    Section 11.11      Benefits of Indenture.  Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and
      their successors hereunder, the Noteholders, and any other party secured hereunder, and any other person with an

    
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    Ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

    Section 11.12      Legal Holidays.  In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the
      Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and
      after any such nominal date.

    Section 11.13      GOVERNING LAW AND SUBMISSION TO JURISDICTION.  THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF
      OR RELATING IN ANY WAY TO THIS INDENTURE SHALL BE, GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  EACH OF THE
      PARTIES HERETO AND THEIR ASSIGNEES AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK.

    Section 11.14      WAIVER OF JURY TRIAL. THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS INDENTURE OR ANY OTHER DOCUMENT
      OR INSTRUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.

    Section 11.15      Counterparts.  This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
      counterparts shall together constitute but one and the same instrument. This Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of: (i) an
      original manual signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic
      Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual
      signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no
      liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Indenture
      may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument.  For the avoidance of doubt, original manual signatures shall be used for
      execution or indorsement of writings and authentication of Notes when required under the UCC or other Signature Law due to the character or intended character of the writings.

    Section 11.16      Recording of Indenture.  If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the
      Issuer and at its

    
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    expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other person secured hereunder or for the enforcement
      of any right or remedy granted to the Indenture Trustee under this Indenture.

    Section 11.17      Trust Obligation.  No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Seller, the
      Servicer,  the Backup Servicer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture, any other Basic Document or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the
      Servicer, the Backup Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or the Holding Trust or (iii) any partner, owner, beneficiary, agent, officer, director,
      manager, employee or agent of the Seller, the Servicer, the Backup Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
      Backup Servicer, the Owner Trustee, the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Backup Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have
      expressly agreed (it being understood that the Indenture Trustee, the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) and the Owner Trustee have no such obligations in their individual
      capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to
      such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement.

    Section 11.18      No Petition.  The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they
      will not at any time institute against the Seller, or the Issuer, or join in any institution against the Seller, or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any U.S.
      federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the Basic Documents.

    Section 11.19      Inspection. The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal
      business hours, to examine all the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by independent certified public accountants, and to discuss the Issuer’s
      affairs, finances and accounts with the Issuer’s officers, employees, and independent certified public accountants, all at such reasonable times and as often as may be reasonably requested.  Notwithstanding anything herein to the contrary, the
      foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known, (ii) disclosure of any and all information (A) if required to do so by any applicable statute, law, rule or regulation, (B) to
      any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Indenture Trustee’s business or that of its affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or
      request of any court, regulatory authority, arbitrator or arbitration to which the Indenture Trustee or an affiliate or an officer, director, employer or shareholder thereof is a party, (D) in any preliminary or final offering circular, registration
      statement or contract or other document

    
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    pertaining to the transactions contemplated by this Indenture approved in advance by the Servicer or the Issuer or (E) to any independent or internal auditor, agent, employee or attorney of the
      Indenture Trustee having a need to know the same, provided that the Indenture Trustee advises such recipient of the confidential nature of the information being disclosed, or (iii) any other disclosure authorized by the Servicer or the Issuer.

    Section 11.20      No Recourse.

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

    (ii)            It is expressly understood and agreed by the parties hereto that (a) this
      Indenture is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Holding Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations,
      covenants, undertakings and agreements herein made on the part of the Holding Trust is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only
      the Holding Trust, (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 Holding Trust or any other Person in this Indenture and (e) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Holding Trust or be liable for the breach or failure of
      any obligation, duty, representation, warranty or covenant made or undertaken by the Holding Trust under this Indenture or any other related documents.

    

    

    [SIGNATURE PAGE FOLLOWS]

     

    

     

    

    
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    IN WITNESS WHEREOF, the Issuer, the Holding Trust and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, hereunto duly authorized,
      all as of the day and year first above written.

    	 	
            EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3, as Issuer

          
	 	 	 
	 	
            By:  

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

          
	 	 	 
	 	 	 
	 	
            By:

          	
             /s/ Cynthia L. Major                                  

          
	 	 	
            Name:  Cynthia L. Major

          
	 	 	
            Title:    Officer

          
	 	 	 
	 	 	 
	 	
            EXETER HOLDINGS TRUST 2021-3, as Holding Trust

          
	 	 	 
	 	
            By:

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

          
	 	 	 
	 	 	 
	 	
            By:

          	
             /s/ Cynthia L. Major                                  

          
	 	 	
            Name:  Cynthia L. Major

          
	 	 	
            Title:    Officer

          
	 	 	 
	 	 	 
	 	
            CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
             /s/ Sonam Shah                                           

              

          
	 	 	
            Name:  Sonam Shah

          
	 	 	
            Title:    Senior Trust Officer

          

  

   

  

   

  

   

  

  
    
      

  

  
    EXHIBIT A-1 

     

    INITIAL PRINCIPAL AMOUNT $[_______]

     

    REGISTERED

     

    No. RB A-1-1

     

    SEE REVERSE FOR CERTAIN DEFINITIONS

     

    CUSIP NO.:  [_______]

    

    

    EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
      NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING
      ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
      PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

        LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
      4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

     

    EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE
      COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR OTHER
      COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH SUIT,
      ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

     

    
      
        

    

    
    IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE
      EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
      JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
      OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

     

    EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE INDENTURE
      TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE INDENTURE.  IN
      ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER OF AN INTEREST IN
      A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

     

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
      CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.

     

    THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
      MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

    

    

     

    
      A-1-2

      
        

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

     

    CLASS A-1 [__]% ASSET BACKED NOTE

     

    Exeter Automobile Receivables Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
      as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
      fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class A-1 Notes immediately prior to such
      Distribution Date by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-1 Notes pursuant to the Indenture]; provided, however,
      that the entire unpaid principal amount of this Note shall be due and payable on the September 2022 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each
      Distribution Date until the principal of this Note is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the most recent Distribution Date on which interest has been paid to but
      excluding such Distribution Date or, if no interest has yet been paid, from August 25, 2021.  Interest will be computed on the basis of the actual number of days in the related Interest Period and a year assumed to consist of 360 days.  Such
      principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

     

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
      tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

     

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
      forth on the face of this Note.

     

    Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note
      shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

     

    
      A-1-3

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
      forth below.

     

    	 	
            EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

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

          
	 	 
	 	 
	 	
            By:                                                                               

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes designated above and referred to in the within-mentioned Indenture.

     

    	
            Date:  August 25, 2021

          	
            CITIBANK, N.A., not

          
	 	
            in its individual capacity but solely as Indenture Trustee

          
	 	 	 
	 	
            By:

          	
                                                                                          

          
	 	 	
            Authorized Signer

          

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      A-1-4

      
        

    

    [REVERSE OF NOTE]

     

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-1 [__]% Asset Backed Notes (herein called the “Class

        A-1 Notes”), all issued under an Indenture dated as of July 31, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2021-3 (the “Holding Trust”) and
      Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
      respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as supplemented or
      amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     

    The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
      and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

     

    Principal of the Class A-1 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
      means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 15, 2021.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
      month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

     

    As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
      Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
      principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the
      Indenture.  All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto.

     

    Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not
      in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect
      to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. 
      Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment.  Any reduction in the
      principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
      exchange

     

    
      A-1-5

      
        

    

    hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then
      remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
      notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
      Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

     

    The Issuer shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful.

     

    As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
      Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
      membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
      the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
      transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
      connection with any such registration of transfer or exchange.

     

    Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
      that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
      connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
      agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
      Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
      Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
      stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a Certificateholder, as
      indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

     

    
      A-1-6

      
        

    

    Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
      Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
      neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

     

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
      the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages of
      the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
      waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
      or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of
      the Notes issued thereunder.

     

    The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

     

    The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and
      the Noteholders under the Indenture.

     

    The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

     

    This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
      provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

     

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
      is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

     

    Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
      Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
      shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
      expressly understood

     

    
      A-1-7

      
        

    

    that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance
      hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
      provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
      the Indenture or in this Note.

     

     

    

     

    

     

    

     

    

    

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

    

    
      A-1-8

      
        

    

    ASSIGNMENT

     

    Social Security or taxpayer I.D. or other identifying number of assignee

     

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

    ________________________________

    (name and address of assignee)

     

    the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration
      thereof, with full power of substitution in the premises.

