Document:

Exhibit 4.4

  

  

  

  

  

  

  

  
    	
             

            

             

            

            FORM OF AMENDED AND RESTATED TRUST AGREEMENT

            (Holding Trust)

             

            

             

            

            between

             

            

             

            

            EXETER AUTOMOBILE RECEIVABLES TRUST 2022-4

              Seller

             

            

            

              and

             

            

             

            

            WILMINGTON TRUST COMPANY

              Owner Trustee

             

            

             

            

            Dated as of July 17, 2022

             

             

            

             

            

          

    

    

    

    

     

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

    

    

    	
            ARTICLE I DEFINITIONS

          	
            1

          
	
            SECTION 1.1.

          	
            Capitalized Terms.

          	
            1

          
	
            SECTION 1.2.

          	
            Other Definitional Provisions.

          	
            5

          
	
            ARTICLE II ORGANIZATION

          	
            5

          
	
            SECTION 2.1.

          	
            Name and Amendment of Initial Trust Agreement.

          	
            5

          
	
            SECTION 2.2.

          	
            Office.

          	
            6

          
	
            SECTION 2.3.

          	
            Purposes and Powers.

          	
            6

          
	
            SECTION 2.4.

          	
            Appointment of Owner Trustee.

          	
            7

          
	
            SECTION 2.5.

          	
            Initial Capital Contribution of Owner Holding Trust Estate.

          	
            7

          
	
            SECTION 2.6.

          	
            Declaration of Trust.

          	
            7

          
	
            SECTION 2.7.

          	
            Title to Owner Holding Trust Estate.

          	
            7

          
	
            SECTION 2.8.

          	
            Situs of Holding Trust.

          	
            8

          
	
            SECTION 2.9.

          	
            Representations and Warranties of the Depositor.

          	
            8

          
	
            SECTION 2.10.

          	
            Covenants of the Holding Trust Certificateholder.

          	
            9

          
	
            SECTION 2.11.

          	
            U.S. Federal Income Tax Treatment of the Holding Trust.

          	
            9

          
	
            ARTICLE III HOLDING TRUST CERTIFICATE AND TRANSFER OF INTEREST

          	
            10

          
	
            SECTION 3.1.

          	
            Initial Ownership.

          	
            10

          
	
            SECTION 3.2.

          	
            The Holding Trust Certificate.

          	
            10

          
	
            SECTION 3.3.

          	
            Authentication of Holding Trust Certificate.

          	
            11

          
	
            SECTION 3.4.

          	
            [Reserved].

          	
            11

          
	
            SECTION 3.5.

          	
            [Reserved].

          	
            11

          
	
            SECTION 3.6.

          	
            Definitive Holding Trust Certificate.

          	
            11

          
	
            SECTION 3.7.

          	
            Registration of Transfer and Exchange of Holding Trust Certificate.

          	
            11

          
	
            SECTION 3.8.

          	
            Mutilated, Destroyed, Lost or Stolen Holding Trust Certificate.

          	
            13

          
	
            SECTION 3.9.

          	
            Persons Deemed Holding Trust Certificateholder.

          	
            13

          
	
            SECTION 3.10.

          	
            Maintenance of Office or Agency.

          	
            14

          
	
            SECTION 3.11.

          	
            [Reserved].

          	
            14

          
	
            SECTION 3.12.

          	
            ERISA Restrictions.

          	
            14

          
	
            SECTION 3.13.

          	
            Appointment of Holding Trust Certificate Paying Agent.

          	
            14

          
	
            SECTION 3.14.

          	
            Multiple Roles

          	
            15

          
	
            ARTICLE IV VOTING RIGHTS AND OTHER ACTIONS

          	
            15

          
	
            SECTION 4.1.

          	
            Prior Notice to Holder with Respect to Certain Matters.

          	
            15

          
	
            SECTION 4.2.

          	
            Action by Holding Trust Certificateholder with Respect to Certain Matters.

          	
            16

          
	
            SECTION 4.3.

          	
            Restrictions on Holding Trust Certificateholder’s Power.

          	
            16

          
	
            SECTION 4.4.

          	
            [Reserved].

          	
            17

          
	
            SECTION 4.5.

          	
            Action with Respect to Bankruptcy Action.

          	
            17

          
	
            SECTION 4.6.

          	
            Covenants and Restrictions on Conduct of Business.

          	
            18

          
	
            ARTICLE V AUTHORITY AND DUTIES OF OWNER TRUSTEE

          	
            19

          
	
            SECTION 5.1.

          	
            General Authority.

          	
            19

          
	
            SECTION 5.2.

          	
            General Duties.

          	
            20

          

    
       

      

      
        -i-

        
          

      

      TABLE OF CONTENTS

      (continued)

      Page

       

      
        	
                SECTION 5.3.

              	
                Action upon Instruction.

              	
                20

              

      

    

    	
            SECTION 5.4.

          	
            No Duties Except as Specified in this Agreement or in Instructions.

          	
            21

          
	
            SECTION 5.5.

          	
            No Action Except under Specified Documents or Instructions.

          	
            21

          
	
            SECTION 5.6.

          	
            Restrictions.

          	
            21

          
	
            SECTION 5.7.

          	
            Covenants for Reporting of Repurchase Demands due to Breaches of Representations and Warranties.

          	
            22

          
	
            ARTICLE VI CONCERNING THE OWNER TRUSTEE

          	
            22

          
	
            SECTION 6.1.

          	
            Acceptance of Trusts and Duties.

          	
            22

          
	
            SECTION 6.2.

          	
            Furnishing of Documents.

          	
            24

          
	
            SECTION 6.3.

          	
            Representations and Warranties.

          	
            24

          
	
            SECTION 6.4.

          	
            Reliance; Advice of Counsel.

          	
            25

          
	
            SECTION 6.5.

          	
            Not Acting in Individual Capacity.

          	
            26

          
	
            SECTION 6.6.

          	
            Owner Trustee Not Liable for Holding Trust Certificate or Receivables.

          	
            26

          
	
            SECTION 6.7.

          	
            Owner Trustee May Own Notes.

          	
            26

          
	
            SECTION 6.8.

          	
            Payments from Owner Holding Trust Estate.

          	
            26

          
	
            SECTION 6.9.

          	
            Doing Business in Other Jurisdictions.

          	
            27

          
	
            SECTION 6.10.

          	
            FATCA Information.

          	
            27

          
	
            SECTION 6.11.

          	
            Financial Crimes Enforcement Network’s Customer Due Diligence Requirements.

          	
            27

          
	
            ARTICLE VII COMPENSATION OF OWNER TRUSTEE

          	
            28

          
	
            SECTION 7.1.

          	
            Owner Trustee’s Fees and Expenses.

          	
            28

          
	
            SECTION 7.2.

          	
            Indemnification.

          	
            29

          
	
            SECTION 7.3.

          	
            Payments to the Owner Trustee.

          	
            29

          
	
            SECTION 7.4.

          	
            Non-recourse Obligations.

          	
            29

          
	
            ARTICLE VIII TERMINATION OF TRUST AGREEMENT

          	
            30

          
	
            SECTION 8.1.

          	
            Termination of Trust Agreement.

          	
            30

          
	
            ARTICLE IX SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

          	
            31

          
	
            SECTION 9.1.

          	
            Eligibility Requirements for Owner Trustee.

          	
            31

          
	
            SECTION 9.2.

          	
            Resignation or Removal of Owner Trustee.

          	
            31

          
	
            SECTION 9.3.

          	
            Successor Owner Trustee.

          	
            32

          
	
            SECTION 9.4.

          	
            Merger or Consolidation of Owner Trustee.

          	
            33

          
	
            SECTION 9.5.

          	
            Appointment of Co-Trustee or Separate Trustee.

          	
            33

          
	
            ARTICLE X MISCELLANEOUS

          	
            34

          
	
            SECTION 10.1.

          	
            Supplements and Amendments.

          	
            34

          
	
            SECTION 10.2.

          	
            No Legal Title to Owner Holding Trust Estate in Holding Trust Certificateholder.

          	
            35

          
	
            SECTION 10.3.

          	
            Limitations on Rights of Others.

          	
            36

          
	
            SECTION 10.4.

          	
            Notices.

          	
            36

          
	
            SECTION 10.5.

          	
            Severability.

          	
            36

          

    
       

      

      
        -ii-

        
          

      

      TABLE OF CONTENTS

      (continued)

      Page

       

    

    	
            SECTION 10.6.

          	
            Separate Counterparts.

          	
            36

          
	
            SECTION 10.7.

          	
            Assignments.

          	
            37

          
	
            SECTION 10.8.

          	
            No Recourse.

          	
            37

          
	
            SECTION 10.9.

          	
            Headings.

          	
            37

          
	
            SECTION 10.10.

          	
            GOVERNING LAW.

          	
            37

          
	
            SECTION 10.11.

          	
            WAIVER OF JURY TRIAL.

          	
            37

          
	
            SECTION 10.12.

          	
            Servicer.

          	
            37

          
	
            SECTION 10.13.

          	
            Nonpetition Covenants.

          	
            38

          
	
            SECTION 10.14.

          	
            Third-Party Beneficiaries.

          	
            38

          
	
            SECTION 10.15.

          	
            Force Majeure.

          	
            38

          
	
            SECTION 10.16.

          	
            Regulation AB.

          	
            39

          
	
            SECTION 10.17.

          	
            Entire Agreement.

          	
            39

          
	
            ARTICLE XI APPLICATION OF HOLDING TRUST FUNDS; CERTAIN DUTIES

          	
            39

          
	
            SECTION 11.1.

          	
            [Reserved].

          	
            39

          
	
            SECTION 11.2.

          	
            Application of Holding Trust Funds.

          	
            39

          
	
            SECTION 11.3.

          	
            Method of Payment.

          	
            40

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      -iii-

      
        

    

    EXHIBITS

     

    EXHIBIT A FORM OF
        HOLDING TRUST CERTIFICATE

     

    EXHIBIT B FORM OF
        CERTIFICATE OF TRUST

     

    EXHIBIT C FORM OF NOTICE
        OF REPURCHASE REQUEST

     

    

    

     

    

    

     

     

    

     

    

     

    

     

    

    

    

     

    
      -iv-

      
        

    

    This AMENDED AND RESTATED TRUST AGREEMENT, dated as of July 17, 2022, between EXETER AUTOMOBILE RECEIVABLES TRUST 2022-4, a Delaware statutory trust, as depositor (the
      “Seller”), and WILMINGTON TRUST COMPANY, a Delaware trust company, as Owner Trustee, amends and restates in its entirety that certain Trust Agreement dated as of March 7, 2022 (the “Initial Trust Agreement”), between EFCAR, LLC, as
      depositor (the “Initial Depositor”) and the Owner Trustee.

     

    WHEREAS, the parties to this Agreement and the Initial Depositor intend to amend and restate the Initial Trust Agreement on the terms and conditions set forth in this
      Agreement;

     

    WHEREAS, the Initial Depositor desires to assign its rights and obligations under the Initial Trust Agreement and the Seller, as the Depositor under this Agreement,
      desires to accept such rights and obligations; and

     

    WHEREAS, the parties hereto and the Initial Depositor are entering into this Agreement pursuant to which, among other things, the Initial Trust Agreement will be
      amended and restated and the Holding Trust Certificate will be issued to the Seller.

     

    NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby
      acknowledged, the parties hereto hereby amend and restate the governing instrument of the Holding Trust and agree as follows:

     

    ARTICLE I

     

    Definitions

     

    SECTION 1.1.  Capitalized Terms.

     

    For all purposes of this Agreement, the following terms shall have the meanings set forth below:

     

    “Agreement” shall mean this Trust Agreement, as the same may be amended and supplemented from time to time.

     

    “Applicable Anti-Money Laundering Law” shall have the meaning assigned to such term in Section 6.11.

     

    “Bankruptcy Action” shall have the meaning assigned to such term in Section 4.5(a).

     

    “Basic Documents” shall mean this Agreement, the Issuer Trust Agreement, the Certificate of Trust, the Purchase Agreement, Sale and Servicing Agreement, the
      Indenture, the Underwriting Agreement, the Lockbox Account Agreement, the Custodian Agreement, the Contribution Agreement, the Asset Representations Review Agreement and the other documents and certificates delivered in connection therewith, as the
      same may be amended, restated or supplemented from time to time.

     

    
      
        

    

    
    “Benefit Plan” shall have the meaning assigned to such term in Section 3.12.

     

    “Certificate of Trust” shall mean the Certificate of Trust in the form of Exhibit B to be filed for the Holding Trust pursuant to Section 3810(a) of the
      Statutory Trust Statute.

     

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

     

    “Contribution Agreement” shall mean the Contribution Agreement dated as of July 17, 2022, between the Issuer and the Holding Trust, as the same may be amended
      and supplemented from time to time.

     

    “Controlling Party” shall mean an executive officer or senior manager or any other individual who regularly performs similar functions.

     

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

     

    “Depositor” shall mean the Seller in its capacity as Depositor hereunder.

     

    “Distribution Date” shall have the meaning set forth in the Sale and Servicing Agreement.

     

    “ERISA” shall have the meaning assigned to such term in Section 3.12.

     

    “EFCAR” shall mean EFCAR, LLC, a Delaware limited liability company, in its capacity as Seller under the Sale and Servicing Agreement.

     

    “Exeter” shall mean Exeter Finance LLC.

     

    “Expenses” shall have the meaning assigned to such term in Section 7.2.

     

    “FATCA” shall mean Sections 1471 through 1474 of the Code and (a) any regulations or official interpretations thereof (including any revenue ruling, revenue
      procedure, notice or similar guidance issued by the IRS thereunder as a precondition to relief or exemption from taxes under such Sections, regulations and interpretations), (b) any applicable agreement entered into under Section 1471(b)(1) of the
      Code, and (c) any applicable intergovernmental agreement with respect to the implementation of the foregoing.

     

    “FATCA Information” shall mean, with respect to the Holding Trust Certificateholder or Holder, any form or other certification, or such other information
      reasonably sufficient to eliminate the imposition of, or determine the amount of, FATCA Withholding Tax.

     

    
      2

      
        

    

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

     

    “Holding Trust” shall mean the trust established by this Agreement.

     

    “Holding Trust Certificate” means the trust certificate evidencing the undivided beneficial interest of the Holding Trust Certificateholder in the Holding
      Trust, substantially in the form of Exhibit A attached hereto.

     

    “Holding Trust Certificateholder” or “Holder” shall mean the person in whose name the Holding Trust Certificate is registered on the Holding Trust
      Certificate Register.

     

    “Holding Trust Certificate Paying Agent” shall mean any paying agent or co-paying agent appointed pursuant to Section 3.13 and shall initially be Exeter Finance
      LLC, as Servicer.

     

    “Holding Trust Certificate Register” and “Holding Trust Certificate Registrar” shall mean the register mentioned and the registrar appointed pursuant to
      Section 3.7.

     

    “Indemnified Parties” shall have the meaning assigned to such term in Section 7.2.

     

    “Indenture” shall mean the Indenture dated as of July 17, 2022, among the Issuer, the Holding Trust and Citibank, N.A., as Indenture Trustee, as the same may be
      amended and supplemented from time to time.

     

    “Indenture Trustee” shall mean, initially, Citibank, N.A., in its capacity as indenture trustee, including its successors in interest, until and unless a
      successor Person shall have become the Indenture Trustee pursuant to the Indenture, and thereafter “Indenture Trustee” shall mean such successor Person.

     

    “Initial Depositor” shall mean EFCAR, LLC, in its capacity as depositor under the Initial Trust Agreement.

     

    “Initial Trust Agreement” has the meaning set forth in the recitals to this Agreement.

     

    “Issuer” means Exeter Automobile Receivables Trust 2022-4.

     

    “Issuer Trust Agreement” shall mean the Amended and Restated Trust Agreement dated as of July 17, 2022, between EFCAR, LLC, as seller and Wilmington Trust
      Company, as owner trustee.

     

    “Owner Holding Trust Estate” shall mean all right, title and interest of the Holding Trust in and to the property and rights assigned to the Holding Trust
      pursuant to the Contribution Agreement, and all other property of the Holding Trust from time to time, including any rights of the Holding Trust pursuant to the Contribution Agreement.

     

    
      3

      
        

    

    “Owner Trustee” shall mean Wilmington Trust Company, a Delaware trust company, not in its individual capacity but solely as owner trustee under this Agreement,
      and any successor Owner Trustee hereunder.

     

    “Percentage Interest” shall mean, with respect to the Holding Trust Certificate, the individual percentage interest of the Holding Trust Certificate which shall
      be specified on the face thereof and which shall represent the percentage of certain distributions of the Holding Trust beneficially owned by the Holding Trust Certificateholder. For the avoidance of doubt, in no event shall the Percentage Interest
      of the Holding Trust Certificate be anything other than 100%.

     

    “Permitted Modification” shall mean an extension, deferral, amendment, modification, temporary reduction in payment, alteration or adjustment to the terms of,
      or with respect to, any Receivable that is in accordance with the Servicer’s customary servicing practices and (i) that is not a significant modification pursuant to Treasury Regulation section 1.1001-3 or (ii) with respect to which the Servicer has
      delivered a certificate to the Owner Trustee to the effect that such extension, deferral, amendment, modification, temporary reduction in payment, alteration or adjustment will not cause the Holding Trust to be treated for U.S. federal income tax
      purposes as an association (or a publicly traded partnership) taxable as a corporation or as other than a fixed investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under subtitle A, chapter 1,
      subchapter J, part I, subpart E of the Code.

     

    “Record Date” shall mean with respect to any Distribution Date, the close of business on the last Business Day immediately preceding such Distribution Date.

     

    “Responsible Officer” shall mean, with respect to the Owner Trustee, any officer within the Corporate Trust Administration office of the Owner Trustee with
      direct responsibility for the administration of the Holding Trust 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.

     

    “Sale and Servicing Agreement” shall mean the Sale and Servicing Agreement dated as of July 17, 2022, among the Issuer, the Holding Trust, EFCAR, Exeter Finance
      LLC, and Citibank, N.A., as Backup Servicer and as Indenture Trustee, as the same may be amended and supplemented from time to time.

     

    “Secretary of State” shall mean the Secretary of State of the State of Delaware. “STAMP” shall have the meaning assigned to such term in Section 3.7.

     

    “Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq. as the same may be amended from time to
      time.

     

    “Treasury Regulations” shall mean regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions
      of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

     

    
      4

      
        

    

    SECTION 1.2.  Other Definitional Provisions.

     

    (a) Capitalized terms used herein and not otherwise defined have the meanings assigned to them in the Sale and Servicing Agreement or, if not defined therein, in the Indenture.

     

    (b) All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

     

    (c) As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms
        partly defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or
        any such certificate or other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted
        accounting principles, the definitions contained in this Agreement or in any such certificate or other document shall control.

     

    (d) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references
        contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.”

     

    (e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.