     

    	Dated 

          	
            

            

          	
            1

          	 	 
	 	 	 	
            Signature Guaranteed:

          	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    

    

    

    

    

    

    

      

    
    

    1  NOTE:  The signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      A-1-9

      
        

    

    EXHIBIT A-2

     

    INITIAL PRINCIPAL AMOUNT $[_______]

     

    REGISTERED

     

    No. RB A-2-1

     

    SEE REVERSE FOR CERTAIN DEFINITIONS

     

    CUSIP NO.:  [_______]

    

    

    EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
      NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING
      ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
      PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

        LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
      4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

     

    EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE
      COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR OTHER
      COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH SUIT,
      ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

     

    
      A-1-10

      
        

    

    
    IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE
      EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
      JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
      OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

     

    EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE INDENTURE
      TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE INDENTURE.  IN
      ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER OF AN INTEREST IN
      A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

     

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
      CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.

     

    THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
      MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

    

    

     

    
      A-1-11

      
        

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

     

    CLASS A-2 [__]% ASSET BACKED NOTE

     

    Exeter Automobile Receivables Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
      as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
      fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class A-2 Notes immediately prior to such
      Distribution Date by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-2 Notes pursuant to the Indenture]; provided, however,
      that the entire unpaid principal amount of this Note shall be due and payable on the January 2024 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each
      Distribution Date until the principal of this Note is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the
      succeeding calendar month or, if no interest has yet been paid, from August 25, 2021.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the
      manner specified on the reverse hereof.

     

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
      tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

     

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
      forth on the face of this Note.

     

    Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note
      shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

     

    

     

    

     

    
      A-1-12

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
      forth below.

     

    	 	
            EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

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

          
	 	 
	 	 
	 	
            By:                                                                                  

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes designated above and referred to in the within-mentioned Indenture.

     

    	
            Date:  August 25, 2021

          	
            CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

          
	 	 
	 	 
	 	
            By:                                                                                  

          
	 	
                  

                  Authorized Signer

          

    

    

    

    

    

    

    

    

    

    

    
      A-1-13

      
        

    

    [REVERSE OF NOTE]

     

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2 [__]% Asset Backed Notes (herein called the “Class

        A-2 Notes”), all issued under an Indenture dated as of July 31, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2021-3 (the “Holding Trust”) and
      Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
      respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as supplemented or
      amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     

    The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
      and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

     

    Principal of the Class A-2 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
      means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 15, 2021.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
      month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

     

    As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
      Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
      principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the
      Indenture.  All principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto.

     

    Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not
      in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect
      to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. 
      Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment.  Any reduction in the
      principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
      exchange

     

    
      A-1-14

      
        

    

    hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then
      remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
      notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
      Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

     

    The Issuer shall pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful.

     

    As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
      Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
      membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
      the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
      transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
      connection with any such registration of transfer or exchange.

     

    Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
      that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
      connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
      agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
      Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
      Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
      stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a Certificateholder, as
      indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

     

    
      A-1-15

      
        

    

    Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
      Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
      neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

     

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
      the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages of
      the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
      waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
      or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of
      the Notes issued thereunder.

     

    The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

     

    The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and
      the Noteholders under the Indenture.

     

    The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

     

    This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
      provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

     

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
      is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

     

    Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
      Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
      shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
      expressly understood

     

    
      A-1-16

      
        

    

    that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance
      hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
      provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
      the Indenture or in this Note.

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

     

    

     

    

    

    

     

    

    

     

    

    

     

    
      A-1-17

      
        

    

    ASSIGNMENT

     

    Social Security or taxpayer I.D. or other identifying number of assignee

     

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

    ________________________________

    (name and address of assignee)

     

    the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration
      thereof, with full power of substitution in the premises.

    

    	Dated 

          	
            

            

          	
            1

          	 	 
	 	 	 	
            Signature Guaranteed:

          	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    

    

    

    

  

  

    

  

    
    

    

        1  NOTE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      A-1-18

      
        

    

    EXHIBIT A-3

     

    INITIAL PRINCIPAL AMOUNT $[_______]

     

    REGISTERED

     

    No. RB A-3-1

     

    SEE REVERSE FOR CERTAIN DEFINITIONS

     

    CUSIP NO.:  [_______]

    

    

    EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
      NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING
      ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
      PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

        LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
      4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

     

    EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE
      COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR OTHER
      COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH SUIT,
      ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

     

    
      A-1-19

      
        

    

    IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE
      EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
      JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
      OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

     

    EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE INDENTURE
      TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE INDENTURE.  IN
      ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER OF AN INTEREST IN
      A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

     

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
      CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.

     

    THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
      MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

    

    

     

    
      A-1-20

      
        

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

     

    CLASS A-3 [__]% ASSET BACKED NOTE

     

    Exeter Automobile Receivables Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
      as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
      fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class A-3 Notes immediately prior to such
      Distribution Date by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-3 Notes pursuant to the Indenture]; provided, however,
      that the entire unpaid principal amount of this Note shall be due and payable on the February 2025 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each
      Distribution Date until the principal of this Note is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the
      succeeding calendar month or, if no interest has yet been paid, from August 25, 2021.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the
      manner specified on the reverse hereof.

     

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
      tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

     

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
      forth on the face of this Note.

     

    Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note
      shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

     

    
      A-1-21

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
      forth below.

     

    	 	
            EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

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

          
	 	 
	 	 
	 	
            By:                                                                                           

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes designated above and referred to in the within-mentioned Indenture.

     

    	
            Date:  August 25, 2021

          	
            CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

          
	 	 
	 	 
	 	
            By:                                                                                           

          
	 	
                  Authorized Signer

          

     

    

     

    

     

    

     

    

    
      A-1-22

      
        

    

    [REVERSE OF NOTE]

     

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3 [__]% Asset Backed Notes (herein called the “Class

        A-3 Notes”), all issued under an Indenture dated as of July 31, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2021-3 (the “Holding Trust”) and
      Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
      respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as supplemented or
      amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     

    The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
      and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

     

    Principal of the Class A-3 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
      means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 15, 2021.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
      month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

     

    As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
      Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
      principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the
      Indenture.  All principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto.

     

    Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not
      in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect
      to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. 
      Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment.  Any reduction in the
      principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
      exchange

     

    
      A-1-23

      
        

    

    hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then
      remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
      notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
      Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

     

    The Issuer shall pay interest on overdue installments of interest at the Class A-3 Interest Rate to the extent lawful.

     

    As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
      Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
      membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
      the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
      transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
      connection with any such registration of transfer or exchange.

     

    Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
      that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
      connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
      agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
      Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
      Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
      stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a Certificateholder, as
      indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

     

    
      A-1-24

      
        

    

    Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
      Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
      neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

     

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
      the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages of
      the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
      waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
      or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of
      the Notes issued thereunder.

     

    The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

     

    The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and
      the Noteholders under the Indenture.

     

    The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

     

    This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
      provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

     

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
      is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

     

    Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
      Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
      shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
      expressly understood

     

    
      A-1-25

      
        

    

    that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance
      hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
      provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
      the Indenture or in this Note.

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    
      A-1-26

      
        

    

    ASSIGNMENT

     

    Social Security or taxpayer I.D. or other identifying number of assignee

     

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

    ________________________________

            (name and address of assignee)

     

    the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration
      thereof, with full power of substitution in the premises.

     

    
      	Dated 

            	
              

              

            	
              1

            	 	 
	 	 	 	
              Signature Guaranteed:

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

                                  

    

    

    

    

    

    

    

      

    
    

    1  NOTE:  The signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      A-1-27

      
        

    

    EXHIBIT B

     

    INITIAL PRINCIPAL AMOUNT $[_______]

     

    REGISTERED

     

    No. RB B-1

     

    SEE REVERSE FOR CERTAIN DEFINITIONS

     

    CUSIP NO.: [_______]

     

    EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
      NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING
      ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
      PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

        LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
      4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

     

    EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE
      COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR OTHER
      COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH SUIT,
      ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

     

    
      
        

    

    
    IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE
      EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
      JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
      OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

     

    EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE INDENTURE
      TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE INDENTURE.  IN
      ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER OF AN INTEREST IN
      A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

     

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
      CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.

     

    THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
      MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

    
      B-1-2

      
        

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

     

    CLASS B [__]% ASSET BACKED NOTE

     

    Exeter Automobile Receivables Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
      as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
      fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class B Notes immediately prior to such Distribution
      Date by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class B Notes pursuant to the Indenture]; provided, however, that
      the entire unpaid principal amount of this Note shall be due and payable on the January 2026 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each
      Distribution Date until the principal of this Note is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the
      succeeding calendar month or, if no interest has yet been paid, from August 25, 2021.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the
      manner specified on the reverse hereof.

     

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
      tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

     

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
      forth on the face of this Note.

     

    Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note
      shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

     

    
      B-1-3

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
      forth below.

     

    
      	 	
              EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

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

            
	 	 
	 	 
	 	
              By:                                                                                    

                

            
	 	
              Name:

            
	 	
              Title:

            

    

     

    

    

    

    

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes designated above and referred to in the within-mentioned Indenture.

     

    	
            Date:  August 25, 2021

          	
            CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

          
	 	
            By:                                                                                    

          
	 	
                  Authorized Signer

          

     

      

      

      

    

    
      B-1-4

      
        

    

    [REVERSE OF NOTE]

     

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class B [__]% Asset Backed Notes (herein called the “Class

        B Notes”), all issued under an Indenture dated as of July 31, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2021-3 (the “Holding Trust”) and Citibank,
      N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
      rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as supplemented or amended,
      shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     

    The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
      and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

     

    Principal of the Class B Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
      means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 15, 2021.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
      month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

     

    As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
      Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
      principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the
      Indenture.  All principal payments on the Class B Notes shall be made pro rata to the Class B Noteholders entitled thereto.

     

    Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not
      in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect
      to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. 
      Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment.  Any reduction in the
      principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
      exchange

     

    

     

    

    
      B-1-5

      
        

    

    hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then
      remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
      notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
      Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

     

    The Issuer shall pay interest on overdue installments of interest at the Class B Interest Rate to the extent lawful.

     

    As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
      Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
      membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
      the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
      transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
      connection with any such registration of transfer or exchange.

     

    Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
      that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
      connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
      agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
      Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
      Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
      stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a Certificateholder, as
      indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

     

    
      B-1-6

      
        

    

    Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
      Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
      neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

     

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
      the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages of
      the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
      waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
      or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of
      the Notes issued thereunder.

     

    The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

     

    The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and
      the Noteholders under the Indenture.

     

    The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

     

    This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
      provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

     

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
      is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

     

    Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
      Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
      shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
      expressly understood

     

    
      B-1-7

      
        

    

    that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance
      hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
      provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
      the Indenture or in this Note.

     

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      B-1-8

      
        

    

    ASSIGNMENT

     

    Social Security or taxpayer I.D. or other identifying number of assignee

     

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

    ________________________________

          (name and address of assignee)

     

    the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration
      thereof, with full power of substitution in the premises.

     

    
      	Dated 

            	
              

              

            	
              1

            	 	 
	 	 	 	
              Signature Guaranteed:

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

       

                                  

    

    

    

    

    

    

      

    
    

    1  NOTE:  The signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      B-1-9

      
        

    

    EXHIBIT C

     

    INITIAL PRINCIPAL AMOUNT $[_______]

     

    REGISTERED

     

    No. RB C-1

     

    SEE REVERSE FOR CERTAIN DEFINITIONS

     

    CUSIP NO.:  [_______]

     

    EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
      NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING
      ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
      PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

        LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
      4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

     

    EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE
      COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR OTHER
      COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH SUIT,
      ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

     

    
      
        

    

    
    IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE
      EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
      JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
      OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

     

    EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE INDENTURE
      TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE INDENTURE.  IN
      ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER OF AN INTEREST IN
      A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

     

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
      CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.

     

    THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
      MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

    
      C-1-2

      
        

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

     

    CLASS C [__]% ASSET BACKED NOTE

     

    Exeter Automobile Receivables Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
      as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
      fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class C Notes by (ii) the aggregate amount, if any,
      payable from the Note Distribution Account and Collection Account in respect of principal on the Class C Notes pursuant to the Indenture]; provided, however, that the entire unpaid principal amount of this
      Note shall be due and payable on the October 2026 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is
      paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the succeeding calendar month or, if no interest has yet been
      paid, from August 25, 2021.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

     

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
      tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

     

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
      forth on the face of this Note.

     

    Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note
      shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

     

    
      C-1-3

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
      forth below.

     

    	 	
            EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

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

          
	 	
            By:                                                                                          

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes designated above and referred to in the within-mentioned Indenture.

     

    	
            Date:  August 25, 2021

          	
            CITIBANK, N.A.,

          
	 	
            not in its individual capacity but solely as Indenture Trustee

          
	 	 
	 	 
	 	
            By:                                                                                          

              

          
	 	
                  Authorized Signer

          

     

    

     

    

     

    

    
      C-1-4

      
        

    

    [REVERSE OF NOTE]

     

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class C [__]% Asset Backed Notes (herein called the “Class

        C Notes”), all issued under an Indenture dated as of July 31, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2021-3 (the “Holding Trust”) and Citibank,
      N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
      rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as supplemented or amended,
      shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     

    The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
      and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

     

    Principal of the Class C Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
      means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 15, 2021.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
      month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

     

    As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
      Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
      principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the
      Indenture.  All principal payments on the Class C Notes shall be made pro rata to the Class C Noteholders entitled thereto.

     

    Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not
      in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect
      to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. 
      Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment.  Any reduction in the
      principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
      exchange

     

    
      C-1-5

      
        

    

    hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then
      remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
      notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
      Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

     

    The Issuer shall pay interest on overdue installments of interest at the Class C Interest Rate to the extent lawful.

     

    As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
      Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
      membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
      the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
      transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
      connection with any such registration of transfer or exchange.

     

    Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
      that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
      connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
      agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
      Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
      Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
      stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a Certificateholder, as
      indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

     

    
      C-1-6

      
        

    

    Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
      Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
      neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

     

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
      the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages of
      the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
      waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
      or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of
      the Notes issued thereunder.

     

    The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

     

    The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and
      the Noteholders under the Indenture.

     

    The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

     

    This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
      provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

     

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
      is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

     

    Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
      Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
      shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
      expressly understood

     

    
      C-1-7

      
        

    

    that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance
      hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
      provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
      the Indenture or in this Note.

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    
      C-1-8

      
        

    

    ASSIGNMENT

     

    Social Security or taxpayer I.D. or other identifying number of assignee

    
       

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

      ________________________________

              (name and address of assignee)

        

    

    the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration
      thereof, with full power of substitution in the premises.

     

    
      
        	Dated 

              	
                

                

              	
                1

              	 	 
	 	 	 	
                Signature Guaranteed:

              	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

         

    

    

    

    

    

    

    

      

    
    

    1  NOTE:  The signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      C-1-9

      
        

    

    EXHIBIT D

     

    INITIAL PRINCIPAL AMOUNT $[_______]

     

    REGISTERED

     

    No. RB D-1

     

    SEE REVERSE FOR CERTAIN DEFINITIONS

     

    CUSIP NO.:  [_______]

     

    EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
      NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING
      ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
      PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

        LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
      4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

     

    EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE
      COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR OTHER
      COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH SUIT,
      ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

     

    
      
        

    

    
    IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE
      EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
      JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
      OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

     

    EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE INDENTURE
      TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE INDENTURE.  IN
      ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER OF AN INTEREST IN
      A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

     

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
      CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.

     

    THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
      MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

     

    

    
      D-1-2

      
        

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

     

    CLASS D [__]% ASSET BACKED NOTE

     

    Exeter Automobile Receivables Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
      as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of  [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
      fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class D Notes by (ii) the aggregate amount, if any,
      payable from the Note Distribution Account and Collection Account in respect of principal on the Class D Notes pursuant to the Indenture]; provided, however, that the entire unpaid principal amount of this
      Note shall be due and payable on the June 2027 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is
      paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the succeeding calendar month or, if no interest has yet been
      paid, from August 25, 2021.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

     

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
      tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

     

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
      forth on the face of this Note.

     

    Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note
      shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

     

     

    

     

    

     

    

     

    

     

    

    
      D-1-3

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
      forth below.

     

    	 	
            EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

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

          
	 	 
	 	 
	 	
            By:                                                                             

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes designated above and referred to in the within-mentioned Indenture.