     

    ARTICLE II

     

    Organization

     

    SECTION 2.1.  Name and Amendment of Initial Trust Agreement.

     

    There is hereby continued a Delaware statutory trust to be known as “Exeter Holdings Trust 2022-4,” in which name the Owner Trustee may conduct the business of such
      trust, make and execute contracts and other instruments on behalf of such trust and sue and be sued.

     

    EFCAR, LLC, as the Initial Depositor, hereby consents to the amendment of the Initial Trust Agreement by this Agreement and acknowledges and agrees that all of its
      rights and obligations as depositor with respect to the Holding Trust are hereby assumed by the Seller.

     

    
      5

      
        

    

    SECTION 2.2.  Office.

     

    The office of the Holding Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by
      written notice to the Holding Trust Certificateholder.

     

    SECTION 2.3.  Purposes and Powers.

     

    The purpose of the Holding Trust is, and the Holding Trust and the Owner Trustee or the Servicer, as applicable, on behalf of the Holding Trust, shall have the power
      and authority, to engage in the following activities:

     

    (i) to issue the Holding Trust Certificate pursuant to this Agreement;

     

    (ii) to acquire from time to time the Owner Holding Trust Estate, to assign, grant, transfer, pledge, mortgage and convey the rights to the Owner Holding Trust Estate to the Indenture Trustee pursuant to the Indenture for the benefit
        of the Indenture Trustee on behalf of the Noteholders and to hold, manage and distribute to the Holding Trust Certificateholder pursuant to the terms of the Sale and Servicing Agreement any portion of the rights to the Owner Holding Trust Estate
        released from the Lien of the Indenture;

     

    (iii) to sell from time to time any portion of the Owner Holding Trust Estate pursuant to the terms of the Sale and Servicing Agreement;

     

    (iv) to enter into and perform its obligations under the Basic Documents to which it is a party;

     

    (v) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith, and the filing of state business
        licenses (and any renewal thereof) as prepared and instructed by the Holding Trust Certificateholder or Servicer, including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking and Securities,
        Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation; and

     

    (vi) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of the Owner Holding Trust Estate and the making of distributions to the Holding Trust
        Certificateholder.

     

    The Holding Trust is hereby authorized to engage in the foregoing activities. The Holding Trust shall not engage in any activity other than in connection with the
      foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents.

     

    Notwithstanding anything to the contrary in this Agreement, the Basic Documents or in any other document, neither the Holding Trust nor the Owner Trustee (nor any
      agent of either person) shall be authorized or empowered to acquire any other investments, reinvest any proceeds of the Holding Trust or engage in activities other than the foregoing, and, in particular neither the Holding Trust nor the Owner Trustee
      (nor any agent of either person) shall be authorized or

     

    
      6

      
        

    

    empowered to do anything that would cause the Holding Trust to fail to qualify as a fixed investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a
      grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code.

     

    SECTION 2.4.  Appointment of Owner Trustee.

     

    The Depositor pursuant to that Initial Trust Agreement, appointed Wilmington Trust Company as Owner Trustee, and hereby confirms such appointment, to have all the
      rights, powers and duties set forth herein. Wilmington Trust Company hereby accepts such appointment and will continue to serve as Owner Trustee under this Agreement.

     

    SECTION 2.5.  Initial Capital Contribution of Owner Holding Trust Estate.

     

    The Owner Trustee hereby acknowledges receipt in trust from the Depositor of the Conveyed Assets (as defined in the Contribution Agreement), which contribution shall
      constitute the initial Owner Holding Trust Estate. The Depositor acknowledges that such contribution has been transferred to, and is being held by, Citibank, N.A., as agent for the Holding Trust.  Exeter Finance LLC shall pay organizational expenses
      of the Holding Trust as they may arise.

     

    SECTION 2.6.  Declaration of Trust.

     

    The Owner Trustee hereby declares that it will hold the Owner Holding Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit
      of the Holder, subject to the obligations of the Holding Trust under the Basic Documents. It is the intention of the parties hereto that the Holding Trust constitute a statutory trust under the Statutory Trust Statute and that this Agreement
      constitute the governing instrument of such statutory trust. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and to the extent not inconsistent herewith, in the Statutory Trust Statute with
      respect to accomplishing the purposes of the Holding Trust. The Owner Trustee has filed the Certificate of Trust with the Secretary of State and such filing is hereby ratified in all respects.

     

    The Holder shall not have any personal liability for any liability or obligation of the Holding Trust.

     

    SECTION 2.7.  Title to Owner Holding Trust Estate.

     

    (a) Legal title to all the Owner Holding Trust Estate shall be vested at all times in the Holding Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Holding Trust
        Estate to be vested in a trustee or trustees, in which case, only with the prior written approval of the Owner Trustee, title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

     

    (b) The Holder shall not have legal title to any part of the Owner Holding Trust Estate. The Holder shall be entitled to receive distributions with respect to its undivided ownership interest therein only in accordance with Article
        VIII and Article XI. No transfer, by operation of law or otherwise, of any right, title or interest by the Holding Trust Certificateholder of its ownership interest in the Owner Holding Trust Estate shall operate to terminate this Agreement or

     

    
      7

      
        

    

    the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Holding Trust Estate.

     

    SECTION 2.8.  Situs of Holding Trust.

     

    The Holding Trust will be located and administered in the State of Delaware. The Holding Trust shall not have any employees in any state other than Delaware; provided,
      however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer, the Holding Trust Certificate Registrar, the Holding Trust Certificate Paying Agent or any agent of the Holding Trust from having employees within or
      outside the State of Delaware. The only office of the Holding Trust will be at the Corporate Trust Office located in Delaware.

     

    SECTION 2.9.  Representations and Warranties of the Depositor.

     

    The Depositor makes the following representations and warranties on which the Owner Trustee relies in accepting the Owner Holding Trust Estate in trust and issuing the
      Holding Trust Certificate.

     

    (a) Organization and Good Standing. The Depositor is duly organized and validly existing as a Delaware statutory trust with power and authority to own its properties and to conduct its business as such properties are
        currently owned and such business is presently conducted and is proposed to be conducted pursuant to this Agreement and the Basic Documents.

     

    (b) Due Qualification. The Depositor is duly qualified to do business as a statutory trust, is in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of
        its property, the conduct of its business and the performance of its obligations under this Agreement and the Basic Documents requires such qualification.

     

    (c) Power and Authority. The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and
        assigned to and deposited with the Holding Trust and the Depositor has duly authorized such sale and assignment and deposit to the Holding Trust by all necessary action; and the execution, delivery and performance of this Agreement has been duly
        authorized by the Depositor by all necessary action.

     

    (d) No Consent Required. No consent, license, approval or authorization or registration or declaration with, any Person or with any governmental authority, bureau or agency is required in connection with the execution,
        delivery or performance of this Agreement and the Basic Documents, except for such as have been obtained, effected or made.

     

    (e) No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute
        (with or without notice or lapse of time) a default under the certificate of trust or trust agreement of the Depositor, or any material indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result
        in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor

     

    
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    violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body,
      administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties.

     

    (f) No Proceedings. There are no proceedings or investigations pending or, to its knowledge threatened against it before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality
        having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Holding Trust Certificate or the consummation of any of the transactions
        contemplated by this Agreement or any of the Basic Documents, (C) seeking any determination or ruling that might materially and adversely affect its performance of its obligations under, or the validity or enforceability of, this Agreement or any
        of the Basic Documents, or (D) seeking to adversely affect the U.S. federal income tax or other federal, state or local tax attributes of the Holding Trust Certificate.

     

    SECTION 2.10.  Covenants of the Holding Trust Certificateholder.

     

    The Holding Trust Certificateholder agrees:

     

    (a) to be bound by the terms and conditions of the Holding Trust Certificate of which the Holder is the beneficial owner and of this Agreement, including any supplements or amendments hereto and to perform the obligations of the
        Holder as set forth therein or herein, in all respects as if it were a signatory hereto. This undertaking is made for the benefit of the Holding Trust and the Owner Trustee; and

     

    (b) except as expressly provided in Sections 4.5 and 10.12, not to, for any reason, take any Bankruptcy Action.

     

    SECTION 2.11.  U.S. Federal Income Tax Treatment of the Holding Trust.

     

    (a) It is the intention of the parties hereto that, solely for federal, State and local income, franchise and value added tax purposes, the Holding Trust shall be treated as a fixed investment trust described in Treasury Regulation
        section 301.7701-4(c) that is treated as a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code, with the assets of the Holding Trust constituting the Owner Holding Trust Estate and other assets held by the Holding
        Trust, provided that if it is successfully asserted by the appropriate tax authorities that the Holding Trust is not properly characterized as a fixed investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a
        grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code, the Holding Trust shall be treated, for U.S.  federal, state and local income, franchise and value added tax purposes, as a disregarded entity if there is only
        one beneficial owner for U.S. federal income tax purposes of the Holding Trust Certificate in the Holding Trust.

     

    (b) The parties hereto and the Holding Trust Certificateholder, by acceptance of the Holding Trust Certificate, agree to treat the Holding Trust in accordance with the intention that the Holding Trust be characterized as a fixed
        investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under subtitle A, chapter 1,

     

    
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    subchapter J, part I, subpart E of the Code and, unless otherwise required by appropriate taxing authorities or by law, not to take any action or, direct any other party to take any
      action, inconsistent therewith, including, but not limited to, modifying, or directing any other party to modify, the terms of a Receivable unless the modification is a Permitted Modification. In furtherance of the foregoing, (i) the purpose of the
      Holding Trust shall be to protect and conserve the assets of the Holding Trust, and the Holding Trust shall not at any time engage in or carry on any kind of business for U.S. federal income tax purposes or any kind of commercial activity and (ii)
      the Holding Trust and Owner Trustee (upon direction from the Holding Trust Certificateholder) (and any agent of either person) shall take, or refrain from taking, all such action as is necessary to maintain the status of the Holding Trust as a fixed
      investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code. Notwithstanding anything to the contrary in this Agreement or
      otherwise, neither the Holding Trust nor the Owner Trustee (nor any agent of either person) shall (1) acquire any assets or dispose of any portion of the Holding Trust other than pursuant to the specific provisions of this Agreement, (2) vary the
      investment of the Holding Trust within the meaning of Treasury Regulation section 301.7701-4(c) or (3) substitute new investments or reinvest so as to enable the Holding Trust to take advantage of variations in the market to improve the investment of
      the Holding Trust Certificateholder. The provisions of this Agreement shall be interpreted consistent with and to further this intention of the parties. The parties agree that, unless otherwise required by appropriate taxing authorities or by law,
      the Holding Trust will not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Holding Trust as an entity separate from its owner.

     

    (c) Neither the Owner Trustee nor the Holding Trust Certificateholder will, under any circumstances, and at any time, make an election on IRS Form 8832 or otherwise, to classify the Holding Trust as an association taxable as a
        corporation for federal, state or any other applicable tax purpose.

     

    ARTICLE III

     

    Holding Trust Certificate and Transfer of Interest

     

    SECTION 3.1.  Initial Ownership.

     

    Upon the formation of the Holding Trust by the conveyance of the Conveyed Assets by the Depositor pursuant to Section 2.5, the Owner Trustee is hereby directed to
      execute, and the Holding Trust Certificate Registrar is directed to authenticate and deliver, the Holding Trust Certificate representing 100% of the Percentage Interest in the Holding Trust Certificate to the Issuer.  The Holding Trust Certificate
      Registrar is hereby directed to record the issuance of the Holding Trust Certificate and the Issuer as the Holding Trust Certificateholder thereof in the Holding Trust Certificate Registrar.

     

    SECTION 3.2.  The Holding Trust Certificate.

     

    The Holding Trust Certificate shall be issued without any principal amount, and to the fullest extent permitted by applicable law, shall only be issued as a single,
      definitive certificate

     

    
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    representing 100% of the undivided beneficial ownership interest in the Owner Holding Trust Estate. Subject to Section 3.8, to the fullest extent permitted by applicable law, only one
      Holding Trust Certificate may be issued and outstanding at any time, and the Owner Trustee shall only recognize one Holding Trust Certificateholder at any time, as set forth in the Holding Trust Certificate Register.

     

    The Holding Trust Certificate shall be executed on behalf of the Holding Trust by manual or facsimile signature of an authorized officer of the Owner Trustee, and
      shall be authenticated by manual signature of an authorized officer of the Holding Trust Certificate Registrar. The Holding Trust Certificate bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall
      have been affixed, authorized to sign on behalf of the Holding Trust, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the
      authentication and delivery of the Holding Trust Certificate or did not hold such offices at the date of authentication and delivery of the Holding Trust Certificate.

     

    A transferee of the Holding Trust Certificate shall become the Holding Trust Certificateholder, and shall be entitled to the rights and subject to the obligations of
      the Holding Trust Certificateholder hereunder, upon due registration of the Holding Trust Certificate in such transferee’s name pursuant to Section 3.7.

     

    SECTION 3.3.  Authentication of Holding Trust Certificate.

     

    The Holding Trust Certificate shall not entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on the
      Holding Trust Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Holding Trust Certificate Registrar or the Holding Trust Certificate Registrar’s authentication agent, by manual signature;
      such authentication shall constitute conclusive evidence that the Holding Trust Certificate shall have been duly authenticated and delivered hereunder. The Holding Trust Certificate shall be dated the date of its authentication.

     

    SECTION 3.4.  [Reserved].

     

    SECTION 3.5.  [Reserved].

     

    SECTION 3.6.  Definitive Holding Trust Certificate.

     

    The Holding Trust Certificate will be issued in definitive form and will not be eligible for clearing or settlement through DTC, Euroclear or Clearstream.

     

    SECTION 3.7.  Registration of Transfer and Exchange of Holding Trust Certificate.

     

    The Holding Trust Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.10, a Holding Trust Certificate
      Register in which, subject to such reasonable regulations as it may prescribe, the Holding Trust Certificate Registrar shall (i) provide for the registration of the Holding Trust Certificate and of transfers and exchanges of the Holding Trust
      Certificate as herein provided and (ii) record the Percentage Interest

     

    
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    evidenced by the Holding Trust Certificate. Wilmington Trust Company shall be the initial Holding Trust Certificate Registrar.

     

    Any transfer of the Holding Trust Certificate must be effected in accordance with this Agreement, and any purported transfer of the Holding Trust Certificate other
      than in accordance with this Agreement shall to the fullest extent permitted by law, be ineffective and void ab initio. Subject to the foregoing and the other provisions of this Section 3.7, a transferee of the Holding Trust Certificate shall become
      the Holding Trust Certificateholder and shall be entitled to the rights and be subject to the obligations of the Holding Trust Certificateholder hereunder, upon such transferee’s acceptance of the Holding Trust Certificate that has been duly
      registered in such transferee’s name.

     

    To the fullest extent permitted by applicable law, the Holding Trust Certificate may only be transferred in whole and not in part, and may not be transferred except to
      (x) the Issuer or (y) the Indenture Trustee for the benefit of the Noteholders in accordance with the Indenture, unless: (i) such transfer is accompanied by a written instrument of transfer in form satisfactory to the Holding Trust Certificate
      Registrar duly executed by the Holding Trust Certificateholder or its attorney duly authorized in writing; and (ii) the Holding Trust Certificate shall have been surrendered to the Holding Trust Certificate Registrar for registration of transfer or
      the provisions of Section 3.8 regarding a mutilated, destroyed, lost or stolen Holding Trust Certificate shall have been complied with. In addition, prior to the satisfaction and discharge of the Indenture, the Holding Trust Certificate shall not be
      transferred except with the prior written consent of the Indenture Trustee acting upon the instruction or with the consent of all of the Noteholders.

     

    Upon surrender for registration of transfer of the Holding Trust Certificate at the office or agency maintained pursuant to Section 3.10, and the satisfaction of the
      conditions of transfer in this Agreement, the Holding Trust Certificate Registrar or the Owner Trustee shall execute, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated
      transferee, a new Holding Trust Certificate dated the date of authentication by the Holding Trust Certificate Registrar, the Owner Trustee or any authenticating agent. All such transfers of the Holding Trust Certificate will only be made to an
      Affiliate of the Depositor or a Qualified Institutional Buyer (or the Issuer or the Indenture Trustee for the benefit of the Noteholders in accordance with the Indenture).

     

    The Holding Trust Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer or exchange in
      form satisfactory to the Owner Trustee and the Holding Trust Certificate Registrar and accompanied by IRS Form W-9 (or successor form) or IRS Form W-8 BEN-E (or other applicable IRS Form W‐8, W-8 ECI or W-9), as applicable, and such other
      documentation as may be reasonably required by the Owner Trustee in order to comply with Applicable Anti-Money Laundering Law, each in form satisfactory to the Owner Trustee and the Holding Trust Certificate Registrar, duly executed by the Holding
      Trust Certificateholder or his attorney duly authorized in writing, and, at the Holding Trust Certificate Registrar’s request, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Holding Trust
      Certificate Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Holding Trust Certificate Registrar
      in addition to, or in substitution for, STAMP, all in accordance

     

    
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    with the Exchange Act.  The Holding Trust Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently disposed of by the Holding Trust Certificate
      Registrar in accordance with its customary practice. No transfer will be effectuated hereunder unless the Owner Trustee has received the transfer documentation required hereunder.

     

    No service charge shall be made for any registration of transfer or exchange of the Holding Trust Certificate, but the Owner Trustee or the Holding Trust Certificate
      Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of the Holding Trust Certificate.

     

    The provisions in this Article III relating to the Holding Trust Certificate Register and transfers of the Holding Trust Certificate are intended to comply with the
      requirements that the Holding Trust Certificate must meet in order to be considered in “registered form” within the meaning of Treasury Regulation section 1.871-14(c) and shall be interpreted consistently therewith.

     

    SECTION 3.8.  Mutilated, Destroyed, Lost or Stolen Holding Trust Certificate.

     

    If (a) any mutilated Holding Trust Certificate shall be surrendered to the Holding Trust Certificate Registrar, or if the Holding Trust Certificate Registrar shall
      receive evidence to its satisfaction of the destruction, loss or theft of the Holding Trust Certificate and (b) there shall be delivered to the Holding Trust Certificate Registrar and the Owner Trustee, such security or indemnity as may be required
      by them to save each of them harmless, then in the absence of notice that the Holding Trust Certificate shall have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Holding Trust shall execute and the Holding Trust
      Certificate Registrar, or Wilmington Trust Company, as the Holding Trust Certificate Registrar’s authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Holding Trust
      Certificate, a new Holding Trust Certificate of like tenor and denomination. In connection with the issuance of any new Holding Trust Certificate under this Section, the Owner Trustee or the Holding Trust Certificate Registrar may require the payment
      of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Holding Trust Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in
      the Holding Trust, as if originally issued, whether or not the lost, stolen or destroyed Holding Trust Certificate shall be found at any time.

     

    SECTION 3.9.  Persons Deemed Holding Trust Certificateholder.