     

    	
            Date:  August 25, 2021

          	
            CITIBANK, N.A.,

          
	 	
            not in its individual capacity but solely as Indenture Trustee

          
	 	 
	 	 
	 	
            By:                                                                             

          
	 	
            Authorized Signer

          

    

    

    

    

    

    

    
      D-1-4

      
        

    

    [REVERSE OF NOTE]

     

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class D [__]% Asset Backed Notes (herein called the “Class

        D Notes”), all issued under an Indenture dated as of July 31, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2021-3 (the “Holding Trust”) and Citibank,
      N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
      rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as supplemented or amended,
      shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     

    The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
      and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

     

    Principal of the Class D Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
      means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 15, 2021.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
      month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

     

    As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
      Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
      principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the
      Indenture.  All principal payments on the Class D Notes shall be made pro rata to the Class D Noteholders entitled thereto.

     

    Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not
      in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect
      to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. 
      Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment.  Any reduction in the
      principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
      exchange

     

    
      D-1-5

      
        

    

    hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then
      remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
      notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
      Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

     

    The Issuer shall pay interest on overdue installments of interest at the Class D Interest Rate to the extent lawful.

     

    As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
      Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
      membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
      the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
      transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
      connection with any such registration of transfer or exchange.

     

    Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
      that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
      connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
      agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
      Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
      Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
      stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a Certificateholder, as
      indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

     

    
      D-1-6

      
        

    

    Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
      Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
      neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

     

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
      the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages of
      the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
      waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
      or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of
      the Notes issued thereunder.

     

    The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

     

    The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and
      the Noteholders under the Indenture.

     

    The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

     

    This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
      provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

     

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
      is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

     

    Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
      Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
      shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
      expressly understood

     

    
      D-1-7

      
        

    

    that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance
      hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
      provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
      the Indenture or in this Note.

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    
      D-1-8

      
        

    

    ASSIGNMENT

     

    Social Security or taxpayer I.D. or other identifying number of assignee

    
       

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

      ________________________________

              (name and address of assignee)

        

    

     
    the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration
      thereof, with full power of substitution in the premises.

     

    	Dated 

          	
            

            

          	
            1

          	 	 
	 	 	 	
            Signature Guaranteed:

          	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

                                  

    

    

    

    

    

    

    

    

    

    

      

    
    

    1  NOTE:  The signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      D-1-9

      
        

    

    EXHIBIT E-1

     

    INITIAL PRINCIPAL AMOUNT $[_______]

     

    	
            REGISTERED

          	
            UP TO $[_______]

          

     

    

    No. RB E-1-1

     

    SEE REVERSE FOR CERTAIN DEFINITIONS

     

    144A CUSIP NO.:  [_______]

     

    THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR
      BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS.  BY ITS ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE IS DEEMED TO, OR IN THE CASE OF AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) IN
      REGULATION D UNDER THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) SHALL, REPRESENT TO EFCAR, LLC (THE “SELLER”) AND THE OWNER TRUSTEE THAT IT (I) IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES
      ACT (A “QIB”) AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (II)
      IS A NON-U.S. PERSON OUTSIDE THE UNITED STATES PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (III) IS AN INSTITUTIONAL ACCREDITED INVESTOR AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR
      AGENT FOR OTHERS (WHICH OTHERS ALSO ARE INSTITUTIONAL ACCREDITED INVESTORS) OR (IV) IN CONNECTION WITH SALES OTHER THAN THE INITIAL SALE OF THIS NOTE BY AN INITIAL PURCHASER, IS OTHERWISE ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT FROM THE
      SECURITIES ACT.

     

    NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS (I) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE SELLER OR
      AN AFFILIATE OF THE SELLER, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB
      ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (III) SUCH SALE,
      PLEDGE OR OTHER TRANSFER IS MADE TO A NON-U.S. PERSON UNDER REGULATION S UNDER THE SECURITIES ACT OR (IV) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSFER EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH

     

    
      
        

    

    
    CASE (A) THE NOTE REGISTRAR SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE NOTE REGISTRAR AND THE SELLER IN WRITING
      THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE NOTE REGISTRAR AND THE SELLER, AND (B) THE NOTE REGISTRAR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE
      SELLER OR THE NOTE REGISTRAR) SATISFACTORY TO THE SELLER AND THE NOTE REGISTRAR TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT OR THE APPLICABLE STATE SECURITIES LAWS. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY
      PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE NOTES FOR ALL PURPOSES.

     

    EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
      NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF AN ENTITY THAT IS OR WILL BE, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY
      WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE
      BENEFIT PLAN, A PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

     

    EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE
      COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR OTHER
      COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH SUIT,
      ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE
      INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR

     

    
      E-1-2

      
        

    

    INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR JURISDICTION
      WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
      LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

     

    EACH HOLDER OF THIS NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF THIS NOTE OR SUCH INTEREST IN THIS NOTE, SHALL PROVIDE THE ISSUER AND THE
      INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE INDENTURE.  IN
      ADDITION, EACH HOLDER OF THIS NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THIS NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER OF AN
      INTEREST IN THIS NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

     

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
      CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.

     

    THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
      MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

    THE FAILURE TO PROVIDE THE ISSUER AND THE INDENTURE TRUSTEE WITH THE APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL
      REVENUE SERVICE (“IRS”) FORM W-9 (OR SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE, OR AN APPROPRIATE IRS FORM W-8 (OR SUCCESSOR FORM) OTHER THAN AN IRS FORM W-8ECI OR
      IRS FORM W-8IMY WITH AN IRS FORM W-8ECI ATTACHED IN THE CASE OF A PERSON THAT IS NOT A UNITED STATES PERSON MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL

     

    
      E-1-3

      
        

    

    WITHHOLDING OR BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE.

     

    NO PORTION OF THIS NOTE OR ANY INTEREST HEREIN MAY BE TRANSFERRED, DIRECTLY OR INDIRECTLY, TO ANY PERSON THAT WOULD PROVIDE AN IRS FORM W-8ECI OR
      IRS FORM W‐8IMY WITH AN ATTACHED IRS FORM W-8ECI IN RESPONSE TO THE WITHHOLDING REQUIREMENTS OF SECTION 3.22 OF THE INDENTURE.

     

    THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED THAT AS A RESULT OF SUCH HOLDER’S OWN ACTIVITIES SEPARATE FROM
      THOSE OF THE ISSUER SUCH HOLDER IS NOT REQUIRED TO TREAT INCOME FROM THIS NOTE AS EFFECTIVELY CONNECTED TO A UNITED STATES TRADE OR BUSINESS OF A PERSON THAT IS NOT A UNITED STATES PERSON AND NO HOLDER SHALL PROVIDE THE ISSUER WITH EITHER AN IRS FORM
      W‐8ECI (OR SUCCESSOR FORM) OR AN IRS FORM W‐8IMY (OR SUCCESSOR FORM) TO WHICH AN IRS FORM W‐8ECI (OR SUCCESSOR FORM) IS ATTACHED (EITHER DIRECTLY OR AS PART OF ANOTHER FORM ATTACHED TO SUCH IRS FORM W‐8IMY).

     

    THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED TO THE INDENTURE TRUSTEE, NOTE REGISTRAR, AND ANY OF THEIR
      RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE
      FOREGOING) (EACH SUCH ENTITY, A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) (1) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE
      THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE CLASS E NOTES AND ANY EQUITY INTERESTS IN THE ISSUER OR (2) SOLELY IN THE CASE OF EFCAR, LLC ACQUIRING CLASS E NOTES FOR
      THE PURPOSES OF THE U.S. RISK RETENTION RULES, THERE WILL BE NO MORE THAN FIVE (5) OWNERS OF SUCH FLOW-THROUGH ENTITY (AS DETERMINED FOR PURPOSES OF SECTION 1-7704-1(H) OF THE TREASURY REGULATIONS) AND EACH SUCH OWNER EITHER IS NOT AND WILL NOT
      BECOME A FLOW-THROUGH ENTITY OR SATISFIES THE PRECEDING CLAUSE (1) AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY CLASS E NOTES TO PERMIT ANY PARTNERSHIP TO SATISFY
      THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, (B) IT WILL NOT SELL, ASSIGN, TRANSFER, PLEDGE OR OTHERWISE
      CONVEY ANY PARTICIPATING INTEREST IN ANY NOTE OR ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS DETERMINED BY REFERENCE IN WHOLE OR IN PART TO ANY NOTE, (C) IT IS NOT

     

    
      E-1-4

      
        

    

    ACQUIRING AND WILL NOT SELL, TRANSFER, ASSIGN, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF ANY CLASS E NOTES (OR INTEREST THEREIN) IF SUCH ACQUISITION, SALE,
      TRANSFER, ASSIGNMENT, PARTICIPATION, PLEDGE OR DISPOSITION IS THROUGH, OR WOULD CAUSE ANY CLASS E NOTES (OR INTEREST THEREIN) TO BE MARKETED ON OR THROUGH AN “ESTABLISHED SECURITIES MARKET” WITHIN THE MEANING OF SECTION 7704(B) OF THE CODE,
      INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS AND (D) IT DOES NOT AND WILL NOT BENEFICIALLY OWN ANY CLASS E NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS
      THAN THE MINIMUM DENOMINATION FOR SUCH NOTE.  TO THE EXTENT THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN IS UNABLE TO MAKE EACH OF THE REPRESENTATIONS CONTAINED IN THE FOREGOING CLAUSES (A), (B), (C) AND (D), SUCH HOLDER WILL BE DEEMED TO HAVE
      AGREED TO PROVIDE AN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT ITS ACQUISITION OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION.  ANY
      TRANSFER OF A CLASS E NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB INITIO.

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

     

    

    

     

    
      E-1-5

      
        

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

     

    CLASS E [__]% ASSET BACKED NOTE

     

    Exeter Automobile Receivables Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
      as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of UP TO [_______] DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i)
      a fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class E Notes by (ii) the aggregate amount, if any,
      payable from the Note Distribution Account and Collection Account in respect of principal on the Class E Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this
      Note shall be due and payable on the December 2028 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is
      paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the succeeding calendar month or, if no interest has yet been
      paid, from August 25, 2021.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

     

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
      tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

     

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
      forth on the face of this Note.

     

    Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note
      shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

     

    
      E-1-6

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
      forth below.

     

    	 	
            EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

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

          
	 	 
	 	 
	 	
            By:                                                                                   

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes designated above and referred to in the within-mentioned Indenture.

     

    	
            Date:  August 25, 2021

          	
            CITIBANK, N.A.,

          
	 	
            not in its individual capacity but solely as Indenture Trustee

          
	 	 
	 	 
	 	
            By:                                                                                   

          
	 	
                  Authorized Signer

          

    

    

    

    

    

    

    

    

    
      E-1-7

      
        

    

    [REVERSE OF NOTE]

     

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class E [__]% Asset Backed Notes (herein called the “Class

        E Notes”), all issued under an Indenture dated as of July 31, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2021-3 (the “Holding Trust”) and Citibank,
      N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
      rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as supplemented or amended,
      shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     

    The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
      and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

     

    Principal of the Class E Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
      means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 15, 2021.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
      month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

     

    As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
      Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
      principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the
      Indenture.  All principal payments on the Class E Notes shall be made pro rata to the Class E Noteholders entitled thereto.

     

    Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not
      in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect
      to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. 
      Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment.  Any reduction in the
      principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
      exchange

     

    
      E-1-8

      
        

    

    hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then
      remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
      notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
      Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

     

    The Issuer shall pay interest on overdue installments of interest at the Class E Interest Rate to the extent lawful.

     

    As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
      Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
      membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
      the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
      transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
      connection with any such registration of transfer or exchange.

     

    Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
      that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
      connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
      agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
      Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
      Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
      stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a Certificateholder, as
      indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

     

    
      E-1-9

      
        

    

    Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
      Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
      neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

     

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
      the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages of
      the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
      waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
      or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of
      the Notes issued thereunder.

     

    The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

     

    The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and
      the Noteholders under the Indenture.

     

    The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

     

    This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
      provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

     

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
      is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

     

    Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
      Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
      shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
      expressly understood

     

    
      E-1-10

      
        

    

    that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance
      hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
      provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
      the Indenture or in this Note.

     

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      E-1-11

      
        

    

    ASSIGNMENT

     

    Social Security or taxpayer I.D. or other identifying number of assignee

     

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

    ________________________________

            (name and address of assignee)

     

    the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration
      thereof, with full power of substitution in the premises.

     

    	Dated 

          	
            

            

          	
            1

          	 	 
	 	 	 	
            Signature Guaranteed:

          	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

                                  

    

    

    

    

    

    

    

    

      

    
    

    1  NOTE:  The signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      E-1-12

      
        

    

    EXHIBIT E-2

     

    	
            REGISTERED

          	
            $0

          

     

    

    No. RB E-2-1

     

    SEE REVERSE FOR CERTAIN DEFINITIONS

     

    INSTITUTIONAL ACCREDITED INVESTOR CUSIP NO.: [_______]

     

    THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR
      BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS.  BY ITS ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE IS DEEMED TO, OR IN THE CASE OF AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) IN
      REGULATION D UNDER THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) SHALL, REPRESENT TO EFCAR, LLC (THE “SELLER”) AND THE OWNER TRUSTEE THAT IT (I) IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES
      ACT (A “QIB”) AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (II)
      IS A NON-U.S. PERSON OUTSIDE THE UNITED STATES PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (III) IS AN INSTITUTIONAL ACCREDITED INVESTOR AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR
      AGENT FOR OTHERS (WHICH OTHERS ALSO ARE INSTITUTIONAL ACCREDITED INVESTORS) OR (IV) IN CONNECTION WITH SALES OTHER THAN THE INITIAL SALE OF THIS NOTE BY AN INITIAL PURCHASER, IS OTHERWISE ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT FROM THE
      SECURITIES ACT.

     

    NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS (I) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE SELLER OR
      AN AFFILIATE OF THE SELLER, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB
      ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (III) SUCH SALE,
      PLEDGE OR OTHER TRANSFER IS MADE TO A NON-U.S. PERSON UNDER REGULATION S UNDER THE SECURITIES ACT OR (IV) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSFER EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH
      CASE (A) THE NOTE REGISTRAR SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE NOTE

     

    
      
        

    

    
    REGISTRAR AND THE SELLER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE NOTE REGISTRAR AND
      THE SELLER, AND (B) THE NOTE REGISTRAR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE SELLER OR THE NOTE REGISTRAR) SATISFACTORY TO THE SELLER AND THE NOTE REGISTRAR TO THE EFFECT THAT SUCH TRANSFER WILL NOT
      VIOLATE THE SECURITIES ACT OR THE APPLICABLE STATE SECURITIES LAWS. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE
      NOTES FOR ALL PURPOSES.

     

    EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
      NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF AN ENTITY THAT IS OR WILL BE, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY
      WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE
      BENEFIT PLAN, A PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

     

    EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE
      COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR OTHER
      COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH SUIT,
      ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE
      INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT
      OF ANY SUCH COURT BY ANY COURT OF ANY

     

    
      E-2-2

      
        

    

    OTHER NATION OR JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY
      ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

     

    EACH HOLDER OF THIS NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF THIS NOTE OR SUCH INTEREST IN THIS NOTE, SHALL PROVIDE THE ISSUER AND THE
      INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE INDENTURE.  IN
      ADDITION, EACH HOLDER OF THIS NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THIS NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER OF AN
      INTEREST IN THIS NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

     

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
      CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.

     

    THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
      MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

    THE FAILURE TO PROVIDE THE ISSUER AND THE INDENTURE TRUSTEE WITH THE APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL
      REVENUE SERVICE (“IRS”) FORM W-9 (OR SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE, OR AN APPROPRIATE IRS FORM W-8 (OR SUCCESSOR FORM) OTHER THAN AN IRS FORM W-8ECI OR
      IRS FORM W-8IMY WITH AN IRS FORM W-8ECI ATTACHED IN THE CASE OF A PERSON THAT IS NOT A UNITED STATES PERSON MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE.

     

    
      E-2-3

      
        

    

    NO PORTION OF THIS NOTE OR ANY INTEREST HEREIN MAY BE TRANSFERRED, DIRECTLY OR INDIRECTLY, TO ANY PERSON THAT WOULD PROVIDE AN IRS FORM W-8ECI OR
      IRS FORM W‐8IMY WITH AN ATTACHED IRS FORM W-8ECI IN RESPONSE TO THE WITHHOLDING REQUIREMENTS OF SECTION 3.22 OF THE INDENTURE.