     

    Every Person by virtue of becoming the Holding Trust Certificateholder in accordance with this Agreement shall be deemed to be bound by the terms of this Agreement.
      Prior to due presentation of the Holding Trust Certificate for registration of transfer, the Owner Trustee and the Holding Trust Certificate Registrar and any agent of the Owner Trustee and the Holding Trust Certificate Registrar, may treat the
      Person in whose name the Holding Trust Certificate shall be registered in the Holding Trust Certificate Register as the owner of the Holding Trust Certificate for the purpose of receiving distributions pursuant to the Sale and Servicing Agreement and
      for all other purposes whatsoever, and none of the Owner Trustee or the Holding Trust Certificate

     

    
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    Registrar nor any agent of the Owner Trustee or the Holding Trust Certificate Registrar shall be bound by any notice to the contrary.

     

    SECTION 3.10.  Maintenance of Office or Agency.

     

    The Holding Trust Certificate Registrar shall maintain an office or offices or agency or agencies where the Holding Trust Certificate may be surrendered for
      registration of transfer or exchange and where notices and demands to or upon the Holding Trust Certificate Registrar in respect of the Holding Trust Certificate and the Basic Documents may be served. The Holding Trust Certificate Registrar initially
      designates its Corporate Trust Office for such purposes. The Holding Trust Certificate Registrar shall give prompt written notice to the Depositor, the Owner Trustee and the Holding Trust Certificateholder of any change in the location of the Holding
      Trust Certificate Register or any such office or agency.

     

    SECTION 3.11.  [Reserved].

     

    SECTION 3.12.  ERISA Restrictions.

     

    The Holding Trust Certificate may not be purchased by or transferred to any person that is or will be, or that is acting on behalf of or investing assets of an entity
      that is or will be (i) 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, (ii) a “plan” (as defined in Section 4975(e)(1) of the
      Code) that is subject to Section 4975 of the Code, (iii) any entity whose underlying assets are deemed to include assets of an employee benefit plan or a plan described in (i) or (ii) above by reason of such employee benefit plan’s or plan’s
      investment in the entity (collectively, a “Plan”), or (iv) an employee benefit plan, a plan or other similar arrangement that is not a Plan but is subject to any provision of federal, state, local, non-U.S. or other laws or regulations substantially
      similar to Section 406 of ERISA or Section 4975 of the Code (each, a “Benefit Plan”). By accepting and holding its beneficial ownership interest in the Holding Trust Certificate, the Holder thereof shall be deemed to have represented and warranted
      that it is not a Benefit Plan.

     

    SECTION 3.13.  Appointment of Holding Trust Certificate Paying Agent.

     

    The Holding Trust Certificate Paying Agent shall make distributions to the Holding Trust Certificateholder pursuant to Article VIII and Article XI hereof. The Holding
      Trust may revoke such power and remove the Holding Trust Certificate Paying Agent if the Holding Trust or the Depositor by written direction to the Owner Trustee determines, each in its sole discretion, that the Holding Trust Certificate Paying Agent
      shall have failed to perform its obligations under this Agreement in any material respect. The Holding Trust Certificate Paying Agent initially shall be the Servicer and any co-paying agent chosen by the Servicer and the Depositor. The Servicer shall
      be permitted to resign as Holding Trust Certificate Paying Agent upon 30 days’ written notice to the Owner Trustee and the Depositor. In the event that the Servicer shall no longer be the Holding Trust Certificate Paying Agent, the Depositor, with
      the consent of the Owner Trustee, shall appoint a successor to act as Holding Trust Certificate Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Holding Trust Certificate Paying Agent or any
      additional Holding Trust Certificate Paying Agent appointed hereunder to execute and

     

    
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    deliver to the Owner Trustee an instrument in which such successor Holding Trust Certificate Paying Agent or additional Holding Trust Certificate Paying Agent shall agree with the Owner
      Trustee that, as Holding Trust Certificate Paying Agent, such successor Holding Trust Certificate Paying Agent or additional Holding Trust Certificate Paying Agent will hold all sums, if any, held by it for payment to the Holding Trust
      Certificateholder in trust for the benefit of the Holding Trust Certificateholder entitled thereto until such sums shall be paid to the Holding Trust Certificateholder. If a successor Holding Trust Certificate Paying Agent does not take office within
      30 days after the retiring Holding Trust Certificate Paying Agent resigns or is removed, the retiring Holding Trust Certificate Paying Agent or the Holding Trust Certificateholder may petition any court of competent jurisdiction for the appointment
      of a successor Holding Trust Certificate Paying Agent (with all costs, fees, expenses, including attorneys’ fees and expenses, incurred by the Holding Trust Certificate Paying Agent in connection with such petition to be paid by the Holding Trust).
      The Holding Trust Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Holding Trust Certificate Paying Agent such Holding Trust Certificate Paying Agent shall also return all funds in its possession to
      the Owner Trustee. The rights, protections, indemnities and immunities of the Servicer under the Sale and Servicing Agreement shall apply to Exeter Finance LLC in its role as Holding Trust Certificate Paying Agent for so long as it shall act as
      Holding Trust Certificate Paying Agent, and, to the extent applicable, to any other paying agent or authenticating agent appointed hereunder. Any reference in this Agreement to the Holding Trust Certificate Paying Agent shall include any co-paying
      agent unless the context requires otherwise.

     

    SECTION 3.14.  Multiple Roles.  The provisions of Articles VI and VII of this Agreement shall apply to the Owner Trustee also in its role as Certificate Registrar for so long as it shall act as Certificate Registrar, and to the extent applicable,
        to any other certificate registrar or authenticating agent appointed hereunder.   It is expressly acknowledged, agreed and consented to that Wilmington Trust Company will be acting in the capacities of Owner Trustee and Holding Trust Certificate
        Registrar. Wilmington Trust Company may, in such multiple capacities, discharge its separate functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other breach of fiduciary duties (if any) to
        the extent that any such conflict or breach arises from the performance by Wilmington Trust Company of its express duties set forth in this Agreement or in any other Basic Document in such multiple capacities, all of which defenses, claims or
        assertions are hereby expressly waived by the Depositor, the Trust, the Certificateholders and the Certificate Owners, except in the case of willful misconduct, bad faith or gross negligence by Wilmington Trust Company in the performance of such
        multiple capacities.

     

    ARTICLE IV

      

      Voting Rights and Other Actions

     

    SECTION 4.1.  Prior Notice to Holder with Respect to Certain Matters.

     

    With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have
      notified the Holding Trust Certificateholder in writing of the proposed action and the Holding Trust Certificateholder shall not have notified the Owner Trustee in writing prior to the 30th day after

     

    
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    such notice is given that the Holding Trust Certificateholder has withheld consent or provided alternative direction:

     

    (a) the election by the Holding Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Statute or unless such amendment would not materially and adversely
        affect the interests of the Holder); or

     

    (b) except pursuant to Section 12.1(b) of the Sale and Servicing Agreement, the amendment, change or modification of the Sale and Servicing Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in
        a manner that would not materially adversely affect the interests of the Holding Trust Certificateholder.

     

    The Owner Trustee shall notify the Holding Trust Certificateholder in writing of any appointment of a successor Note Registrar or Indenture Trustee within five
      Business Days after receipt of notice thereof.

     

    SECTION 4.2.  Action by Holding Trust Certificateholder with Respect to Certain Matters.

     

    The Owner Trustee shall not have the power, except upon the direction of the Holding Trust Certificateholder in accordance with the Basic Documents, to remove the
      Servicer under the Sale and Servicing Agreement pursuant to Section 9.2 thereof. The Owner Trustee shall take the action referred to in the preceding sentence only upon written instructions signed by the Holding Trust Certificateholder and the
      furnishing of indemnification satisfactory to the Owner Trustee by the Holding Trust Certificateholder.

     

    SECTION 4.3.  Restrictions on Holding Trust Certificateholder’s Power.

     

    (a) The Holding Trust Certificateholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Holding Trust or the Owner Trustee under this
        Agreement or any of the Basic Documents or would be contrary to Section 2.3 nor shall the Owner Trustee be obligated to follow any such direction, if given.

     

    (b) The Holding Trust Certificateholder shall not have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action, or proceeding in equity or at law upon or under or with respect to
        this Agreement or any Basic Document, unless the Holding Trust Certificateholder previously shall have given to the Owner Trustee a written notice of default and of the continuance thereof, as provided in this Agreement, and also unless the Holding
        Trust Certificateholder shall have made written request upon the Owner Trustee to institute such action, suit or proceeding in its own name as Owner Trustee under this Agreement and shall have offered to the Owner Trustee such reasonable indemnity
        as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Owner Trustee, for 30 days after its receipt of such notice, request, and offer of indemnity, shall have neglected or refused to institute any
        such action, suit, or proceeding, and during such 30-day period no request or waiver inconsistent with such written request has been given to the Owner Trustee pursuant to and in compliance with this Section or Section 5.3. For the protection and
        enforcement of the provisions

     

    
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    of this Section, the Holding Trust Certificateholder and the Owner Trustee shall be entitled to such relief as can be given either at law or in equity.

     

    SECTION 4.4.  [Reserved].

     

    SECTION 4.5.  Action with Respect to Bankruptcy Action.

     

    (a) The Holding Trust shall not, without the prior written consent of the Owner Trustee, (i) institute any proceedings to adjudicate the Holding Trust bankrupt or insolvent, (ii) consent to the institution of bankruptcy or
        insolvency proceedings against the Holding Trust, (iii) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy with respect to the Holding Trust, (iv) consent to the
        appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Holding Trust or a substantial part of its property, (v) make any assignment for the benefit of the Holding Trust’s creditors; (vi) admit in
        writing its inability to pay its debts generally as they become due; (vii) declare or effect a moratorium on its debt; or (viii) take any action in furtherance of any of the foregoing (any of the above foregoing actions, a “Bankruptcy Action”). In
        considering whether to give or withhold written consent to a Bankruptcy Action by the Holding Trust, the Owner Trustee, with the consent of the Holding Trust Certificateholder (which consent the Holding Trust Certificateholder believes to be in the
        best interests of the Holding Trust Certificateholder and the Holding Trust), shall consider the interest of the Noteholders in addition to the interests of the Holding Trust and whether the Holding Trust is insolvent; provided, however,
        that the Owner Trustee shall not be deemed to owe any fiduciary duty to the Noteholders. The Owner Trustee shall have no duty to give such written consent to a Bankruptcy Action by the Holding Trust if the Owner Trustee shall not have been
        furnished (at the expense of the Holding Trust or the Person that requested that such letter be furnished to the Owner Trustee) with a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the
        Holding Trust is then insolvent. The Owner Trustee (as such and in its individual capacity) shall not be personally liable to any Person on account of the Owner Trustee’s good faith reliance on the provisions of this Section or in connection with
        the Owner Trustee’s giving prior written consent to a Bankruptcy Action by the Holding Trust in accordance herewith, or withholding such consent, in good faith, and neither the Holding Trust nor the Holding Trust Certificateholder shall have any
        claim for breach of fiduciary duty or otherwise against the Owner Trustee (as such and in its individual capacity) for giving or withholding its consent to any such Bankruptcy Action.

     

    (b) The parties hereto stipulate and agree that the Holding Trust Certificateholder has no power to commence any Bankruptcy Action on the part of the Holding Trust or to direct the Owner Trustee to take any Bankruptcy Action on the
        part of the Holding Trust except as provided in Sections 4.5(a) and 10.12. To the extent permitted by applicable law, the consent of the Indenture Trustee shall be obtained prior to taking any Bankruptcy Action by the Holding Trust.

     

    (c) The provisions of this Section do not constitute an acknowledgement or admission by the Holding Trust, the Owner Trustee, the Holding Trust Certificateholder or any creditor of the Holding Trust that the Holding Trust is
        eligible to be a debtor, under the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq., as amended.

     

    
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    SECTION 4.6.  Covenants and Restrictions on Conduct of Business.

     

    (a) The Holding Trust agrees to abide by the following restrictions:

     

    (i) other than as contemplated by the Basic Documents and related documentation, the Holding Trust shall not incur any indebtedness;

     

    (ii) other than as contemplated by the Basic Documents and related documentation, the Holding Trust shall not engage in any dissolution, liquidation, consolidation, merger or sale of assets;

     

    (iii) other than as contemplated by the Basic Documents and related documentation, the Holding Trust shall not engage in any business activity in which it is not currently engaged; and

     

    (iv) other than as contemplated by the Basic Documents and related documentation, the Holding Trust shall not form, or cause to be formed, any subsidiaries and shall not own or acquire any asset.

     

    (b) The Holding Trust shall:

     

    (i) maintain books and records separate from any other person or entity;

     

    (ii) maintain its office and bank accounts separate from any other person or entity;

     

    (iii) not commingle its assets with those of any other person or entity;

     

    (iv) conduct its own business in its own name and use stationery or other business forms under its own name and not that of the Holding Trust Certificateholder or Affiliate;

     

    (v) other than as contemplated by the Basic Documents and related documentation, pay its own liabilities and expenses only out of its own funds;

     

    (vi) observe all formalities required under the Statutory Trust Statute;

     

    (vii) not guarantee or become obligated for the debts of any other person or entity;

     

    (viii)   not hold out its credit as being available to satisfy
        the obligation of any other person or entity;

     

    (ix) other than as contemplated by the Basic Documents and related documentation, not acquire the obligations or securities of the Holding Trust Certificateholder or its Affiliates;

     

    (x) other than as contemplated by the Basic Documents and related documentation, not make loans to any other person or entity or buy or hold evidence of indebtedness issued by any other person or entity;

     

    
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    (xi) other than as contemplated by the Basic Documents and related documentation, not pledge its assets for the benefit of any other person or entity;

     

    (xii) hold itself out as a separate entity from the Holding Trust Certificateholder and not conduct any business in the name of the Holding Trust Certificateholder;

     

    (xiii)    correct any known misunderstanding regarding its separate identity;

     

    (xiv)    not identify itself as a division (other than for tax reporting purposes) of any other person or entity; and

     

    (xv) except as required or specifically provided in the Trust Agreement, conduct business with the Holding Trust Certificateholder or any Affiliate thereof on an arm’s length basis.

     

    (c) So long as the Notes or any other amounts owed under the Indenture remain outstanding, the Holding Trust shall not amend this Section 4.6 unless the Rating Agency Condition has been satisfied.

     

    (d) For the avoidance of doubt, the Owner Trustee shall not cause the Holding Trust to engage in any activity in contravention of the foregoing. The Owner Trustee shall have no obligation to monitor the performance or compliance of
        the Holding Trust with the foregoing requirements and restrictions.

     

    ARTICLE V

     

    Authority And Duties of Owner Trustee

     

    SECTION 5.1.  General Authority.

     

    (a) The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Holding Trust is named as a party, each certificate or other document attached as an exhibit to or contemplated by the Basic
        Documents to which the Holding Trust is named as a party and any amendment thereto and on behalf of the Holding Trust, each state business license (and any renewal thereof) prepared by the Holding Trust Certificateholder or Servicer, including a
        Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking and Securities, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor,
        Licensing and Regulation, in each case, in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to
        take all actions required of the Holding Trust pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such action as the Holding Trust Certificateholder direct in writing with respect to the Basic
        Documents so long as such activities are consistent with the terms of the Basic Documents.

     

    (b) The Owner Trustee shall sign on behalf of the Holding Trust any applicable tax returns of the Holding Trust prepared and delivered to it by the Servicer or Seller, unless applicable law requires the Holding Trust
        Certificateholder to sign such documents.

     

    
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    SECTION 5.2.  General Duties.

     

    It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the Sale and
      Servicing Agreement and to administer the Holding Trust in the interest of the Holder, subject to the Basic Documents and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have
      discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Servicer has agreed in the Sale and Servicing Agreement to perform any act or to discharge any duty of the Holding Trust or the Owner Trustee
      hereunder or under any Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Servicer to carry out its obligations under the Sale and Servicing Agreement.

     

    SECTION 5.3.  Action upon Instruction.

     

    (a) Subject to Article IV, the Holding Trust Certificateholder shall have the exclusive right to direct the actions of the Owner Trustee in the management of the Holding Trust, so long as such instructions are not inconsistent with
        the express terms set forth herein or in any Basic Document. The Holding Trust Certificateholder shall not instruct the Owner Trustee in a manner inconsistent with this Agreement or the Basic Documents.

     

    (b) The Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result
        in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law.

     

    (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall
        be appropriate under the circumstances) to the Holding Trust Certificateholder requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the
        Holding Trust Certificateholder received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter
        period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents,
        as it shall deem to be in the best interests of the Holding Trust Certificateholder, and shall have no liability to any Person for such action or inaction.

     

    (d) In the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any such provision is 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 permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of
        facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Holding Trust Certificateholder requesting instruction and, to the extent that

     

    
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    the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received from the Holding Trust Certificateholder, the Owner Trustee shall not be
      liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or
      may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Holding Trust
      Certificateholder, and shall have no liability to any Person for such action or inaction.

     

    SECTION 5.4.  No Duties Except as Specified in this Agreement or in Instructions.

     

    The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the
      Owner Holding Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in
      any document or written instruction received by the Owner Trustee pursuant to Section 5.3; and no implied duties or obligations existing at law or in equity shall be read into this Agreement or any Basic Document against the Owner Trustee. The Owner
      Trustee shall have no responsibility for filing any trust licensing or qualifications to do business, tax filing, financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any ownership
      or security interest or lien granted to it or the Holding Trust or to prepare or file any Commission filing (including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder) for the Holding
      Trust or to record this Agreement or any Basic Document or monitor or enforce the satisfaction of any risk retention requirement. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be
      necessary to discharge any Liens on any part of the Owner Holding Trust Estate that result from actions by, or claims against, the Owner Trustee (solely in its individual capacity) and that are not related to the ownership or the administration of
      the Owner Holding Trust Estate.

     

    SECTION 5.5.  No Action Except under Specified Documents or Instructions.

     

    The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Holding Trust Estate except (i) in accordance with the
      powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section
      5.3.

     

    SECTION 5.6.  Restrictions.

     

    The Owner Trustee shall not take any action (i) that is inconsistent with the purposes of the Holding Trust set forth in Section 2.3 of this Agreement, or (ii) that,
      to the actual knowledge of a Responsible Officer of the Owner Trustee, would (A) affect the treatment of the Notes as indebtedness for U.S. federal income, state and local income, franchise and value added tax purposes, (B) be deemed to cause a
      taxable exchange of the Notes for U.S. federal income or

     

    
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    state income or franchise tax purposes, (C) cause the Holding Trust or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for
      federal income, state and local income or franchise and value added tax purposes or (D) cause the Holding Trust to be treated as other than a fixed investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a grantor
      trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code. The Holding Trust Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.

     

    SECTION 5.7.  Covenants for Reporting of Repurchase Demands due to Breaches of Representations and Warranties.

     

    (a) With respect to any requests (in writing or orally) for the repurchase of any Receivable pursuant to Section 5.1 of the Purchase Agreement or Section 3.2 of the Sale and Servicing Agreement received by a Responsible Officer of
        the Owner Trustee during the immediately preceding calendar quarter (or, in the case of the initial notice, since the Closing Date), the Owner Trustee will (i) in accordance with its obligations pursuant to Section 3.2 of the Sale and Servicing
        Agreement, provide prompt written notice upon the discovery of any breach of EFCAR’s representations and warranties made pursuant to Section 3.1 of the Sale and Servicing Agreement, (ii) no later than five Business Days after the end of each
        calendar quarter, provide to the Servicer, Exeter and EFCAR, a notice in substantially the form of Exhibit C, or any other form agreed upon between the Owner Trustee and EFCAR, which shall be deemed acceptable to EFCAR unless EFCAR notifies the
        Owner Trustee within five (5) Business Days of its receipt thereof and (iii) promptly upon reasonable written request by the Servicer, Exeter or EFCAR, provide to them any other information reasonably requested in good faith that is in the actual
        possession of the Owner Trustee and necessary to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act and Item 1104(e) of Regulation AB.

     

    (b) In no event will the Owner Trustee or the Holding Trust have any responsibility or liability in connection with (i) the compliance by the Servicer, Exeter, EFCAR, or any other Person with the Exchange Act or Regulation AB or
        (ii) any filing required to be made by a securitizer under the Exchange Act or Regulation AB. The Owner Trustee will not have a duty to conduct any affirmative investigation as to the occurrence of any conditions requiring the repurchase of any
        Receivable pursuant to Section 5.1 of the Purchase Agreement or Section 3.2 of the Sale and Servicing Agreement.

     

    ARTICLE VI

     

    Concerning the Owner Trustee

     

    SECTION 6.1.  Acceptance of Trusts and Duties.

     

    The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement.
      The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Owner Holding Trust Estate upon the terms of the Basic Documents and this Agreement. The Owner Trustee shall not be answerable or accountable
      hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith or gross negligence, (ii) in the

     

    
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    case of the inaccuracy of any representation or warranty contained in Section 6.3 expressly made by the Owner Trustee, (iii) for liabilities arising from the failure of the Owner Trustee
      to perform obligations expressly undertaken by it in the last sentence of Section 5.4 hereof, (iv) for any investments issued by the Owner Trustee in its commercial capacity or (v) for taxes, fees or other charges on, based on or measured by, any
      fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

     

    (a) the Owner Trustee shall not be liable for any error of judgment made by a Responsible Officer of the Owner Trustee (except in the case of willful misconduct, bad faith or gross negligence);

     

    (b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Servicer or the Holding Trust Certificateholder;

     

    (c) no provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any
        Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

     

    (d) under no circumstances shall the Owner Trustee be liable for any representations, warranties or covenants of the Holding Trust or any other person (other than the Owner Trustee) or the indebtedness evidenced by or arising under
        any of the Basic Documents, including the principal of and interest on the Notes;

     

    (e) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or
        validity of any of the Owner Holding Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to the Indenture Trustee, any
        Noteholder or to the Holding Trust Certificateholder, other than as expressly provided for herein and in the Basic Documents;

     

    (f) the Owner Trustee shall not be liable for the default or misconduct of the Indenture Trustee or the Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation or liability to monitor or
        perform the obligations under this Agreement or the Basic Documents that are required to be performed by the Indenture Trustee under the Indenture or the Sale and Servicing Agreement or by the Servicer under the Sale and Servicing Agreement;

     

    (g) the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this
        Agreement or any Basic Document, at the request, order or direction of the Holding Trust Certificateholder, unless the Holding Trust Certificateholder has offered to the Owner Trustee security or indemnity satisfactory to it against

     

    
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    the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this
      Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence, bad faith or willful misconduct in the performance of any such act;

     

    (h) in no event shall the Owner Trustee, its directors, officers, agents or employees be responsible or liable for special, indirect, incidental, punitive or consequential loss or damage of any kind whatsoever (including, but not
        limited to, loss of profit), whether or not foreseeable and irrespective of whether the Owner Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action;

     

    (i) the Owner Trustee shall not be deemed to have knowledge or notice of any fact or event unless a Responsible Officer of the Owner Trustee has actual knowledge or received written notice thereof;

     

    (j) any funds deposited with the Owner Trustee may be held in a non-interest bearing trust account and the Owner Trustee shall not be liable for any interest thereon or for any loss as a result of any investment undertaken at the
        direction of the Holders; and

     

    (k) the Owner Trustee undertakes to perform or observe only such of the obligations of the Owner Trustee as are expressly set forth in this Agreement, and no implied covenants or obligations with respect to the Noteholders or the
        Indenture Trustee shall be read into this Agreement or the other Basic Documents against the Owner Trustee. The Owner Trustee shall not be deemed to owe any fiduciary duty to the Indenture Trustee or the Noteholders.

     

    SECTION 6.2.  Furnishing of Documents.

     

    The Owner Trustee shall furnish to the Holding Trust Certificateholder promptly upon receipt of a written request therefor, duplicates or copies of all reports,
      notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents.

     

    SECTION 6.3.  Representations and Warranties.

     

    Wilmington Trust Company hereby represents and warrants to the Depositor and the Holder, that:

     

    (a) It is a Delaware corporation with trust powers, duly organized and validly existing in good standing under the laws of the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its
        obligations under this Agreement.

     

    (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver
        this Agreement on its behalf.

     

    (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the

     

    
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    terms or provisions hereof will contravene any federal or Delaware state law, governmental rule or regulation governing the banking or trust powers of Wilmington Trust Company or any
      judgment or order binding on it, or constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound.

     

    (d) The Agreement has been, or, when executed and delivered will have been, duly authorized, validly executed and delivered by Wilmington Trust Company and constitutes, a valid and binding agreement of Wilmington Trust Company,
        enforceable against Wilmington Trust Company in accordance with its terms, except to the extent that enforceability may (A) be subject to bankruptcy, insolvency, reorganization, moratorium, or other similar laws, regulations or procedures of
        general applicability now or hereinafter in effect relating to or affecting creditor’s rights generally and (B) be limited by general principles of equity (whether considered in a proceeding at law or in equity).

     

    (e) There are no proceedings or investigations pending or, to the actual knowledge of a Responsible Officer of Wilmington Trust Company, threatened, before any court, regulatory body, administrative agency or other governmental
        instrumentality having jurisdiction over Wilmington Trust Company or its properties (a) asserting the invalidity of this Agreement or (b) seeking any determination or ruling that might materially and adversely affect the performance by Wilmington
        Trust Company of its obligations under, or the validity or enforceability of, this Agreement or any other Basic Document.

     

    SECTION 6.4.  Reliance; Advice of Counsel.

     

    (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, judgment, certificate, report, opinion, bond or other document or paper believed by it
        to be genuine and believed by it to be signed by the proper party or parties.  The Owner Trustee need not investigate any fact or matter stated in any such document, including verifying the correctness of any numbers or calculations.  The Owner
        Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party 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 method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the
        treasurer, secretary or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in
        reliance thereon.

     

    (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or
        attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with
        reasonable care, and (ii) may consult with counsel, accountants and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in
        accordance with the written opinion or

     

    
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    advice of any such counsel, accountants or other such Persons; provided, however, that the Owner Trustee shall use its good faith efforts to procure and provide to such counsel,
      accountants or other such Persons all such documents and information as may be reasonably necessary for such Persons to render such opinion or advice.

     

    SECTION 6.5.  Not Acting in Individual Capacity.

     

    Except as provided in this Article VI, in accepting the trust hereby created Wilmington Trust Company acts solely as Owner Trustee hereunder and not in its individual
      capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Holding Trust Estate for payment or satisfaction thereof.

     

    SECTION 6.6.  Owner Trustee Not Liable for Holding Trust Certificate or Receivables.

     

    The recitals contained herein and in the Holding Trust Certificate (other than the signature and countersignature of the Owner Trustee on the Holding Trust
      Certificate) shall be taken as the statements of the Depositor and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic
      Document or of the Holding Trust Certificate (other than the signature and countersignature of the Owner Trustee on the Holding Trust Certificate) or the Notes, or of any Receivable or related documents. The Owner Trustee shall at no time have any
      responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such
      perfection and priority, or for or with respect to the sufficiency of the Owner Holding Trust Estate or its ability to generate the payments to be distributed to the Holding Trust Certificateholder under this Agreement or the Noteholders under the
      Indenture, including, without limitation: the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof;
      the validity of the assignment of any Receivable to the Holding Trust or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor, the Servicer or any other
      Person with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation or any action of the Owner Trustee or the Servicer or any subservicer taken in the name of the
      Owner Trustee.

     

    SECTION 6.7.  Owner Trustee May Own Notes.

     

    The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Notes and may deal with the Depositor, the Indenture Trustee and the
      Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee.

     

    SECTION 6.8.  Payments from Owner Holding Trust Estate.

     

    All payments to be made by the Owner Trustee or Holding Trust Certificate Paying Agent, as applicable, under this Agreement or any of the Basic Documents to which the
      Holding

     

    
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    Trust or the Owner Trustee or Holding Trust Certificate Paying Agent is a party shall be made only from the income and proceeds of the Owner Holding Trust Estate and only to the extent
      that the Owner Trustee or Holding Trust Certificate Paying Agent, as applicable, shall have received income or proceeds from the Owner Holding Trust Estate to make such payments in accordance with the terms hereof. Wilmington Trust Company or any
      successor thereto, in its individual capacity, shall not be liable for any amounts payable under this Agreement or any of the Basic Documents to which the Holding Trust, the Owner Trustee or the Holding Trust Certificate Paying Agent is a party.

     

    SECTION 6.9. Doing Business in Other Jurisdictions.

     

    Notwithstanding anything contained herein to the contrary, neither Wilmington Trust Company or any successor thereto, nor the Owner Trustee shall be required to take
      any action in any jurisdiction if the taking of such action will, even after the appointment of a co-trustee or separate trustee in accordance with Section 9.5 hereof, (i) require the consent or approval or authorization or order of or the giving of
      notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge
      under the laws of any jurisdiction other than the State of Delaware becoming payable by Wilmington Trust Company (or any successor thereto); or (iii) subject Wilmington Trust Company (or any successor thereto) to personal jurisdiction in any
      jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by Wilmington Trust Company (or any successor thereto) or the Owner Trustee, as the case may be, contemplated
      hereby.

     

    SECTION 6.10.  FATCA Information.

     

    The Holding Trust Certificateholder or Holder, by acceptance of the Holding Trust Certificate or such interest therein, agrees to provide to the Owner Trustee or
      Holding Trust Certificate Paying Agent, upon its reasonable request, the FATCA Information to the extent the Holding Trust Certificateholder or Holder is legally entitled to do so. In addition, the Holding Trust Certificateholder or Holder, by
      acceptance of the Holding Trust Certificate or such interest therein, agrees that the Owner Trustee or Holding Trust Certificate Paying Agent (as applicable) has the right to withhold or deduct (and to promptly pay over, in full, to the relevant
      taxing authority) any amounts properly withheld or deducted under law (and without any corresponding gross-up) payable to the Holding Trust Certificateholder or Holder that fails to comply with the requirements of the preceding sentence, or otherwise
      fails to establish a complete exemption from such withholding tax to the satisfaction of the applicable withholding agent.

     

    SECTION 6.11.  Financial Crimes Enforcement Network’s Customer Due Diligence Requirements.

     

    To help the government fight the funding of terrorism and money laundering activities, the Customer Identification Program (CIP) requirements established under the
      Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations (collectively, USA PATRIOT
      Act), the Financial Crimes Enforcement

     

    
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    Network’s (FinCEN) Customer Due Diligence Requirements and such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions
      (“Applicable Anti-Money Laundering Law”), requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Accordingly, in order to comply with Applicable Anti-Money Laundering Law, the
      Owner Trustee will request on or before the Closing Date and from time to time thereafter reasonable documentation to verify and record information that identifies each person who opens an account. For a non-individual person such as a business
      entity, a charity, a trust or other legal entity, the Owner Trustee will ask for reasonable documentation to verify its formation and existence as a legal entity, financial statements, licenses, tax identification documents, and identification and
      authorization documents from individuals claiming authority to represent the entity or other relevant documentation and information (including beneficial owners of such entities). The Owner Trustee may, to the fullest extent permitted by Applicable
      Anti-Money Laundering Law, conclusively rely on, and shall be fully protected and indemnified in relying on, any such information received, and failure to provide such information may result in an inability of the Owner Trustee to perform its
      obligations hereunder which, at the sole option of the Owner Trustee, may result in the immediate resignation of the Owner Trustee, in accordance with Section 9.2.

     

    The parties hereto agree that for purposes of Applicable Anti-Money Laundering Law (a) the Holding Trust Certificateholder is and shall be deemed the direct owner of
      the Holding Trust for purposes of providing the information required under Applicable Anti- Money Laundering Law and (b) one or more Controlling Parties of the Holding Trust Certificateholder are and shall deemed to be the parties with the power and
      authority to exercise substantial control over the Holding Trust.

     

    ARTICLE VII

     

    Compensation of Owner Trustee

     

    SECTION 7.1.  Owner Trustee’s Fees and Expenses.

     

    The Owner Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between Exeter and the
      Owner Trustee.  To the extent any such fees and other reasonable expenses due to the Owner Trustee under the Basic Documents, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as
      the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder and under the Basic Documents, shall not have been paid or reimbursed by the Depositor pursuant to Section 5.7(a) of the Sale and
      Servicing Agreement or Section 5.6 of the Indenture, as applicable, within ninety (90) days after receipt by the Depositor and Exeter of a detailed invoice in respect thereof, Exeter shall promptly pay the Owner Trustee for any such unpaid amounts. 
      If, subsequent to any such payment by Exeter to the Owner Trustee described in the immediately preceding sentence, the Owner Trustee receives payment or reimbursement in respect of the related amount, in part or in full, from the Depositor, then the
      Owner Trustee shall promptly refund Exeter for the amount of such payment or reimbursement received from the Depositor on such subsequent date.

     

    
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    SECTION 7.2.  Indemnification.

     

    The Depositor shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors, successors, assigns, agents and servants
      (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees
      and expenses, including legal fees, costs and expenses incurred in connection with enforcement of its indemnification rights hereunder) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred
      by, or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the Basic Documents, the Owner Holding Trust Estate, the administration of the Owner Holding Trust Estate or the action or
      inaction of the Owner Trustee hereunder, except only that the Depositor shall not be liable for or required to indemnify the Owner Trustee from and against Expenses arising or resulting from any of the matters described in the third sentence of
      Section 6.1. The indemnities contained in this Section and the rights under Section 7.1 shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In any event of any claim, action or proceeding for which
      indemnity will be sought pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Depositor which approval shall not be unreasonably withheld.  To the extent any such Expenses due to the Owner
      Trustee hereunder shall not have been paid or reimbursed by the Depositor pursuant to Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of the Indenture, as applicable, within ninety (90) days after receipt by the Depositor and Exeter
      of a detailed invoice in respect thereof, Exeter shall promptly pay the Owner Trustee for any such unpaid Expenses.  If, subsequent to any such payment by Exeter to the Owner Trustee described in the immediately preceding sentence, the Owner Trustee
      receives payment or reimbursement in respect of the related Expenses, in part or in full, from the Depositor, then the Owner Trustee shall promptly refund Exeter for the amount of such payment or reimbursement received from the Depositor on such
      subsequent date.

     

    SECTION 7.3.  Payments to the Owner Trustee.

     

    Any amounts paid to the Owner Trustee pursuant to this Article VII shall be deemed not to be a part of the Owner Holding Trust Estate immediately after such payment.

     

    SECTION 7.4.  Non-recourse Obligations.

     

    Notwithstanding anything in this Agreement or any Basic Document, the Owner Trustee agrees in its individual capacity and in its capacity as Owner Trustee for the
      Holding Trust that all obligations of the Holding Trust to the Owner Trustee individually or as Owner Trustee for the Holding Trust shall be with recourse to the Owner Holding Trust Estate only and specifically shall be without recourse to the assets
      of the Holder.

     

    
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    ARTICLE VIII

     

    Termination of Trust Agreement

     

    SECTION 8.1.  Termination of Trust Agreement.

     

    (a) The Holding Trust shall dissolve and the Seller and the Servicer shall wind up the affairs of the Holding Trust in accordance with Section 3808 of the Statutory Trust Statute upon the maturity or other liquidation of the last
        Receivable (including the purchase by the Servicer at its option or by the Seller at its option of the corpus of the Holding Trust as described in Section 10.1 of the Sale and Servicing Agreement) and the subsequent distribution of amounts in
        respect of such Receivables as provided in the Basic Documents; provided, however, that the rights to indemnification under Section 7.2 and the rights under Section 7.1 shall survive the dissolution of the Holding Trust. The Seller
        or the Servicer shall promptly notify the Owner Trustee of any prospective dissolution pursuant to this Section.  For the avoidance of doubt, except as described in Section 8.1(d), the Owner Trustee shall have no responsibility for the dissolution,
        or winding-up, of the Holding Trust.  The bankruptcy, liquidation, dissolution, death or incapacity of the Holding Trust Certificateholder, shall not (x) operate to terminate this Agreement or the Holding Trust, nor (y) entitle the Holding Trust
        Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Holding Trust or Owner Holding Trust Estate nor (z) otherwise affect
        the rights, obligations and liabilities of the parties hereto.

     

    (b) Neither the Depositor nor the Holding Trust Certificateholder shall be entitled to revoke or terminate the Holding Trust.

     

    (c) Notice of any termination of the Holding Trust, specifying the Distribution Date upon which the Holding Trust Certificateholder shall surrender the Holding Trust Certificate to the Holding Trust Certificate Registrar for payment
        of the final distribution by the Holding Trust Certificate Paying Agent and cancellation, shall be given by the Servicer on behalf of the Owner Trustee by letter to the Holding Trust Certificateholder (with a copy to the Owner Trustee) mailed
        within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 10.1(c) of the Sale and Servicing Agreement, stating (i) the Distribution Date upon or with respect to which final payment of the Holding
        Trust Certificate shall be made upon presentation and surrender of the Holding Trust Certificate at the office of the Holding Trust Certificate Registrar therein designated, (ii) the amount of any such final payment, (iii) that the Record Date
        otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Holding Trust Certificate at the office of the Holding Trust Certificate Registrar therein specified and (iv) interest
        will cease to accrue on the Holding Trust Certificate. The Servicer on behalf of the Owner Trustee shall give such notice to the Indenture Trustee at the time such notice is given to the Holding Trust Certificateholder. Upon presentation and
        surrender of the Holding Trust Certificate, the Holding Trust Certificate Paying Agent shall cause to be distributed to the Holding Trust Certificateholder amounts distributable on such Distribution Date pursuant to Section 5.7 of the Sale and
        Servicing Agreement.