     

    THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED THAT AS A RESULT OF SUCH HOLDER’S OWN ACTIVITIES SEPARATE FROM
      THOSE OF THE ISSUER SUCH HOLDER IS NOT REQUIRED TO TREAT INCOME FROM THIS NOTE AS EFFECTIVELY CONNECTED TO A UNITED STATES TRADE OR BUSINESS OF A PERSON THAT IS NOT A UNITED STATES PERSON AND NO HOLDER SHALL PROVIDE THE ISSUER WITH EITHER AN IRS FORM
      W‐8ECI (OR SUCCESSOR FORM) OR AN IRS FORM W‐8IMY (OR SUCCESSOR FORM) TO WHICH AN IRS FORM W‐8ECI (OR SUCCESSOR FORM) IS ATTACHED (EITHER DIRECTLY OR AS PART OF ANOTHER FORM ATTACHED TO SUCH IRS FORM W‐8IMY).

     

    THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED TO THE INDENTURE TRUSTEE, NOTE REGISTRAR, AND ANY OF THEIR
      RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE
      FOREGOING) (EACH SUCH ENTITY, A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) (1) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE
      THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE CLASS E NOTES AND ANY EQUITY INTERESTS IN THE ISSUER OR (2) SOLELY IN THE CASE OF EFCAR, LLC ACQUIRING CLASS E NOTES FOR
      THE PURPOSES OF THE U.S. RISK RETENTION RULES, THERE WILL BE NO MORE THAN FIVE (5) OWNERS OF SUCH FLOW-THROUGH ENTITY (AS DETERMINED FOR PURPOSES OF SECTION 1-7704-1(H) OF THE TREASURY REGULATIONS) AND EACH SUCH OWNER EITHER IS NOT AND WILL NOT
      BECOME A FLOW-THROUGH ENTITY OR SATISFIES THE PRECEDING CLAUSE (1) AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY CLASS E NOTES TO PERMIT ANY PARTNERSHIP TO SATISFY
      THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, (B) IT WILL NOT SELL, ASSIGN, TRANSFER, PLEDGE OR OTHERWISE
      CONVEY ANY PARTICIPATING INTEREST IN ANY NOTE OR ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS DETERMINED BY REFERENCE IN WHOLE OR IN PART TO ANY NOTE, (C) IT IS NOT ACQUIRING AND WILL NOT SELL, TRANSFER, ASSIGN, PARTICIPATE, PLEDGE OR
      OTHERWISE DISPOSE OF ANY CLASS E NOTES (OR INTEREST THEREIN) IF SUCH ACQUISITION, SALE, TRANSFER, ASSIGNMENT, PARTICIPATION, PLEDGE OR

     

    
      E-2-4

      
        

    

    DISPOSITION IS THROUGH, OR WOULD CAUSE ANY CLASS E NOTES (OR INTEREST THEREIN) TO BE MARKETED ON OR THROUGH AN “ESTABLISHED SECURITIES MARKET” WITHIN THE MEANING OF
      SECTION 7704(B) OF THE CODE, INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS AND (D) IT DOES NOT AND WILL NOT BENEFICIALLY OWN ANY CLASS E NOTE (OR ANY BENEFICIAL INTEREST
      THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE.  TO THE EXTENT THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN IS UNABLE TO MAKE EACH OF THE REPRESENTATIONS CONTAINED IN THE FOREGOING CLAUSES (A), (B), (C) AND (D), SUCH
      HOLDER WILL BE DEEMED TO HAVE AGREED TO PROVIDE AN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT ITS ACQUISITION OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE
      AS A CORPORATION.  ANY TRANSFER OF A CLASS E NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB INITIO.

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

     

    
      E-2-5

      
        

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

     

    CLASS E [__]% ASSET BACKED NOTE

     

    Exeter Automobile Receivables Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
      as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ZERO DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction
      the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class E Notes by (ii) the aggregate amount, if any, payable
      from the Note Distribution Account and Collection Account in respect of principal on the Class E Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall
      be due and payable on the December 2028 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or
      made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the succeeding calendar month or, if no interest has yet been paid, from
      August 25, 2021.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

     

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
      tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

     

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
      forth on the face of this Note.

     

    Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note
      shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

     

    
      E-2-6

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
      forth below.

     

    	 	
            EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

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

          
	 	 
	 	 
	 	
            By:                                                                                   

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes designated above and referred to in the within-mentioned Indenture.

     

    	
            Date:  August 25, 2021

          	
            CITIBANK, N.A.,

          
	 	
            not in its individual capacity but solely as Indenture Trustee

          
	 	 
	 	
            By:                                                                                   

          
	 	
            Authorized Signer

          

    

      

    

    

    

    

    

    

    

    
      E-2-7

      
        

    

    [REVERSE OF NOTE]

     

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class E [__]% Asset Backed Notes (herein called the “Class

        E Notes”), all issued under an Indenture dated as of July 31, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2021-3 (the “Holding Trust”) and Citibank,
      N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
      rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as supplemented or amended,
      shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     

    The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
      and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

     

    Principal of the Class E Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
      means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 15, 2021.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
      month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

     

    As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
      Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
      principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the
      Indenture.  All principal payments on the Class E Notes shall be made pro rata to the Class E Noteholders entitled thereto.

     

    Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not
      in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect
      to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. 
      Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment.  Any reduction in the
      principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
      exchange

     

    
      E-2-8

      
        

    

    hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then
      remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
      notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
      Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

     

    The Issuer shall pay interest on overdue installments of interest at the Class E Interest Rate to the extent lawful.

     

    As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
      Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
      membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
      the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
      transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
      connection with any such registration of transfer or exchange.

     

    Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
      that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
      connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
      agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
      Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
      Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
      stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a Certificateholder, as
      indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

     

    
      E-2-9

      
        

    

    Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
      Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
      neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

     

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
      the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages of
      the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
      waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
      or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of
      the Notes issued thereunder.

     

    The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

     

    The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and
      the Noteholders under the Indenture.

     

    The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

     

    This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
      provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

     

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
      is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

     

    Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
      Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
      shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
      expressly understood

     

    
      E-2-10

      
        

    

    that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance
      hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
      provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
      the Indenture or in this Note.

     

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

    

    
      E-2-11

      
        

    

    ASSIGNMENT

     

    Social Security or taxpayer I.D. or other identifying number of assignee

     

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

    ________________________________

    (name and address of assignee)

     

    the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration
      thereof, with full power of substitution in the premises.

     

    	Dated 

          	
            

            

          	
            1

          	 	 
	 	 	 	
            Signature Guaranteed:

          	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

                                  

    

    

    

    

    

    

    

    

    

    

      

    
    

    1  NOTE:  The signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      E-2-12

      
        

    

    EXHIBIT E-3

     

    INITIAL PRINCIPAL AMOUNT $0

     

    	
            REGISTERED

          	
            UP TO $[_______]

          

     

    

    No. RB E-3-1

     

    SEE REVERSE FOR CERTAIN DEFINITIONS

     

    REGULATION S CUSIP NO.:  [_______]

     

     [FOR TEMPORARY REGULATION S NOTES ONLY: THIS REGULATION S GLOBAL NOTE IS A TEMPORARY REGULATION S
      GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  NEITHER THIS TEMPORARY REGULATION S GLOBAL NOTE NOR ANY INTEREST IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE
      OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.]

     

    THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR
      BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS.  BY ITS ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE IS DEEMED TO, OR IN THE CASE OF AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) IN
      REGULATION D UNDER THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) SHALL, REPRESENT TO EFCAR, LLC (THE “SELLER”) AND THE OWNER TRUSTEE THAT IT (I) IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES
      ACT (A “QIB”) AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (II)
      IS A NON-U.S. PERSON OUTSIDE THE UNITED STATES PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (III) IS AN INSTITUTIONAL ACCREDITED INVESTOR AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR
      AGENT FOR OTHERS (WHICH OTHERS ALSO ARE INSTITUTIONAL ACCREDITED INVESTORS) OR (IV) IN CONNECTION WITH SALES OTHER THAN THE INITIAL SALE OF THIS NOTE BY AN INITIAL PURCHASER, IS OTHERWISE ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT FROM THE
      SECURITIES ACT.

     

    NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS (I) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE SELLER OR
      AN AFFILIATE OF THE SELLER, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB
      ACTING FOR

     

    
      
        

    

    
    ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE
      OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (III) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A NON-U.S. PERSON UNDER REGULATION S UNDER THE SECURITIES ACT OR (IV) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSFER EXEMPT
      FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE (A) THE NOTE REGISTRAR SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE NOTE REGISTRAR AND THE SELLER IN WRITING THE FACTS
      SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE NOTE REGISTRAR AND THE SELLER, AND (B) THE NOTE REGISTRAR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE SELLER OR
      THE NOTE REGISTRAR) SATISFACTORY TO THE SELLER AND THE NOTE REGISTRAR TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT OR THE APPLICABLE STATE SECURITIES LAWS. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING
      RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE NOTES FOR ALL PURPOSES.