     

    In the event that the Holding Trust Certificateholder shall not surrender the Holding Trust Certificate for cancellation within six months after the date specified in
      the above mentioned

     

    
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    written notice, the Servicer on behalf of the Owner Trustee and the Holding Trust Certificate Registrar shall give a second written notice to the Holding Trust Certificateholder to
      surrender the Holding Trust Certificate for cancellation and receive the final distribution with respect thereto. If within one year after the second notice the Holding Trust Certificate shall not have been surrendered for cancellation, the Owner
      Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the Holding Trust Certificateholder concerning surrender of the Holding Trust Certificate, and the cost thereof shall be paid out of the funds and other
      assets that shall remain subject to this Agreement. Any funds remaining in the Holding Trust after exhaustion of such remedies shall be distributed, subject to applicable escheat laws, by the Holding Trust Certificate Paying Agent to the Holder.

     

    (d) Upon the completion of the winding up of the Holding Trust in accordance with Section 3808 of the Statutory Trust Statute, this Agreement shall terminate and be of no further force or effect except as expressly set forth herein
        and the Owner Trustee shall, at the expense of and upon written direction of the Seller that the Holding Trust has be wound up and direction to file, cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the
        Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute.

     

    ARTICLE IX

     

    Successor Owner Trustees and Additional Owner Trustees

     

    SECTION 9.1.  Eligibility Requirements for Owner Trustee.

     

    The Owner Trustee shall at all times be a Person (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise corporate
      trust powers; and (iii) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities. If such Person shall publish reports of condition at least annually, pursuant to law or
      to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent
      report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section
      9.2.

     

    SECTION 9.2.  Resignation or Removal of Owner Trustee.

     

    The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor and the Servicer. Upon
      receiving such notice of resignation, the Depositor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor
      Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee or the Holding Trust Certificateholder may petition any
      court of competent jurisdiction for the appointment of a successor Owner Trustee. The reasonable out-of-pocket expenses actually incurred (including reasonable fees of

     

    
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    outside legal counsel) related to such petition shall be an expense within the meaning of the term Expense defined in Section 7.2.

     

    If at any time the Owner Trustee shall (i) cease to be eligible in accordance with the provisions of Section 9.1 and shall fail to resign after written request
      therefor by the Depositor or (ii) be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee
      or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor may remove the Owner Trustee by sending written notice of such removal to the Owner Trustee. If the Depositor shall remove the Owner
      Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly (x) appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee
      so removed and one copy to the successor Owner Trustee and (y) pay all fees owed to the outgoing Owner Trustee.

     

    Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 9.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Depositor shall provide notice of such resignation or removal of the Owner
      Trustee to each of the Rating Agencies.

     

    SECTION 9.3.  Successor Owner Trustee.

     

    Any successor Owner Trustee appointed pursuant to Section 9.2 shall execute, acknowledge and deliver to the Depositor, the Servicer and to its predecessor Owner
      Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance,
      shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall, upon payment of its fees and
      expenses, deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Depositor and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may
      reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations.

     

    No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible
      pursuant to Section 9.1.

     

    Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Servicer shall mail notice of the successor of such Owner Trustee to the
      Holding Trust Certificateholder, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Servicer shall fail to mail such notice within ten days after acceptance of appointment by the successor Owner Trustee, the successor Owner
      Trustee shall cause such notice to be mailed at the expense of the Servicer.

     

    
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    SECTION 9.4.  Merger or Consolidation of Owner Trustee.

     

    Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or
      consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such Person
      shall be eligible pursuant to Section 9.1, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, further, that the
      Owner Trustee shall mail notice of such merger or consolidation or succession to the Depositor (who shall notify the Rating Agencies).

     

    SECTION 9.5.  Appointment of Co-Trustee or Separate Trustee.

     

    Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the
      Owner Holding Trust Estate or any Financed Vehicle may at the time be located, the Servicer and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner
      Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Holding Trust Estate, and to vest in such Person, in such capacity, such title to the Holding Trust, or any part
      thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Servicer and the Owner Trustee may consider necessary or desirable. If the Servicer shall not have joined in such appointment
      within 15 days after the receipt by it of a request to do so, the Owner Trustee shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor
      trustee pursuant to Section 9.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 9.3.

     

    Each separate trustee and co-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 Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood
        that such separate trustee or co-trustee is not authorized to act separately without the Owner 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
        Owner 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 Holding Trust or any portion thereof in any such jurisdiction) shall be
        exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee;

     

    (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and

     

    (iii) the Servicer and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

     

    
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    Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as
      effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-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 Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically
      including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Servicer.

     

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

     

    ARTICLE X

     

    Miscellaneous

     

    SECTION 10.1.  Supplements and Amendments.

     

    (a) This Agreement may be amended by the Depositor and the Owner Trustee, and with prior written notice by the Depositor to the Rating Agencies, without the consent of any of the Indenture Trustee, the Noteholders or the Holding
        Trust Certificateholder, (i) to cure any ambiguity or to conform this Agreement to the Prospectus; provided, however, that the Owner Trustee and the Indenture Trustee will be entitled to receive and rely
        upon an Opinion of Counsel described in the penultimate paragraph of Section 10.1(b) in connection with such amendment or (ii) to correct or supplement any provisions in this Agreement, to comply with any changes in the Code or to make any other
        provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of this Agreement; provided, however, that (A) such action shall not, as
        evidenced by an Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or the Holding Trust Certificateholder, or (B) the Rating Agency Condition shall
        have been satisfied with respect to such amendment and the Servicer shall have notified the Indenture Trustee and the Owner Trustee in writing that the Rating Agency Condition has been satisfied with respect to such amendment.

     

    (b) This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with prior written notice by the Depositor to the Rating Agencies, without the consent of the Indenture Trustee, and to the extent such
        amendment materially and adversely affects the interests of the Noteholders, with the consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes and the consent of the Holder of the Holding Trust
        Certificate (which consent of the Holder of the Holding Trust Certificate or a Note given pursuant to this Section or pursuant to any other provision of this Agreement shall be

     

    
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    conclusive and binding on the Holder) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any
      manner the rights of the Noteholders or the Holding Trust Certificateholder; provided, however, to the extent not otherwise permitted by Section 10.1(a), no such amendment shall (a) increase or reduce in any manner the amount or priority of, or
      accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the Holding Trust Certificateholder or (b) reduce the aforesaid percentage of the
      Outstanding Amount of the Notes and the percentage of Holding Trust Certificate required to consent to any such amendment, without the consent of the holders of all the outstanding Notes of each class affected thereby and the Holder of the Holding
      Trust Certificateholder.

     

    Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to
      the Holding Trust Certificateholder, the Indenture Trustee and the Depositor (who shall send such notification to each of the Rating Agencies).

     

    It shall not be necessary for the consent of the Holding Trust Certificateholder or the Noteholders pursuant to this Section to approve the particular form of any
      proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of the Holding Trust Certificateholder provided for in this Agreement or in
      any other Basic Document) and of evidencing the authorization of the execution thereof by the Holding Trust Certificateholder shall be subject to such reasonable requirements as the Owner Trustee may prescribe. Promptly after the execution of any
      amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State.

     

    Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of
      Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent, if any, to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be
      obligated to, execute any amendment to this Agreement or the Basic Documents which affects the Owner Trustee’s own rights, duties or immunities.

     

    No amendment pursuant to this Section 10.1 shall be effective which affects the rights, protections or duties of the Holding Trust Certificate Registrar or the Holding
      Trust Certificate Paying Agent without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed). The Depositor shall (i) obtain all such consents or (ii) certify that no such consent is required, upon
      which, in either case, the Owner Trustee may conclusively rely.

     

    SECTION 10.2.  No Legal Title to Owner Holding Trust Estate in Holding Trust Certificateholder.

     

    The Holding Trust Certificateholder shall not have legal title to any part of the Owner Holding Trust Estate. The Holding Trust Certificateholder shall be entitled to
      receive distributions in accordance with Articles VIII and XI. No transfer, by operation of law or otherwise, of any right, title or interest of the Holding Trust Certificateholder to and in its

     

    
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    ownership interest in the Owner Holding Trust Estate shall operate to terminate this Agreement or the trust hereunder or entitle any transferee to an accounting or to the transfer to it
      of legal title to any part of the Owner Holding Trust Estate.

     

    SECTION 10.3.  Limitations on Rights of Others.

     

    The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Holding Trust Certificateholder, the Servicer and, to the extent
      expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Holding Trust
      Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

     

    SECTION 10.4.  Notices.

     

    (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt personally delivered, delivered by overnight courier or mailed first class mail or
        certified mail, in each case return receipt requested, and shall be deemed to have been duly given upon receipt: (i) if to the Owner Trustee or the Holding Trust Certificate Registrar, addressed to the Corporate Trust Office; (ii) if to the
        Depositor, addressed to c/o EFCAR, LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention:  Chief Financial Officer, with a copy to the Owner Trustee at its Corporate Trust Office; or (iii) if to the Holding Trust Certificate Paying
        Agent, addressed to Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention: Chief Financial Officer; or, as to each party, at such other address as shall be designated by such party in a written notice to each other
        party.

     

    (b) Any notice required or permitted to be given to the Holding Trust Certificateholder shall be given by first-class mail, postage prepaid, at the address of the Holder. Any notice so mailed within the time prescribed in this
        Agreement shall be conclusively presumed to have been duly given, whether or not the Holding Trust Certificateholder receives such notice.

     

    (c) Where this Agreement provides for notice or delivery of documents to the Rating Agencies, failure to give such notice or deliver such documents shall not affect any other rights or obligations created hereunder.

     

    SECTION 10.5.  Severability.

     

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

     

    SECTION 10.6.  Separate Counterparts.

     

    This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such
      counterparts shall

     

    
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    together constitute but one and the same instrument. Each of the parties hereto further agrees that this Agreement and, except as provided in Section 3.2 and Section 3.3 hereof, any
      other documents to be delivered in connection herewith may be electronically signed and delivered, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of
      validity, enforceability, and admissibility.

     

    SECTION 10.7.  Assignments.

     

    This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective successors and permitted assigns.

     

    SECTION 10.8.  No Recourse.

     

    The Holding Trust Certificateholder by accepting the Holding Trust Certificate acknowledges that the Holding Trust Certificate represents a beneficial interest in the
      Holding Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Holding Trust Certificate Registrar, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such
      parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Holding Trust Certificate or the Basic Documents.

     

    SECTION 10.9.  Headings.

     

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

     

    SECTION 10.10.  GOVERNING LAW.

     

    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
      OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    SECTION 10.11.  WAIVER OF JURY TRIAL.

     

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

     

    SECTION 10.12.  Servicer.

     

    (a) The Servicer is authorized to prepare, or cause to be prepared, execute and deliver on behalf of the Holding Trust, all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the
        Holding Trust or Owner Trustee to prepare, file or deliver pursuant to the Basic Documents. On the Closing Date or upon written request, the Owner Trustee, as trustee of the Holding Trust, shall execute and deliver to the Servicer a limited power
        of attorney appointing the Servicer as the Holding Trust’s agent and attorney-in-fact to prepare, or cause to be

     

    
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    prepared, execute and deliver all such documents, reports, filings, instruments, certificates and opinions.

     

    (b) It shall be the Servicer’s duty and responsibility, and not the Owner Trustee’s duty or responsibility, to cause the Holding Trust to respond to, comply with, defend, participate in or otherwise act in connection with any
        regulatory, administrative, governmental, investigative or other obligation, proceeding or inquiry relating in any way to the Holding Trust, its assets or the conduct of its business; provided, that, the Owner Trustee hereby agrees to
        cooperate with the Servicer and to comply with any reasonable request made by the Servicer for the delivery of information or documents to the Servicer in the Owner Trustee’s actual possession relating to any such regulatory, administrative,
        governmental, investigative or other obligation, proceeding or inquiry.

     

    SECTION 10.13.  Nonpetition Covenants.

     

    (a) To the fullest extent permitted by applicable law, notwithstanding any prior termination of this Agreement, but subject to the provisions of Section 4.5, the Holding Trust Certificateholder shall not, prior to the date which is
        one year and one day after the termination of this Agreement with respect to the Holding Trust, acquiesce, petition or otherwise invoke or cause the Holding Trust to invoke the process of any court or government authority for the purpose of
        commencing or sustaining a case against the Holding Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Holding
        Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Holding Trust.

     

    (b) To the fullest extent permitted by applicable law, notwithstanding any prior termination of this Agreement, but subject to the provisions of Section 4.5, the Owner Trustee shall not, prior to the date which is one year and one
        day after the termination of this Agreement, with respect to the Holding Trust, acquiesce, petition or otherwise invoke or cause the Holding Trust to invoke the process of any court or government authority for the purpose of commencing or
        sustaining an involuntary case against the Holding Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Holding
        Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Holding Trust.

     

    SECTION 10.14.  Third-Party Beneficiaries.

     

    This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns and any successor Holding
      Trust Certificate Paying Agent or Holding Trust Certificate Registrar, shall be an express third-party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto. Except as otherwise provided in this Section, no other
      Person will have any right hereunder.

     

    SECTION 10.15.  Force Majeure.

     

    Notwithstanding anything in this Agreement to the contrary, the Owner Trustee shall not be responsible or liable for its failure to perform under this Agreement or for
      any losses to the Holding Trust resulting from any event beyond the reasonable control of the Owner Trustee,

     

    
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    its agents or subcustodians, including but not limited to nationalization, strikes, expropriation, devaluation, seizure, or similar action by any court or governmental authority, de
      facto or de jure; or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions, exchange controls, levies or other charges affecting the Holding Trust’s property; or an epidemic or pandemic; or the
      breakdown, failure or malfunction of any utilities or telecommunications or computer (hardware or software) systems;  or any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting
      the execution or settlement of transactions; or acts of war, terrorism, insurrection or revolution; or acts of God; or any other similar event; it being understood that the Owner Trustee shall use reasonable efforts which are consistent with accepted
      practice in the banking industry to maintain or, if applicable, resume performance as soon as practicable, under any such circumstances.

     

    SECTION 10.16.  Regulation AB.

     

    The Owner Trustee acknowledges and agrees that the purpose of this Section 10.16 is to facilitate compliance by the Holding Trust with the provisions of Regulation AB
      and related rules and regulations of the Commission.  The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff,
      consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees hereby to comply with reasonable requests made by the Servicer in good faith for delivery of information under these provisions on the
      basis of evolving interpretations of Regulation AB.  The Owner Trustee shall cooperate fully with the Servicer and the Holding Trust to deliver to the Servicer and the Holding Trust any and all statements, reports, certifications, records and any
      other information in its possession necessary in the good faith determination of the Servicer to permit the Servicer and the Holding Trust to comply with the provisions of Regulation AB, together with such disclosures relating to the Owner Trustee
      reasonably believed by the Servicer to be necessary in order to effect such compliance.

     

    SECTION 10.17.  Entire Agreement.

     

    This Agreement and the exhibits hereto set forth the entire agreement and understanding of the parties related to this transaction and supersedes all prior agreements
      and understandings, oral or written.

     

    ARTICLE XI

      

      Application of Holding Trust Funds; Certain Duties

     

    SECTION 11.1.  [Reserved].

     

    SECTION 11.2.  Application of Holding Trust Funds.

     

    (a) On each Distribution Date, so long as any Notes are outstanding, the Servicer shall make deposits into the Trust Accounts, which represent distributions to the Holding Trust Certificateholder, pursuant to the terms of the Sale
        and Servicing Agreement with respect to such Distribution Date. After the termination of the Indenture in accordance with its terms, the Servicer, on behalf of the Holding Trust, shall distribute all amounts received (if any) by the

     

    
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    Holding Trust and the Owner Trustee in respect of the Owner Holding Trust Estate to the Holding Trust Certificateholder.

     

    (b) In the event that any withholding tax is imposed on the Holding Trust’s payment (or allocations of income) to the Holding Trust Certificateholder, such tax shall reduce the amount otherwise distributable to the Holding Trust
        Certificateholder in accordance with this Section. The Owner Trustee or Holding Trust Certificate Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Holding Trust Certificateholder sufficient funds
        for the payment of any tax that is legally owed by the Holding Trust (but such authorization shall not prevent the Owner Trustee or the Holding Trust Certificate Paying Agent from contesting any such tax in appropriate proceedings and withholding
        payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Holding Trust Certificateholder shall be treated as cash distributed to the Holding Trust
        Certificateholder at the time it is withheld by the Holding Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S.
        Holding Trust Certificateholder), the Owner Trustee or the Holding Trust Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph.

     

    (c) The Holder of the Holding Trust Certificate that is organized under the laws of a jurisdiction outside the United States shall, on or prior to the date the Holder becomes the Holder, (i) notify the Owner Trustee and the Holding
        Trust Certificate Paying Agent and (ii)(A) provide the Owner Trustee and the Holding Trust Certificate Paying Agent with IRS Form W-8BEN, W-8BEN-E, W-8ECI or W-8EXP (or successor forms), as appropriate, or (B) notify the Owner Trustee and the
        Holding Trust Certificate Paying Agent that it is not entitled to an exemption from United States withholding tax or a reduction in the rate thereof on payments of interest. The Holder agrees by its acceptance of the Holding Trust Certificate, on
        an ongoing basis, to provide like certification for each taxable year and to notify the Owner Trustee and the Holding Trust Certificate Paying Agent should subsequent circumstances arise affecting the information provided the Owner Trustee or the
        Holding Trust Certificate Paying Agent in clauses (i) and (ii) above. The Owner Trustee and the Holding Trust Certificate Paying Agent shall be fully protected in relying upon, and the Holder by its acceptance of the Holding Trust Certificate
        hereunder agrees to indemnify and hold the Owner Trustee and the Holding Trust Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s and the Holding Trust
        Certificate Paying Agent’s reliance upon any documents, forms or information provided by the Holder to the Owner Trustee and the Holding Trust Certificate Paying Agent.

     

    SECTION 11.3.  Method of Payment.

     

    Pursuant to Section 11.2, distributions required to be made to the Holding Trust Certificateholder after the termination of the Indenture in accordance with its terms
      shall be made to the Holding Trust Certificateholder of record on the preceding Record Date either by wire transfer, in immediately available funds, to the account of the Holding Trust Certificateholder at a bank or other entity having appropriate
      facilities therefor, if the Holding Trust Certificateholder shall have provided to the Holding Trust Certificate Registrar and the Holding Trust Certificate Paying Agent appropriate written instructions at least five Business Days prior to such
      Distribution

     

    
      40

      
        

    

    Date, or, if not, by check mailed to the Holding Trust Certificateholder at the address of the Holding Trust Certificateholder appearing in the Holding Trust Certificate Register.

     

    [Remainder of page intentionally left blank.]

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    
      41

      
        

    

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

     

    	 	
            WILMINGTON TRUST COMPANY,

          
	 	
            as Owner Trustee

          
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                                     

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            EXETER AUTOMOBILE RECEIVABLES

          
	 	
            TRUST 2022-4, as Seller

          
	 	 	 
	 	
            By:

          	
            EXETER FINANCE LLC, as Servicer

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                     

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    ACKNOWLEDGED AND AGREED TO:

      

      

      EXETER FINANCE LLC,

    solely with respect to Sections 2.11, 7.1 and

      7.2

      

      

      By:                                                          

       Name:

       Title:

     

    
      
        

    

    ACKNOWLEDGED AND AGREED TO:

      

      EFCAR, LLC,

      solely with respect to Sections 2.1 and 5.7

      

      

      

      

      By:                                                                    

       Name:

       Title:

     

    
      
        

    

    EXHIBIT A

     

    NUMBER

      R-[__]

     

    Percentage Interest of this Holding Trust Certificate: 100%

     

    SEE REVERSE FOR CERTAIN DEFINITIONS

     

    THIS HOLDING TRUST CERTIFICATE IS NOT TRANSFERABLE,

      EXCEPT UNDER THE LIMITED CONDITIONS

      SPECIFIED IN THE TRUST AGREEMENT

     

    _____________________________

     

    ASSET BACKED HOLDING TRUST CERTIFICATE

     

    THIS HOLDING TRUST CERTIFICATE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
        ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE HOLDING TRUST HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS HOLDING TRUST
      CERTIFICATE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO AN AFFILIATE OF THE DEPOSITOR OR TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED
        INSTITUTIONAL BUYER”).

     

    This Holding Trust Certificate evidences the undivided beneficial ownership interest in the Holding Trust, as defined below, the property of which includes a pool of
      retail installment sale contracts and auto loan agreements secured by new or used automobiles, vans or light duty trucks and conveyed to the Holding Trust by Exeter Automobile Receivables Trust 2022-4 (the “Seller”).

     

    (This Holding Trust Certificate does not represent an interest in or obligation of Exeter Automobile Receivables Trust 2022-4 or any of its Affiliates, except to the
      extent described below.)

     

    THIS CERTIFIES THAT [_________________] is the registered owner of a nonassessable, fully-paid, undivided beneficial ownership interest in Exeter Holdings Trust 2022-4
      (the “Holding Trust”).

     

    The Holding Trust was created pursuant to a Trust Agreement dated as of March 7, 2022, as amended and restated as of July 17, 2022 (the “Trust Agreement”),
      between the Seller and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used
      herein have the meanings assigned to them in the Trust Agreement.

     

    
      
        

    

    
    This is a duly authorized Holding Trust Certificate designated as “Asset Backed Holding Trust Certificate” (herein called the “Holding Trust Certificate”).
      Also issued under the Indenture, dated as of July 17, 2022, among the Exeter Automobile Receivables Trust 2022-4, the Holding Trust, Citibank, N.A., as indenture trustee, are seven classes of Notes designated as “Class A-1 2.871% Asset Backed Notes”
      (“Class A-1 Notes”), “Class A-2 3.99% Asset Backed Notes” (“Class A-2 Notes”), “Class A-3 4.33% Asset Backed Notes” (“Class A-3 Notes” and, together with the Class A-1 Notes and the Class A-2 Notes, the “Class A Notes”),
      “Class B 4.57% Asset Backed Notes” (the “Class B Notes”), “Class C 4.92% Asset Backed Notes” (the “Class C Notes”), “Class D 5.98% Asset Backed Notes” (the “Class D Notes”) and “Class E 8.23% Asset Backed Notes” (the “Class E
        Notes” and, together with the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, the “Notes”). This Holding Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust
      Agreement, to which the holder of this Holding Trust Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The property of the Holding Trust includes a pool of retail installment sale contracts and auto loan
      agreements secured by new and used automobiles, vans or light duty trucks (the “Receivables”), all monies due thereunder on or after the Cutoff Date, security interests in the vehicles financed thereby, proceeds from claims on certain
      insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement, all right, title and interest of the Seller in and to the Purchase Agreement dated as of July 17, 2022, between Exeter Finance LLC and the
      Seller, and all proceeds of the foregoing.

     

    The holder of this Holding Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Holding Trust Certificate are
      subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement, the Indenture and the Trust Agreement, as applicable.

     

    Distributions on this Holding Trust Certificate will be made as provided in the Trust Agreement or any other Basic Document by wire transfer or check mailed to the
      Holding Trust Certificateholder without the presentation or surrender of this Holding Trust Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on
      this Holding Trust Certificate will be made after due notice by the Servicer on behalf of the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Holding Trust Certificate at the office or agency
      maintained for the purpose by the Holding Trust Certificate Registrar at the Corporate Trust Office.

     

    Reference is hereby made to the further provisions of this Holding Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Holding Trust Certificate Registrar, by manual signature, this
      Holding Trust Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

     

    THIS HOLDING TRUST CERTIFICATE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
      PROVISIONS, AND THE

     

    
      A-2

      
        

    

    OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    
      A-3

      
        

    

    IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Holding Trust and not in its individual capacity, has caused this Holding Trust Certificate to be duly
      executed.

     

    	 	
            EXETER HOLDINGS TRUST 2022-4

          
	 	 	 	 
	 	
            By:  

          	
            WILMINGTON TRUST COMPANY,

          
	 	 	
            not in its individual capacity but

          
	 	 	
            solely as Owner Trustee

          
	
            Dated: _______, 20___

          	 	 	 
	 	
            By:

          	
                                                                       

              

          
	 	 	
            Name:  

          	 
	 	 	
            Title:

          	 

    

    

    
      A-4

      
        

    

    CERTIFICATE REGISTRAR’S

      CERTIFICATE OF AUTHENTICATION

     

    This is the Holding Trust Certificate referred to in the within-mentioned Trust Agreement.

     

    WILMINGTON TRUST COMPANY, not

      in its individual capacity but solely as

      Holding Trust Certificate Registrar

      

      

      

      By:                                                             

       Authorized Signatory

     

    
      A-5

      
        

    

    (Reverse of Holding Trust Certificate)

     

    The Holding Trust Certificate does not represent an obligation of, or an interest in, the Seller, the Servicer, the Owner Trustee or any Affiliates of any of them and
      no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the Basic Documents. In addition, this Holding Trust Certificate is not guaranteed by
      any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables, all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each of the Sale and
      Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal office of the Seller, and at such other places, if any, designated by the Seller, by the Holding Trust Certificateholder upon written request.

     

    The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Seller under the
      Trust Agreement at any time by the Seller and the Owner Trustee with the consent of the Majority Noteholders and the Holding Trust Certificateholder. Any such consent by the Holder of this Holding Trust Certificate shall be conclusive and binding on
      the Holder and on any future Holder of this Holding Trust Certificate and of this Holding Trust Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Holding
      Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holding Trust Certificateholder.

     

    As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Holding Trust Certificate is registrable in the Holding
      Trust Certificate Register upon surrender of this Holding Trust Certificate for registration of transfer at the offices or agencies of the Holding Trust Certificate Registrar maintained by the Holding Trust Certificate Registrar in the Corporate
      Trust Office, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Holding Trust Certificate Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon
      a new Holding Trust Certificate evidencing the same aggregate interest in the Holding Trust will be issued to the designated transferee. The initial Holding Trust Certificate Registrar appointed under the Trust Agreement is Wilmington Trust Company.
      No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Holding Trust Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection
      therewith.

     

    It is the intention of the parties to the Trust Agreement that, solely for federal income or state and local income, franchise and value added tax purposes, (i) the
      Holding Trust will be treated as a fixed investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code and (ii) the Notes will be
      treated as debt. By accepting this Holding Trust Certificate, the Holding Trust Certificateholder hereby agrees to take no action inconsistent with the foregoing intended tax treatment.

     

    Each of the Owner Trustee and Holding Trust Certificate Registrar and any agent of the Owner Trustee may treat the Person in whose name this Holding Trust Certificate
      is registered as

     

    
      A-6

      
        

    

    the owner hereof for all purposes, and none of the Owner Trustee, the Holding Trust Certificate Registrar nor any such agent shall be affected by any notice to the contrary.

     

    The obligations and responsibilities created by the Trust Agreement and the Holding Trust created thereby shall terminate upon the payment to the Holding Trust
      Certificateholder of all amounts required to be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part of the Holding Trust. The Seller or the Servicer of the Receivables may
      at its option purchase the corpus of the Holding Trust at a price specified in the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Holding Trust will effect early retirement of the Holding Trust
      Certificate; however, such right of purchase is exercisable, subject to certain restrictions, only as of the last day of any Collection Period as of which the Pool Balance is 10% or less of the Original Pool Balance.

     

    This Holding Trust Certificate may not be purchased by or transferred to any person that is or will be, or that is acting on behalf of or investing assets of an entity
      that is or will be (i) 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, (ii) 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, (iii) any entity whose underlying assets are deemed to include assets of an employee benefit plan or a plan described in (i) or (ii) above by reason
      of such employee benefit plan’s or plan’s investment in the entity (collectively, a “Plan”), or (iv) an employee benefit plan, a plan or other similar arrangement that is not a Plan but is subject to any provision of federal, state, local, non-U.S.
      or regulations that are substantially similar to Section 406 of ERISA or Section 4975 of the Code (each, a “Benefit Plan”). By accepting and holding this Holding Trust Certificate, the Holder hereof shall be deemed to have represented and warranted
      that it is not a Benefit Plan.

     

    The recitals contained herein shall be taken as the statements of the Depositor or the Servicer, as the case may be, and neither the Owner Trustee nor the Holding
      Trust Certificate Registrar assumes any responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Holding Trust Certificate and neither the Owner Trustee nor the Holding Trust
      Certificate Registrar makes any representations as to the validity or sufficiency  of any Receivable or related document.

     

    Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Holding Trust Certificate Registrar, by manual signature, this
      Holding Trust Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

     

    
      A-7

      
        

    

    ASSIGNMENT

     

    FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

     

    PLEASE INSERT SOCIAL SECURITY

      OR OTHER IDENTIFYING NUMBER

      OF ASSIGNEE

     
      

    
      (Please print or type name and address, including postal zip code, of assignee)

       

      the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

       

      

      

    

    ________________________________ Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

     

    	
            Dated:

          	 	
            *

          
	 	
            Signature

          	 
	 	 	 
	
            Guaranteed:

          	 	
            *

          

    

    

     

                                                    

    * NOTICE:
        The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without alteration, enlargement or any change whatever. Such signature must be
        guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the
        Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

     

    
      A-8

      
        

    

    
    EXHIBIT B

     

    FORM OF

    

     

    

     CERTIFICATE OF TRUST

    

     

    

     OF

    

     

    

     EXETER HOLDINGS TRUST 2022-4

     

    THIS Certificate of Trust of EXETER HOLDINGS TRUST 2022-4 (the “Holding Trust”) is being duly executed and filed on behalf of the Holding Trust by the undersigned, as trustee, to
      form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”).

     

    1. Name. The name of the statutory trust formed by this Certificate of Trust is “EXETER HOLDINGS TRUST 2022-4.”

     

    2. Delaware Trustee. The name and business address of the trustee of the Holding Trust in the State of Delaware is Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001.

     

    3. Effective Date. This Certificate of Trust shall be effective upon filing.

     

    IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

     

    WILMINGTON TRUST COMPANY, not in its

      individual capacity but solely as trustee of the

      Holding Trust

      

      

      

      

      

      

      By:                                                           

              Name:

              Title:

     

    
      B-1

      
        

    

    
    EXHIBIT C

     

    Form of

      

      Notice of Repurchase Request

     

    [___________], 20[_]

     

    Exeter Finance LLC

        as Servicer

      2101 W. John Carpenter Freeway

    Irving, Texas 75063

      

      

      Attention: Chief Financial Officer

    EFCAR, LLC

      2101 W. John Carpenter Freeway

    Irving, Texas 75063

      

      

      Attention: Chief Financial Officer

     

    Re: Notice of Requests to Repurchase Receivables

     

    Reference is hereby made to the Amended and Restated Trust Agreements set forth below (each, an “Agreement”), for which Wilmington Trust Company, a Delaware trust
      company, has acted in the capacity of owner trustee (in each case, the “Owner Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the related Agreement. This Notice is being delivered pursuant to Section
      5.7 of the related Agreement.

     

    [During the period from and including [____], 20[ ] to but excluding [____], 20[__], the Owner Trustee received no requests requesting that Receivables be
      repurchased.]

     

    [During the period from and including [____], 20[ ] to but excluding [____], 20[__], the Owner Trustee received one or more requests requesting that Receivables be
      repurchased. Copies of such requests received in writing are attached, and details of any such requests received orally are set forth below:]

     

    	
            Agreement

          	
            Date of Request

          	
            Number of Receivables Subject to Request

          	
            Aggregate Principal Balance of Receivables Subject to Request

          
	 	 	 	 
	 	 	 	 
	 	 	 	 

    

    

    This notice, and requests contained herein are being sent to you in connection with compliance with Rule 15Ga-1 of the Securities Exchange Act of 1934. In no event
      will the Owner Trustee or any of the related Trusts have any responsibility or liability in connection with (i) the compliance by the related Servicer, the related Depositor or any other Person with the Exchange

     

    
      C-1

      
        

    

    Act or Regulation AB or (ii) any filing required to be made by a securitizer under the Exchange Act or Regulation AB.

     

    WILMINGTON TRUST COMPANY, not in its

      individual capacity but solely as Owner Trustee of

      the Holding Trust

      

      

      

      By:                                                                         

              Name:

              Title:

     

    

    

    

    

    

    

    

    

    

    

  

  

  

  C-2Exhibit 4.5

  

   

  

   

  

  
    

    

    

    

    

    

    FORM OF SALE AND SERVICING

      AGREEMENT

      

      

      among

      

      

      EXETER HOLDINGS TRUST 2022-4,

      Holding Trust,

      

      

      EFCAR, LLC,

    Seller,

      

      

      EXETER FINANCE LLC,

      Servicer,

     

    EXETER AUTOMOBILE RECEIVABLES TRUST 2022-4,

    Issuer,

      

      

      and

      

      

      CITIBANK, N.A.,

      Indenture Trustee and Backup Servicer

      

      

      Dated as of July 17, 2022

    

    

     

    

    

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

     

    	
            ARTICLE 1 DEFINITIONS

          	
            1

          
	
            SECTION 1.1

          	
            Definitions

          	
            1

          
	
            SECTION 1.2

          	
            Other Definitional Provisions

          	
            20

          
	
            ARTICLE 2 CONVEYANCE OF RECEIVABLES

          	
            21

          
	
            SECTION 2.1

          	
            Conveyance of Receivables

          	
            21

          
	
            SECTION 2.2

          	
            [Reserved]

          	
            22

          
	
            SECTION 2.3

          	
            Further Encumbrance of Issuer Property

          	
            22

          
	
            SECTION 2.4

          	
            Intention of the Parties

          	
            23

          
	
            ARTICLE 3 THE RECEIVABLES

          	
            24

          
	
            SECTION 3.1

          	
            Representations and Warranties of Seller

          	
            24

          
	
            SECTION 3.2

          	
            Repurchase upon Breach

          	
            24

          
	
            SECTION 3.3

          	
            Custody of Receivable Files

          	
            25

          
	
            SECTION 3.4

          	
            Dispute Resolution

          	
            26

          
	
            ARTICLE 4 ADMINISTRATION AND SERVICING OF RECEIVABLES

          	
            29

          
	
            SECTION 4.1

          	
            Duties of the Servicer and the Backup Servicer

          	
            29

          
	
            SECTION 4.2

          	
            Collection of Receivable Payments; Modifications of Receivables; Lockbox Account Agreement

          	
            30

          
	
            SECTION 4.3

          	
            Realization upon Receivables

          	
            33

          
	
            SECTION 4.4

          	
            Insurance

          	
            34

          
	
            SECTION 4.5

          	
            Maintenance of Security Interests in Vehicles

          	
            35

          
	
            SECTION 4.6

          	
            Covenants, Representations, and Warranties of Servicer

          	
            36

          
	
            SECTION 4.7

          	
            Purchase of Receivables Upon Breach of Covenant

          	
            37

          
	
            SECTION 4.8

          	
            Total Servicing Fee; Payment of Certain Expenses by Servicer

          	
            38

          
	
            SECTION 4.9

          	
            Servicer’s Certificate

          	
            38

          
	
            SECTION 4.10

          	
            Annual Statement as to Compliance, Notice of Servicer Termination Event

          	
            38

          
	
            SECTION 4.11

          	
            Annual Independent Public Accountants’ Reports

          	
            39

          
	
            SECTION 4.12

          	
            Access to Certain Documentation and Information Regarding Receivables

          	
            40

          
	
            SECTION 4.13

          	
            Monthly Tape

          	
            41

          
	
            ARTICLE 5 TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO NOTEHOLDERS

          	
            42

          
	
            SECTION 5.1

          	
            Establishment of Trust Accounts

          	
            42

          
	
            SECTION 5.2

          	
            [Reserved]

          	
            45

          
	
            SECTION 5.3

          	
            Certain Reimbursements to the Servicer

          	
            45

          
	
            SECTION 5.4

          	
            Application of Collections

          	
            45

          
	
            SECTION 5.5

          	
            [Reserved]

          	
            45

          
	
            SECTION 5.6

          	
            Additional Deposits

          	
            45

          
	
            SECTION 5.7

          	
            Distributions

          	
            45

          
	
            SECTION 5.8

          	
            Reserve Account

          	
            50

          
	
            SECTION 5.9

          	
            Statements to Noteholders

          	
            51

          

    

    

    
      
        
          i

          
            

        

        TABLE OF CONTENTS

        (continued)

        Page

      

      

      

    

    	
            ARTICLE 6 [RESERVED]

          	
            52

          
	
            ARTICLE 7 THE SELLER

          	
            52

          
	
            SECTION 7.1

          	
            Representations of Seller

          	
            52

          
	
            SECTION 7.2

          	
            Corporate Existence

          	
            55

          
	
            SECTION 7.3

          	
            Liability of Seller; Indemnities

          	
            56

          
	
            SECTION 7.4

          	
            Merger or Consolidation of, or Assumption of the Obligations of, Seller

          	
            56

          
	
            SECTION 7.5

          	
            Limitation on Liability of Seller and Others

          	
            57

          
	
            SECTION 7.6

          	
            Ownership of the Certificate or Notes

          	
            57

          
	
            ARTICLE 8 THE SERVICER AND THE BACKUP SERVICER

          	
            57

          
	
            SECTION 8.1

          	
            Representations of Initial Servicer

          	
            57

          
	
            SECTION 8.2

          	
            Representations of Backup Servicer

          	
            59

          
	
            SECTION 8.3

          	
            Liability of Servicer and Backup Servicer; Indemnities

          	
            60

          
	
            SECTION 8.4

          	
            Merger or Consolidation of, or Assumption of the Obligations of, the Servicer or the Backup Servicer

          	
            62

          
	
            SECTION 8.5

          	
            Limitation on Liability of Servicer, Backup Servicer and Others

          	
            63

          
	