     

    THIS NOTE, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING OF THE NOTES AND THE CLOSING OF THE OFFERING OF
      THE NOTES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A “U.S. PERSON” (AS DEFINED IN REGULATION S PROMULGATED UNDER THE ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT OR
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, IN EACH CASE IN ACCORDANCE WITH ANY UNITED STATES STATE SECURITIES OR “BLUE SKY” LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION.

     

    EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
      NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF AN ENTITY THAT IS OR WILL BE, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY
      WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE
      BENEFIT PLAN, A PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

     

    
      E-3-2

      
        

    

    EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE
      COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR OTHER
      COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH SUIT,
      ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE
      INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT
      OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY
      WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

     

    EACH HOLDER OF THIS NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF THIS NOTE OR SUCH INTEREST IN THIS NOTE, SHALL PROVIDE THE ISSUER AND THE
      INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE INDENTURE.  IN
      ADDITION, EACH HOLDER OF THIS NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THIS NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER OF AN
      INTEREST IN THIS NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

     

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
      CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR

     

    
      E-3-3

      
        

    

    VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
      MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

    THE FAILURE TO PROVIDE THE ISSUER AND THE INDENTURE TRUSTEE WITH THE APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL
      REVENUE SERVICE (“IRS”) FORM W-9 (OR SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE, OR AN APPROPRIATE IRS FORM W-8 (OR SUCCESSOR FORM) OTHER THAN AN IRS FORM W-8ECI OR
      IRS FORM W-8IMY WITH AN IRS FORM W-8ECI ATTACHED IN THE CASE OF A PERSON THAT IS NOT A UNITED STATES PERSON MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE.

     

    NO PORTION OF THIS NOTE OR ANY INTEREST HEREIN MAY BE TRANSFERRED, DIRECTLY OR INDIRECTLY, TO ANY PERSON THAT WOULD PROVIDE AN IRS FORM W-8ECI OR
      IRS FORM W‐8IMY WITH AN ATTACHED IRS FORM W-8ECI IN RESPONSE TO THE WITHHOLDING REQUIREMENTS OF SECTION 3.22 OF THE INDENTURE.

     

    THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED THAT AS A RESULT OF SUCH HOLDER’S OWN ACTIVITIES SEPARATE FROM
      THOSE OF THE ISSUER SUCH HOLDER IS NOT REQUIRED TO TREAT INCOME FROM THIS NOTE AS EFFECTIVELY CONNECTED TO A UNITED STATES TRADE OR BUSINESS OF A PERSON THAT IS NOT A UNITED STATES PERSON AND NO HOLDER SHALL PROVIDE THE ISSUER WITH EITHER AN IRS FORM
      W‐8ECI (OR SUCCESSOR FORM) OR AN IRS FORM W‐8IMY (OR SUCCESSOR FORM) TO WHICH AN IRS FORM W‐8ECI (OR SUCCESSOR FORM) IS ATTACHED (EITHER DIRECTLY OR AS PART OF ANOTHER FORM ATTACHED TO SUCH IRS FORM W‐8IMY).

     

    THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED TO THE INDENTURE TRUSTEE, NOTE REGISTRAR, AND ANY OF THEIR
      RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE
      FOREGOING) (EACH SUCH ENTITY, A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) (1) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE
      THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST

     

    
      E-3-4

      
        

    

    OF SUCH FLOW-THROUGH ENTITY IN THE CLASS E NOTES AND ANY EQUITY INTERESTS IN THE ISSUER OR (2) SOLELY IN THE CASE OF EFCAR, LLC ACQUIRING CLASS E NOTES FOR THE
      PURPOSES OF THE U.S. RISK RETENTION RULES, THERE WILL BE NO MORE THAN FIVE (5) OWNERS OF SUCH FLOW-THROUGH ENTITY (AS DETERMINED FOR PURPOSES OF SECTION 1-7704-1(H) OF THE TREASURY REGULATIONS) AND EACH SUCH OWNER EITHER IS NOT AND WILL NOT BECOME A
      FLOW-THROUGH ENTITY OR SATISFIES THE PRECEDING CLAUSE (1) AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY CLASS E NOTES TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100
      PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, (B) IT WILL NOT SELL, ASSIGN, TRANSFER, PLEDGE OR OTHERWISE CONVEY ANY
      PARTICIPATING INTEREST IN ANY NOTE OR ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS DETERMINED BY REFERENCE IN WHOLE OR IN PART TO ANY NOTE, (C) IT IS NOT ACQUIRING AND WILL NOT SELL, TRANSFER, ASSIGN, PARTICIPATE, PLEDGE OR OTHERWISE
      DISPOSE OF ANY CLASS E NOTES (OR INTEREST THEREIN) IF SUCH ACQUISITION, SALE, TRANSFER, ASSIGNMENT, PARTICIPATION, PLEDGE OR DISPOSITION IS THROUGH, OR WOULD CAUSE ANY CLASS E NOTES (OR INTEREST THEREIN) TO BE MARKETED ON OR THROUGH AN “ESTABLISHED
      SECURITIES MARKET” WITHIN THE MEANING OF SECTION 7704(B) OF THE CODE, INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS AND (D) IT DOES NOT AND WILL NOT BENEFICIALLY OWN ANY CLASS E
      NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE.  TO THE EXTENT THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN IS UNABLE TO MAKE EACH OF THE REPRESENTATIONS CONTAINED IN THE FOREGOING
      CLAUSES (A), (B), (C) AND (D), SUCH HOLDER WILL BE DEEMED TO HAVE AGREED TO PROVIDE AN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT ITS ACQUISITION OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN WILL NOT CAUSE THE ISSUER TO BE TREATED AS A
      PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION.  ANY TRANSFER OF A CLASS E NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB INITIO.

     

    

    

     

    

    

     

    
      E-3-5

      
        

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

     

    CLASS E [__]% ASSET BACKED NOTE

     

    Exeter Automobile Receivables Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
      as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of UP TO [_______] DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i)
      a fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class E Notes by (ii) the aggregate amount, if any,
      payable from the Note Distribution Account and Collection Account in respect of principal on the Class E Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this
      Note shall be due and payable on the December 2028 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is
      paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the succeeding calendar month or, if no interest has yet been
      paid, from August 25, 2021.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

     

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
      tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

     

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
      forth on the face of this Note.

     

    Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note
      shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

     

    
      E-3-6

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
      forth below.

     

    	 	
            EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3

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

          
	 	 
	 	 
	 	
            By:                                                                                   

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes designated above and referred to in the within-mentioned Indenture.

     

    	
            Date:  August 25, 2021

          	
            CITIBANK, N.A.,

          
	 	
            not in its individual capacity but solely as Indenture Trustee

          
	 	 
	 	
            By:                                                                                   

          
	 	
                  Authorized Signer

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      E-3-7

      
        

    

    [REVERSE OF NOTE]

     

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class E [__]% Asset Backed Notes (herein called the “Class

        E Notes”), all issued under an Indenture dated as of July 31, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2021-3 (the “Holding Trust”) and Citibank,
      N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
      rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as supplemented or amended,
      shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     

    The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
      and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

     

    Principal of the Class E Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
      means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 15, 2021.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
      month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

     

    As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
      Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
      principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the
      Indenture.  All principal payments on the Class E Notes shall be made pro rata to the Class E Noteholders entitled thereto.

     

    Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not
      in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect
      to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. 
      Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment.  Any reduction in the
      principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
      exchange

     

    
      E-3-8

      
        

    

    hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then
      remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
      notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
      Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

     

    The Issuer shall pay interest on overdue installments of interest at the Class E Interest Rate to the extent lawful.

     

    As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
      Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
      membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
      the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
      transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
      connection with any such registration of transfer or exchange.

     

    Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
      that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
      connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
      agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
      Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
      Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
      stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a Certificateholder, as
      indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

     

    
      E-3-9

      
        

    

    Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
      Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
      neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

     

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
      the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages of
      the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
      waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
      or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of
      the Notes issued thereunder.

     

    The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

     

    The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and
      the Noteholders under the Indenture.