            SECTION 8.6

          	
            Delegation of Duties

          	
            64

          
	
            SECTION 8.7

          	
            Servicer and Backup Servicer Not to Resign

          	
            65

          
	
            SECTION 8.8

          	
            Rights of the Backup Servicer

          	
            65

          
	
            ARTICLE 9 DEFAULT

          	
            66

          
	
            SECTION 9.1

          	
            Servicer Termination Event

          	
            66

          
	
            SECTION 9.2

          	
            Consequences of a Servicer Termination Event

          	
            67

          
	
            SECTION 9.3

          	
            Appointment of Successor

          	
            68

          
	
            SECTION 9.4

          	
            Notification to Noteholders

          	
            71

          
	
            SECTION 9.5

          	
            Waiver of Past Defaults

          	
            71

          
	
            SECTION 9.6

          	
            Backup Servicer Termination

          	
            71

          
	
            ARTICLE 10 TERMINATION

          	
            71

          
	
            SECTION 10.1

          	
            Optional Purchase of All Receivables

          	
            71

          
	
            ARTICLE 11 ADMINISTRATIVE DUTIES OF THE SERVICER

          	
            72

          
	
            SECTION 11.1

          	
            Administrative Duties

          	
            72

          
	
            SECTION 11.2

          	
            Records

          	
            75

          
	
            SECTION 11.3

          	
            Additional Information to be Furnished to the Issuer and the Holding Trust

          	
            75

          
	
            ARTICLE 12 MISCELLANEOUS PROVISIONS

          	
            75

          
	
            SECTION 12.1

          	
            Amendment

          	
            75

          
	
            SECTION 12.2

          	
            Protection of Title to Trust

          	
            76

          
	
            SECTION 12.3

          	
            Notices

          	
            78

          
	
            SECTION 12.4

          	
            Assignment

          	
            79

          
	
            SECTION 12.5

          	
            Limitations on Rights of Others

          	
            79

          
	
            SECTION 12.6

          	
            Severability

          	
            80

          

     

    

    
      
        ii

        
          

      

      TABLE OF CONTENTS

      (continued)

      Page

    

    

    

    	
            SECTION 12.7

          	
            Separate Counterparts

          	
            80

          
	
            SECTION 12.8

          	
            Headings

          	
            80

          
	
            SECTION 12.9

          	
            Governing Law and Submission to Jurisdiction

          	
            80

          
	
            SECTION 12.10

          	
            Waiver of Jury Trial

          	
            80

          
	
            SECTION 12.11

          	
            Assignment to Indenture Trustee

          	
            81

          
	
            SECTION 12.12

          	
            Nonpetition Covenants

          	
            81

          
	
            SECTION 12.13

          	
            Limitation of Liability of Owner Trustee and Indenture Trustee

          	
            81

          
	
            SECTION 12.14

          	
            Indenture Trustee to Report Repurchase Demands due to Breaches of Representations and Warranties

          	
            82

          
	
            SECTION 12.15

          	
            Independence of the Servicer

          	
            83

          
	
            SECTION 12.16

          	
            No Joint Venture

          	
            83

          
	
            SECTION 12.17

          	
            State Business Licenses

          	
            83

          
	
            SECTION 12.18

          	
            Patriot Act

          	
            83

          
	
            SECTION 12.19

          	
            Indemnification

          	
            83

          

    

    

    SCHEDULES

    	Schedule A	
            Schedule of Receivables

          

    	Schedule B	
            Representations and Warranties of the Seller and the Initial Servicer

          

    

    

    EXHIBITS

    	Exhibit A	
            Form of Servicer’s Certificate

          

    	Exhibit B	
            Servicing Criteria to be Addressed in Servicer’s and Indenture Trustee’s Assessments of Compliance

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      iii

      
        

    

    SALE AND SERVICING AGREEMENT dated as of July 17, 2022, among EXETER HOLDINGS TRUST 2022-4, a Delaware statutory trust (the “Holding Trust”), EFCAR, LLC, a
      Delaware limited liability company (the “Seller”), EXETER FINANCE LLC, a Delaware limited liability company (the “Servicer”), EXETER AUTOMOBILE RECEIVABLES TRUST 2022-4, a Delaware statutory trust (“Issuer”), and CITIBANK, N.A.,
      a national banking association, in its capacity as Indenture Trustee and as Backup Servicer.

     

    WHEREAS the Issuer desires to purchase a portfolio of receivables arising in connection with motor vehicle retail installment sale contracts and auto loan agreements
      acquired by Exeter Finance LLC through motor vehicle dealers and direct lenders;

     

    WHEREAS the Seller has purchased such receivables from Exeter Finance LLC and Exeter Flow Intermediary Trust and is willing to sell such receivables to the Issuer;

     

    WHEREAS pursuant to the Contribution Agreement (as defined herein), the Issuer will contribute such receivables to the Holding Trust in exchange for the Holding Trust
      Certificates;

     

    WHEREAS the Servicer is willing to service all such receivables; and

     

    WHEREAS the Backup Servicer is willing to provide backup servicing for all such receivables.

     

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

     

    ARTICLE 1

     

    Definitions

     

    SECTION 1.1  Definitions.  Whenever used in this Agreement, the following words and phrases shall have the following meanings:

     

    “Accountants’ Report” means the report of a firm of nationally recognized Independent Accountants described in Section 4.11.

     

    “Accounting Date” means, with respect to any Collection Period the last day of such Collection Period.

     

    “ADR Organization” means The American Arbitration Association or, if The American Arbitration Association no longer exists or if its ADR Rules
      would no longer permit mediation or arbitration, as applicable, of the dispute, another nationally recognized mediation or arbitration organization selected by Exeter.

     

    “ADR Rules” means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding arbitration, as applicable, of
      commercial disputes in effect at the time of the mediation or arbitration.

     

    
      
        

    

    
    “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 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.

     

    “Aggregate Principal Balance” means, with respect to any date of determination, the sum of the Principal Balances for all Receivables (other than (i) any
      Receivable that became a Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable that became a Purchased Receivable prior to the end of the related Collection Period) as of the date of determination.

     

    “Agreement” means this Sale and Servicing Agreement, as the same may be amended and supplemented from time to time.

     

    “Amount Financed” means, with respect to a Receivable, the aggregate amount advanced under such Receivable toward the purchase price of the related Financed
      Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums, service contracts, debt cancellation coverage, car club and warranty contracts, other items customarily financed as part of motor vehicle retail
      installment sale contracts and auto loan agreements, and related costs.

     

    “Annual Percentage Rate” or “APR” of a Receivable means the annual percentage rate of finance charges or service charges, as stated in the related
      Contract.

     

    “Asset Representations Review Agreement” means the Asset Representations Review Agreement, dated as of July 17, 2022, by and among the Issuer,
      the Servicer, the Indenture Trustee and the Asset Representations Reviewer.

     

    “Asset Representations Reviewer” means Clayton Fixed Income Services LLC, a Delaware limited liability company.

     

    “Asset Review” means, for any Asset Review Notice, the performance by the Asset Representations Reviewer of each Asset Test stated in Schedule A
      to the Asset Representations Review Agreement for each Asset Review Receivable.

     

    “Asset Review Notice” means the notice from the Indenture Trustee (acting at the direction of the required percentage of Noteholders under
      Section 7.2(f) of the Indenture) to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to perform an Asset Review under Section 3.1 of the Asset Representations Review Agreement.

     

    “Asset Review Receivable” means, for any Asset Review, each Receivable that was a Delinquent Receivable for purposes of calculating the
      Delinquency Trigger in connection with which the related Asset Review Notice was delivered.

     

    
      2

      
        

    

    
    “Asset Test” means, for an Asset Review, each Test (as defined in the Asset Representations Review Agreement) to be performed by the Asset Representations
      Reviewer on the related Asset Review Receivables.

     

    “Available Funds” means, with respect to any Distribution Date, the sum of (i) the Collected Funds for the related Collection Period, (ii) all Purchase Amounts
      deposited in the Trust Accounts during the related Collection Period, (iii) Investment Earnings earned on amounts on deposit in the Trust Accounts for the related Collection Period, (iv) following the acceleration of the Notes pursuant to Section 5.2
      of the Indenture, the amount of money or property collected pursuant to Section 5.3 of the Indenture since the preceding Distribution Date by the Indenture Trustee for distribution pursuant to Section 5.6 and Section 5.8 of the Indenture, (v) the
      proceeds of any purchase or sale of the assets of the Holding Trust described in Section 10.1 and (vi) amounts, if any, released from the Reserve Account pursuant to Section 5.8(a)(iii)(B) hereof on such Distribution Date.

     

    “Backup Servicer” means Citibank, N.A. so long as it is the Indenture Trustee under the Indenture, or any successor backup servicer appointed in accordance with
      Section 8.7.

     

    "Bankruptcy Code" means the United States Bankruptcy Code (Title 11 of the United States Code).

     

    “Base Servicing Fee” means, with respect to any Collection Period, the fee payable to the Servicer for services rendered during such Collection Period, which
      shall be equal to the product of (i) the Servicing Fee Rate times (ii) the aggregate Principal Balance of the Receivables as of the opening of business on the first day of such Collection Period times (iii)(A) in the case of the first Collection
      Period, a fraction, the numerator of which is 45 and the denominator of which is 360 and (B) thereafter, one-twelfth.

     

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

     

    “Business Day” means any day other than a Saturday, a Sunday, a legal holiday or other day on which commercial banking institutions located in Wilmington,
      Delaware, Irving, Texas, Jersey City, New Jersey, or New York, New York 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.

     

    “Certificate Distribution Account” has the meaning assigned to such term in the Trust Agreement.

     

    “Certificateholder” means any Person in whose name a Certificate is registered.

     

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

     

    
      3

      
        

    

    “Class” means 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/or the Class E Notes,
      as the context requires.

     

    “Class A Notes” has the meaning assigned to such term in the Indenture.

     

    “Class A Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess, if any, of (x) the aggregate remaining principal
      amount of the Class A Notes immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period and (II) the amount of Total Available Funds remaining on deposit in the Collection Account
      after the funding of the items described in clauses (i) through (iii) of Section 5.7(a) on such Distribution Date.

     

    “Class A-1 Notes” has the meaning assigned to such term in the Indenture.

     

    “Class A-2 Notes” has the meaning assigned to such term in the Indenture.

     

    “Class A-3 Notes” has the meaning assigned to such term in the Indenture.

     

    “Class B Notes” has the meaning assigned to such term in the Indenture.

     

    “Class B Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate
      remaining principal amount of the Class A Notes and of the Class B Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period over (B) the sum of the Class A
      Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes as a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account
      after the funding of the items described in clauses (i) through (vi) of Section 5.7(a) on such Distribution Date.

     

    “Class C Notes” has the meaning assigned to such term in the Indenture.

     

    “Class C Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate
      remaining principal amount of the Class A Notes, of the Class B Notes and of the Class C Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period over (B)
      the sum of the Class A Principal Parity Amount and the Class B Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes or the Class B Notes as a Matured Principal Shortfall on such Distribution Date and (II) the
      amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (ix) of Section 5.7(a) on such Distribution Date.

     

    “Class D Notes” has the meaning assigned to such term in the Indenture.

     

    “Class D Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate
      remaining principal amount of the Class A Notes, of the Class B Notes, of the Class C Notes and of the Class D Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding
      Collection Period over (B) the sum of the Class A Principal Parity Amount,

     

    
      4

      
        

    

    the Class B Principal Parity Amount and the Class C Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes, the Class B Notes or the Class C Notes
      as a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (xii) of Section 5.7(a) on such
      Distribution Date.

     

    “Class E Notes” has the meaning assigned to such term in the Indenture.

     

    “Class E Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate
      remaining principal amount of the Class A Notes, of the Class B Notes, of the Class C Notes, of the Class D Notes and of the Class E Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the
      immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount, the Class B Principal Parity Amount, the Class C Principal Parity Amount and the Class D Principal Parity Amount for such Distribution Date plus any
      payments made on the Class A Notes, the Class B Notes, the Class C Notes or the Class D Notes as a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after
      the funding of the items described in clauses (i) through (xv) of Section 5.7(a) on such Distribution Date.

     

    “Closing Date” means August 10, 2022.

     

    “Collateral” has the meaning assigned to such term in the Indenture.

     

    “Collateral Insurance” has the meaning specified in Section 4.4(a).

     

    “Collected Funds” means, with respect to any Collection Period, the amount of funds in the Collection Account representing collections on the Receivables during
      such Collection Period, including all Net Liquidation Proceeds collected during such Collection Period (but excluding any Purchase Amounts).

     

    “Collection Account” means the account designated as such, established and maintained pursuant to Section 5.1.

     

    “Collection Period” means, with respect to the first Distribution Date, the period beginning as of the close of business on July 17, 2022 and ending as of the
      close of business on June 30, 2022.  With respect to each subsequent Distribution Date, “Collection Period” means the period beginning as of the close of business on the last day of the second preceding calendar month and ending as of the close of
      business on the last day of the immediately preceding calendar month.  Any amount stated “as of the close of business” shall give effect to the following calculations as determined as of the end of the day on such day: (i) all applications of
      collections and (ii) all distributions.

     

    “Collection Records” means all manually prepared or computer generated records relating to collection efforts or payment histories with respect to the
      Receivables.

     

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

     

    
      5

      
        

    

    “Computer Tape” means the computer tapes or other electronic media furnished by the Servicer to the Holding Trust and its assigns describing certain
      characteristics of the Receivables as of the Cutoff Date.

     

    “Continuing Errors” has the meaning specified in Section 9.3(e).

     

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

     

    “Contribution Agreement” means the Contribution Agreement dated as of July 17, 2022, between the Issuer and the Holding Trust, as such agreement may be amended
      from time to time.

     

    “Controlling Party” means the Indenture Trustee, for the benefit of the Noteholders.

     

    “Conveyed Assets” has the meaning specified in Section 2.1.

     

    “Corporate Trust Office” means (i) with respect to the Owner Trustee and the Certificate Registrar, the principal corporate trust office of the Owner Trustee,
      which at the time of execution of this agreement is Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:  Corporate Trust Administration, and (ii) with respect to the Indenture Trustee and the Backup Servicer,
      (a) 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 2022-4 and (b) for all other
      purposes, the principal office thereof at which at any particular time its corporate trust business shall be administered, which at the time of execution of this agreement is 388 Greenwich Street, New York, New York 10013, Attention: Citibank Agency
      & Trust, EART 2022-4.

     

    “Cram Down Loss” means, with respect to a Receivable that has not become a Liquidated Receivable, if a court of appropriate jurisdiction in a proceeding related
      to an Insolvency Event shall have issued an order reducing the amount owed on a Receivable, an amount equal to the excess of the Principal Balance of such Receivable immediately prior to such order over the Principal Balance of such Receivable as so
      reduced.  A “Cram Down Loss” shall be deemed to have occurred on the date of issuance of such order.

     

    “Custodian” means Exeter Finance LLC and any permitted successors and assigns.

     

    “Custodian Agreement” means the Custodian Agreement, dated as of July 17, 2022, among the Custodian, the Servicer and the Indenture Trustee, as the same may be
      amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, which amendments, supplements or modifications thereto shall be acceptable to the Controlling Party.

     

    “Customary Servicing Practices” means, with respect to the management, servicing, administration and making of collections on the Receivables, the performance
      of such actions with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to comparable automotive receivables that it services for itself or on behalf of others.

     

    “Cutoff Date” means July 17, 2022.

     

    

    

     

    
      6

      
        

    

    “DBRS Morningstar” means DBRS, Inc. (doing business as DBRS Morningstar), or its successor.

     

    “Dealer” means a dealer who sold a Financed Vehicle and who originated and assigned the respective Receivable to Exeter under a Dealer Agreement or pursuant to
      a Dealer Assignment.

     

    “Dealer Agreement” means any agreement between a Dealer and Exeter relating to the acquisition of Receivables from a Dealer by Exeter.

     

    “Dealer Assignment” means, with respect to a Receivable, the executed assignment executed by a Dealer conveying such Receivable to Exeter.

     

    “Delinquency Rate” means, for any Collection Period, (i) the Aggregate Principal Balance of all Delinquent Receivables as of the end of such Collection Period divided

        by (ii) the Pool Balance as of the end of such Collection Period.

     

    “Delinquency Trigger” means that, as of the end of any Collection Period, the Delinquency Rate exceeds 40%.

     

    “Delinquent Receivable” means, as of any date, any Receivable for which the related Obligor fails to pay more than 10% of a Scheduled Receivables Payment on the
      scheduled payment date for such Scheduled Receivables Payment and such nonpayment is more than sixty (60) days delinquent as of such date.

     

    “Delivery” when used with respect to Trust Account Property means:

     

    (a) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical
        delivery, transfer thereof to the Indenture Trustee by physical delivery to the Indenture Trustee endorsed to, or registered in the name of, the Indenture Trustee or endorsed in blank, and, with respect to a certificated security (as defined in
        Section 8-102(a)(4) of the UCC), transfer thereof (i) by delivery thereof to the Indenture Trustee of such certificated security endorsed to, or registered in the name of, the Indenture Trustee or (ii) by delivery thereof to a “clearing
        corporation” (as defined in Section 8‐102(a)(5) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities
        account of the Indenture Trustee by the amount of such certificated security and the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the Indenture Trustee (all of the foregoing, “Physical

          Property”), and, in any event, any such Physical Property in registered form shall be in the name of the Indenture Trustee or its nominee; and such additional or alternative procedures as may hereafter become appropriate to effect the
        complete transfer of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof;

     

    (b) with respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book‐entry security held through the Federal Reserve System pursuant
        to federal book-entry regulations, the following procedures, all in accordance with applicable law, including applicable Federal

     

    
      7

      
        

    

    regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal Reserve Bank by a
      securities intermediary that is also a “depository” pursuant to applicable federal regulations; the making by such securities intermediary of entries in its books and records crediting such Trust Account Property to the Indenture Trustee’s securities
      account at the securities intermediary and identifying such book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations as belonging to the Indenture Trustee; and such additional or alternative procedures as
      may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Indenture Trustee, consistent with changes in applicable law or regulations or the interpretation thereof;

     

    (c) with respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the issuer thereof in the
        name of the Indenture Trustee or its nominee or custodian who either (i) becomes the registered owner on behalf of the Indenture Trustee or (ii) having previously become the registered owner, acknowledges that it holds for the Indenture Trustee;
        and

     

    (d) with respect to any item of Trust Account Property that is a financial asset under Article 8 of the UCC and that is not governed by clause (b) above, causing the securities intermediary to indicate on its books and records that
        such financial asset has been credited to a securities account of the Indenture Trustee.

     

    “Determination Date” means, with respect to any Collection Period, the second Business Day prior to the related Distribution Date.

     

    “Direct Lender” means a third party direct lender who originated and sold or assigned the respective Receivable to Exeter pursuant to a Direct Lender Agreement.