     

    The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

     

    This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
      provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

     

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
      is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

     

    Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
      Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
      shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
      expressly understood

     

    
      E-3-10

      
        

    

    that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance
      hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
      provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
      the Indenture or in this Note.

     

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      E-3-11

      
        

    

    ASSIGNMENT

     

    Social Security or taxpayer I.D. or other identifying number of assignee

     

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

    ________________________________

    (name and address of assignee)

     

    the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration
      thereof, with full power of substitution in the premises.

     

    	Dated 

          	
            

            

          	
            1

          	 	 
	 	 	 	
            Signature Guaranteed:

          	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

     

                                  

    

    

    

    

    

    

      

    
    

    1  NOTE:  The signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      E-3-12

      
        

    

    
    EXHIBIT F-1

     

    FORM OF TRANSFER CERTIFICATE FOR TRANSFERS FROM REGULATION S GLOBAL NOTE TO GLOBAL NOTE

     

    (Transfer pursuant to §2.10 of the Indenture)

     

    Citibank, N.A., as Indenture Trustee

    480 Washington Boulevard, 30th Floor

    Jersey City, New Jersey 07310

    Attention: Citibank Agency & Trust, EART 2021-3

    

    

    Reference is hereby made to the Indenture, dated as of July 31, 2021 (the “Indenture”), among EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3, a
      Delaware statutory trust (the “Issuer”), EXETER HOLDINGS TRUST 2021-3, a Delaware statutory trust, and CITIBANK, N.A., a national banking association, as indenture trustee (the “Indenture Trustee”).  Capitalized terms used but not
      defined herein are used as defined in the Indenture and if not in the Indenture then such terms shall have the meanings assigned to them in Regulation S (“Regulation S”) or Rule 144A (“Rule 144A”) under the United States Securities Act
      of 1933, as amended (the “Securities Act”).

     

    This letter relates to U.S. $[_____] aggregate principal amount of the Class E Notes which are held in the form of Regulation S Global Note (CUSIP
      No. [_____]) with The Depositary Trust Company in the name of [name of Transferor] (the “Transferor”) and is intended to facilitate the transfer of Class E Notes in exchange for an equivalent beneficial interest in a Global Note in the name of
      [name of Transferee] (the “Transferee”).

     

    In connection with such request, (i) the Transferor and the Transferee both hereby certify that such transfer has been effected in accordance with
      the transfer restrictions set forth in the Indenture, and (ii) (A) the Transferee does hereby represent, warrant and agree for the benefit of the Issuer that statements (i) through (vii) below are all true, and (B) the Transferor does hereby certify
      that it reasonably believes that the following statements (i) through (vii) concerning the Transferee are all true:

     

    	i.	
            The Transferee is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act;

          

     

    	ii.	
            The Transferee is acquiring the Class E Notes for its own account or for an account that is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act.  The Transferee
              and each such account is acquiring not less than the minimum denomination of the Class E Notes;

          

     

    	iii.	
            The Transferee (and each such account) is not formed for the purpose of acquiring the Class E Notes;

          

     

    	iv.	
            The Transferee will notify future transferees of these transfer restrictions;

          

     

    
      F-1-1

      
        

    

    	v.	
            The Transferee is obtaining the Class E Notes in a transaction pursuant to Rule 144A; and

          

     

    	vi.	
            The Transferee is obtaining the Class E Notes in accordance with any applicable securities laws of any state of the United States or any other applicable jurisdiction.

          

     

    	vii.	
            The Transferee is either (check one):

          

     

    	

          	•	
            “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”), other than a foreign branch of a United States person
              acting as a qualified intermediary, and a properly completed and signed Internal Revenue Service (“IRS”) Form W-9 (or applicable successor form) is attached hereto; or

          

     

    	

          	•	
            is not a “United States person” within the meaning of Section 7701(a)(30) of the Code or is a foreign branch of a United States person acting as a qualified intermediary, and a properly
              completed and signed IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY (without any IRS Forms W-8ECI attached) or IRS Form W-8EXP (with appropriate attachments to these forms), as applicable (or applicable successor form), is attached
              hereto.

          

     

     

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      F-1-2

      
        

    

    You and the Issuer are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any
      administrative or legal Proceedings or official inquiry with respect to the matters covered hereby.

     

    	 	
            [Name of Transferee]

          
	 	 
	 	 
	 	
            By: _____________________________

          
	 	
            Name:

          
	 	
            Title:

          
	 	 
	 	 
	 	
            [Name of Transferor]

          
	 	 
	 	 
	 	
            By: _____________________________

          
	 	
            Name:

          
	 	
            Title:

          

    

    

     

    

    

     

     

    

     

    

     

    

     

    

    

    

     

    
      F-1-3

      
        

    

    
    EXHIBIT F-2

     

    FORM OF TRANSFER CERTIFICATE FOR TRANSFERS FROM GLOBAL NOTE TO REGULATION S GLOBAL NOTE

     

    (Transfer pursuant to §2.10 of the Indenture)

     

    Citibank, N.A., as Indenture Trustee

    480 Washington Boulevard, 30th Floor

    Jersey City, New Jersey 07310

    Attention: Citibank Agency & Trust, EART 2021-3

    

    

    Reference is hereby made to the Indenture, dated as of July 31, 2021 (the “Indenture”), among EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3, a Delaware statutory
      trust (the “Issuer”), EXETER HOLDINGS TRUST 2021-3, a Delaware statutory trust, and CITIBANK, N.A., a national banking association, as indenture trustee (the “Indenture Trustee”).  Capitalized terms used but not defined herein are used
      as defined in the Indenture and if not in the Indenture then such terms shall have the meanings assigned to them in Regulation S (“Regulation S”) or Rule 144A (“Rule 144A”) under the United States Securities Act of 1933, as amended (the
      “Securities Act”).

     

    This letter relates to U.S. $[_____] aggregate principal amount of the Class E Notes which are held in the form of a Global Note (CUSIP No. [_____]) with The
      Depositary Trust Company in the name of [name of Transferor] (the “Transferor”) and is intended to facilitate the transfer of Class E Notes in exchange for an equivalent beneficial interest in a Regulation S Global Note in the name of [name of
      Transferee] (the “Transferee”).

     

    In connection with such request the Transferee does hereby certify represent, warrant and agree for the benefit of the Issuer and the Indenture Trustee that (1) at the
      time the buy order was originated, the Transferee was outside the United States, (2) the Transferee is a Regulation S Non-U.S. Person, (3) the transfer from Transferor to Transferee is being made pursuant to Regulation S and (4) the transfer is being
      effected in accordance with the transfer restrictions set forth in the Indenture.

     

    The Transferee hereby certifies that it is either (check one):

     

    	

          	•	
            a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”), other than a foreign branch of a United States person acting
              as a qualified intermediary, and a properly completed and signed Internal Revenue Service (“IRS”) Form W-9 (or applicable successor form) is attached hereto; or

          

     

    	

          	•	
            is not a “United States person” within the meaning of Section 7701(a)(30) of the Code or is a foreign branch of a United States person acting as a qualified intermediary, and a properly
              completed and signed IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY (without any IRS Forms W-8ECI attached) or IRS

          

     

    
      F-2-1

      
        

    

    	

          	

          	
            Form W-8EXP (with appropriate attachments to these forms), as applicable (or applicable successor form), is attached hereto.

          

     

     

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      F-2-2

      
        

    

    You and the Issuer are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any
      administrative or legal Proceedings or official inquiry with respect to the matters covered hereby.

     

    	 	
            [Name of Transferee]

          
	 	 
	 	 
	 	
            By: _____________________________

          
	 	
            Name:

          
	 	
            Title:

          
	 	 
	 	 
	 	
            [Name of Transferor]

          
	 	 
	 	 
	 	
            By: _____________________________

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    

    

    

    

    
      F-2-3

      
        

    

    
    SCHEDULE A

      

      REPRESENTATIONS AND WARRANTIES

    OF THE ISSUER AND THE HOLDING TRUST

     

    Representations and Warranties Regarding the Receivables:

     

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

     

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

     

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

     

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

     

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

     

    6.          Good Title.  The Holding Trust owns and has
          good and marketable title to the Receivables, free and clear of any Lien (other than the Lien in favor of the Indenture Trustee).

     

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

     

    
      Sch. A-1

      
        

    

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

     

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

     

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

     

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

     

     

    

     

    

     

    

     

    

     

    

     

    

    

    

     

  

   
  Sch. A-2

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