     

    “Direct Lender Agreement” means an agreement between a Direct Lender and Exeter relating to the acquisition of Receivables from such Direct Lender by Exeter.

     

    “Distribution Date” means, with respect to each Collection Period, the fifteenth day of the following calendar month, or, if such day is not a Business Day, the
      immediately following Business Day, commencing September 15, 2022.

     

    “EFLLC Receivables” means those Receivables that were conveyed to the Seller by Exeter pursuant to the Purchase Agreement.

     

    “Electronic Ledger” means the electronic master record of the retail installment sales contracts, installment loans or auto loan agreements serviced by the
      Servicer.

     

    “Eligible Deposit Account” means a segregated trust account with the corporate trust department of a depository institution organized under the laws of the
      United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank) having corporate trust powers and acting as trustee for funds deposited in such account, so long as (a) the long-term
      unsecured debt of such depository institution shall have a credit rating (i) from S&P of at least BBB or such other rating that is acceptable to S&P, as evidenced by a letter from

     

    
      8

      
        

    

    S&P to the Issuer, and (ii) from Moody’s of at least Baa2 or such other rating that is acceptable to Moody’s, as evidenced by a letter from Moody’s to the Issuer, and (b) such
      depository institutions’ deposits are insured by the FDIC.

     

    “Eligible Investments” means book-entry securities, negotiable instruments or securities represented by instruments in registered form for U.S. federal income
      tax purposes or, in the case of an obligation that is not a “registration-required obligation” (as defined in Section 163(f) of the Code), in bearer or registered form which evidence, in each case:

     

    (a) direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of America;

     

    (b) demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia (or any
        domestic branch of a foreign bank) and subject to supervision and examination by federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect
        to any obligation referred to in clause (a) above or portion of such obligation for the benefit of the holders of such depository receipts); provided, however, that at the time of the investment or contractual commitment to invest therein (which
        shall be deemed to be made again each time funds are reinvested following each Distribution Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of
        a Person other than such depository institution or trust company) of such depository institution or trust company shall have a credit rating from S&P of A‐1+ and from Moody’s of Prime-1;

     

    (c) commercial paper and demand notes investing solely in commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating from S&P of A-1+ and from Moody’s of Prime-1;

     

    (d) investments in money market funds (including funds for which the Indenture Trustee or the Owner Trustee in each of their individual capacities or any of their respective Affiliates is investment manager, controlling party or
        advisor) having a rating from S&P and from Moody’s in the highest rating category;

     

    (e) bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above;

     

    (f) repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full
        faith and credit of the United States of America, in either case entered into with a depository institution or trust company (acting as principal) referred to in clause (b) above;

     

    (g) any other investment which would satisfy the Rating Agency Condition and is consistent with the ratings of the Securities or any other investment that by its terms converts to cash within a finite period, if the Rating Agency
        Condition is satisfied with respect thereto; and

     

    
      9

      
        

    

    (h) cash denominated in United States dollars.

     

    Any of the foregoing Eligible Investments may be purchased by or through the Indenture Trustee or any of its Affiliates.

     

    “Errors” has the meaning specified in Section 9.3(e).

     

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

     

    “Exeter” means Exeter Finance LLC

     

    “Extension Rate” means, for any Collection Period shall equal the percentage equivalent of a fraction the numerator of which is the aggregate Principal Balance
      of the Receivables that have been extended during such Collection Period and the denominator of which is the beginning of the period Aggregate Principal Balance.

     

    “FDIC” means the Federal Deposit Insurance Corporation.

     

    “Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the August 15, 2023 Distribution Date, (ii) the Class A-2 Notes, the August
      15, 2024 Distribution Date, (iii) the Class A-3 Notes, the February 17, 2026 Distribution Date, (iv) the Class B Notes, the January 15, 2027 Distribution Date, (v) the Class C Notes, the December 15, 2028 Distribution Date, (vi) the Class D Notes,
      the December 15, 2028 Distribution Date and (vii) the Class E Notes, the March 15, 2030 Distribution Date.

     

    “Financed Vehicle” means new and used automobiles, light duty trucks, minivans and sport utility vehicles, together with all accessions thereto, securing an
      Obligor’s indebtedness under the respective Receivable.

     

    “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.

     

    “Force-Placed Insurance” has the meaning specified in Section 4.4(b).

     

    “Holding Trust Agreement” means the Trust Agreement relating to the Holding Trust dated as of March 7, 2022, between the Seller and the Owner Trustee, as
      amended and restated as of July 17, 2022, as the same may be further amended and supplemented from time to time.

     

    “Holding Trust Certificateholder” means any Person in whose name a Holding Trust Certificate is registered.

     

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

     

    
      10

      
        

    

    “Indenture” means the Indenture dated as of July 17, 2022, among the Issuer, the Holding Trust and Citibank, N.A., as Indenture Trustee, as the same may be
      amended and supplemented from time to time.

     

    “Indenture Trustee” means the Person acting as Indenture Trustee under the Indenture, its successors in interest and any successor indenture trustee under the
      Indenture.

     

    “Independent Accountants” means a firm of nationally recognized independent certified public accountants.

     

    “Insolvency Event” means, with respect to a specified Person, (a) the filing of a petition against such Person or the entry of a decree or order for relief by a
      court having jurisdiction in the premises in respect of such Person or any substantial part of its property 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 for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such petition,
      decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person 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 such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by, a receiver, liquidator, assignee, custodian, trustee,
      sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts
      become due, or the taking of action by such Person in furtherance of any of the foregoing.

     

    “Insolvency Proceeds” has the meaning specified in Section 10.1(b).

     

    “Insurance Add-On Amount” means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed Insurance pursuant to Section 4.4.

     

    “Insurance Policy” means, with respect to a Receivable, any insurance policy (including the insurance policies described in Section 4.4 hereof) benefiting the
      holder of the Receivable providing loss or physical damage, credit life, credit disability, theft, mechanical breakdown or similar coverage with respect to the Financed Vehicle or the Obligor.

     

    “Interest Period” means, with respect to any Distribution Date, (i) and the Class A-1 Notes, the period from and including the immediately preceding
      Distribution Date to, but excluding, the Distribution Date occurring in the current calendar month or, in the case of the first Interest Period, the period from and including the Closing Date to, but excluding, the Distribution Date occurring in the
      current calendar month and (ii) and the Notes (other than the Class A-1 Notes), the period from and including the fifteenth day of the preceding calendar month to, but excluding, the fifteenth day of the current calendar month or, in the case of the
      first Interest Period, the period from and including the Closing Date to, but excluding, the fifteenth day of the current calendar month.

     

    
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    “Interest Rate” means, with respect to (i) the Class A-1 Notes, 2.871% (computed on the basis of the actual number of days in the related Interest Period and a
      year assumed to consist of 360 days), (ii) the Class A-2 Notes, 3.99% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), (iii) the Class A-3 Notes, 4.33% per annum (computed on the basis of a 360-day year
      consisting of twelve 30-day months), (iv) the Class B Notes, 4.57% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), (v) the Class C Notes, 4.92% per annum (computed on the basis of a 360-day year consisting of
      twelve 30-day months), (vi) the Class D Notes, 5.98% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months) and (vii) the Class E Notes, 8.23% per annum (computed on the basis of a 360-day year consisting of twelve
      30-day months).

     

    “Investment Company Act” means the Investment Company Act of 1940, as amended.

     

    “Investment Earnings” means, with respect to any date of determination and Trust Accounts, the investment earnings on amounts on deposit in such Trust Accounts
      on such date.

     

    “Issuer” means Exeter Automobile Receivables Trust 2022-4.

     

    “Issuer Property” means the property and proceeds conveyed pursuant to Section 2.1, together with certain monies paid after the Cutoff Date, and certain other
      rights under this Agreement.

     

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

     

    “Lien” means a security interest, lien, charge, pledge, equity, or encumbrance of any kind, other than tax liens, mechanics’ liens and any liens that attach to
      the respective Receivable by operation of law as a result of any act or omission by the related Obligor.

     

    “Lien Certificate” means, with respect to a Financed Vehicle, an original certificate of title, certificate of lien or other notification issued by the
      Registrar of Titles of the applicable state to a secured party which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title.  In any jurisdiction in which the original certificate of
      title is required to be given to the Obligor, the term “Lien Certificate” shall mean only a certificate or notification issued to a secured party.  For Financed Vehicles registered in states which issue confirmation of the lienholder’s interest
      electronically, the “Lien Certificate” may consist of notification of an electronic recordation, by either a third party service provider or the relevant Registrar of Titles of the applicable state, which indicates that the lien of the secured party
      on the Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable state.

     

    “Liquidated Receivable” means, with respect to any Collection Period, a Receivable for which, (i) on of the last day of the Collection Period, if as of that
      date, more than 10% of any Scheduled Receivables Payment related to such Receivable remains unpaid for 120 days or more from the date for such payment and the related Financed Vehicle has not been repossessed, (ii) the related Financed Vehicle has
      been repossessed and the Servicer has either liquidated such Financed Vehicle or held such Financed Vehicle in its inventory for more than 60 days (or up to 90 days, subject to the modification of the Servicer’s Customary Servicing Practices) at
      month‐end, or (iii)

     

    
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    is otherwise required to be charged-off or is deemed uncollectible by the Servicer in accordance with its Customary Servicing Practices.

     

    “Liquidation Proceeds” means the sum of (i) with respect to a Liquidated Receivable, all amounts realized with respect to such Receivable, and (ii) any
      collections representing payments of fees, expenses or charges paid by Obligors and in respect of which the Servicer was previously reimbursed as Supplemental Servicing Fees.

     

    “Lockbox Account” means an account established by Exeter and maintained on behalf of the Indenture Trustee by the Lockbox Bank pursuant to Section 4.2(d).

     

    “Lockbox Account Agreement” means the Deposit Account Control Agreement, dated as of August 10, 2022, by and among Exeter, the Issuer, the Lockbox Bank and the
      Indenture Trustee, as such agreement may be amended or supplemented from time to time, unless the Indenture Trustee shall cease to be a party thereunder or such agreement shall be terminated in accordance with its terms, in which event “Lockbox
      Account Agreement” shall mean any replacement agreement therefor among the Servicer, the Issuer, the Indenture Trustee and the Lockbox Bank.

     

    “Lockbox Bank” means (i) initially, Wells Fargo Bank, National Association or its successor or (ii) another depository institution named by the Servicer and in
      respect of which the Rating Agency Condition shall have been satisfied.

     

    “Majority Certificateholders” shall mean Certificateholders holding in the aggregate more than 50% of the Percentage Interests.

     

    “Majority Holding Trust Certificateholders” shall mean Holding Trust Certificateholders holding in the aggregate more than 50% of the Percentage Interests.

     

    “Majority Noteholders” has the meaning assigned to such term in the Indenture.

     

    “Matured Principal Shortfall” means, with respect to any Distribution Date and for any Class of Notes which would have a remaining principal amount greater than
      zero on such Distribution Date, after taking into account the payment of all other principal amounts to such Class on such Distribution Date, and as to which such Distribution Date is either the Final Scheduled Distribution Date for such Class, or a
      Distribution Date subsequent to such Final Scheduled Distribution Date, the remaining principal amount of such Class on such Distribution Date, after taking into account the payment of all other principal amounts to such Class on such Distribution
      Date.

     

    “Monthly Records” means all records and data maintained by the Servicer with respect to the Receivables, including the following with respect to each
      Receivable: the account number; the related Dealer or Direct Lender; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Principal Balance; original term; Annual Percentage Rate; current Principal
      Balance; current remaining term; origination date; first payment date; final scheduled payment date; next payment due date; date of most recent payment; new/used classification; collateral description; days currently delinquent; number of contract
      extensions (months) to date; amount of Scheduled Receivables Payment; and past due late charges.

     

    
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    “Monthly Tape” has the meaning specified in Section 4.13.

     

    “Moody’s” means Moody’s Investors Service, Inc. or its successor.

     

    “Net Liquidation Proceeds” means Liquidation Proceeds net of (i) reasonable expenses incurred by the Servicer in connection with the collection of a Receivable
      and/or the repossession and disposition of the related Financed Vehicle (or any other Receivable and related Financed Vehicle to the extent permitted by this Agreement) and (ii) amounts that are required to be refunded to the Obligor on such
      Receivable.

     

    “Note Distribution Account” means the account designated as such, established and maintained pursuant to Section 5.1(a)(ii).

     

    “Note Pool Factor” means, for each Class of Notes as of the close of business on any date of determination, a seven-digit decimal figure equal to the
      outstanding principal amount of such Class of Notes divided by the original outstanding principal amount of such Class of Notes.

     

    “Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of determination, all or any portion of the Noteholders’
      Interest Distributable Amount for such Class of Notes for the immediately preceding Distribution Date that remains unpaid as of such date of determination, plus interest on such unpaid amount, to the extent permitted by law, at the respective
      Interest Rate borne by the applicable Class of Notes from such immediately preceding Distribution Date to but excluding such date of determination.

     

    “Noteholders’ Interest Distributable Amount” means, with respect to any Distribution Date, the sum of the Noteholders’ Monthly Interest Distributable Amount for
      such Distribution Date and each Class of Notes and the Noteholders’ Interest Carryover Amount, if any for such Distribution Date and each such Class.

     

    “Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Distribution Date and any Class of Notes, interest accrued at the respective
      Interest Rate during the applicable Interest Period on the principal amount of the Notes of such Class outstanding as of the end of the immediately preceding Distribution Date (or, in the case of the first Distribution Date, as of the Closing Date),
      calculated (i) with respect to the Class A-1 Notes, on the basis of the actual number of days in the related Interest Period and a year assumed to consist of 360 days and (ii) with respect to the Notes (other than the Class A-1 Notes), on the basis
      of a 360-day year consisting of twelve 30-day months (without adjustment for the actual number of business days elapsed in the applicable Interest Period).

     

    “Obligor” on a Receivable means the purchaser or co-purchasers of the Financed Vehicle and any other Person who owes payments under the Receivable.

     

    “Officers’ Certificate” means a certificate signed by the chief executive officer, the president, any executive vice president, any senior vice president, any
      vice president, any assistant vice president, any treasurer, any assistant treasurer, any secretary or any assistant secretary of the Seller or the Servicer, as appropriate.

     

    
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    “Opinion of Counsel” means a written opinion of counsel which may, except as otherwise expressly provided in this Agreement or any other Basic Document, be
      provided by counsel to the Issuer, the Servicer, the Holding Trust or the Seller, and which complies with any applicable requirements of the Basic Documents, and which is satisfactory in form and substance to the recipient(s) thereof.

     

    “Original Pool Balance” means the Pool Balance as of the Cutoff Date, or $624,839,856.33.

     

    “Other Conveyed Property” means all property conveyed by the Seller to the Issuer pursuant to Section 2.1(b) through (j) of this Agreement.

     

    “Owner Holding Trust Estate” has the meaning assigned to such term in the Holding Trust Agreement.

     

    “Owner Trust Estate” has the meaning assigned to such term in the Trust Agreement.

     

    “Owner Trustee” means Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement and the Holding Trust
      Agreement, as applicable, its successors in interest or any successor Owner Trustee under the Trust Agreement and the Holding Trust Agreement, as applicable.

     

    “Percentage Interest” shall mean, with respect to each Certificate or Holding Trust Certificate, as applicable, the individual percentage interest of such
      Certificate or Holding Trust Certificate, as applicable, (calculated as the percentage that the applicable nominal principal amount of such Certificate or Holding Trust Certificate, as applicable, represents of the aggregate nominal principal amount
      of all Certificates or Holding Trust Certificates, as applicable) which shall be specified on the face thereof and which shall represent the percentage of certain distributions of the Issuer beneficially owned by such Certificateholder or of the
      Holding Trust beneficially owned by such Holding Trust Certificateholder, as applicable.  The sum of the Percentage Interests for all of the Certificates or Holding Trust Certificates, as applicable, shall be 100%.

     

    “Permitted Modification” means an extension, deferral, amendment, modification, temporary reduction in payment, alteration or adjustment to the terms of, or
      with respect to, any Receivable in accordance with the Servicer’s Customary Servicing Practices and (i) which is not a significant modification pursuant to Treasury Regulation section 1.1001-3 or (ii) with respect to which the Servicer has delivered
      a certificate to the Issuer to the effect that such extension, deferral, amendment, modification, temporary reduction in payment, alteration or adjustment will not cause the Holding Trust to be treated for United States federal income tax purposes as
      an association (or a publicly traded partnership) taxable as a corporation or as other than a fixed investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under subtitle A, chapter 1, subchapter J,
      part I, subpart E of the Code.

     

    “Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof),
      unincorporated organization or government or any agency or political subdivision thereof.

     

    
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    “Physical Property” has the meaning assigned to such term in the definition of “Delivery” above.

     

    “Pool Balance” means, as of any date of determination, the aggregate Principal Balance of the Receivables (excluding Purchased Receivables and Liquidated
      Receivables) at the end of the preceding calendar month.

     

    “Predecessor Servicer Work Product” has the meaning specified in Section 9.3(e).

     

    “Principal Balance” means, with respect to any Receivable, as of any date, an amount equal to (x) the Amount Financed minus (y) the sum of (i) that portion of
      all amounts received on or prior to such date and allocable to principal in accordance with the terms of the Receivable and (ii) any Cram Down Loss in respect of such Receivable as of such date.

     

    “Principal Payment Amount” means, with respect to each Distribution Date, the lesser of:

     

    (x) the aggregate principal amount of the Notes on such Distribution Date (after giving effect to any payments pursuant to clauses (i) through (xvii) of Section 5.7(a)); and

     

    (y) an amount equal to, on such Distribution Date, (i) the sum of (a) the aggregate principal amount of the Notes on such Distribution Date (after making payments pursuant to clauses (iv), (v), (vii), (viii), (x), (xi), (xiii),
        (xiv), (xvi) and (xvii) of Section 5.7(a)) plus (b) the Target Overcollateralization Amount minus (ii) the Pool Balance as of the last day of the related Collection Period.

     

    “Prospectus” means the prospectus, dated as of August 2, 2022, relating to the offering of 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.

     

    “Purchase Agreement” means the Purchase Agreement between the Seller and Exeter, dated as of July 17, 2022, pursuant to which the Seller acquires the EFLLC
      Receivables, as such agreement may be amended from time to time.

     

    “Purchase Amount” means, with respect to a Purchased Receivable, the Principal Balance and all accrued and unpaid interest on the Receivable, after giving
      effect to the receipt of any moneys collected (from whatever source) on such Receivable, if any.

     

    “Purchased Receivable” means a Receivable purchased as of the close of business on the last day of a Collection Period by the initial Servicer pursuant to
      Sections 4.2, 4.4(c) or 4.7 or repurchased by the Seller or the initial Servicer pursuant to Section 3.2 or Section 10.1(a).

     

    “Rating Agency” means DBRS Morningstar and S&P.  If no such organization or successor maintains a rating on the Securities, “Rating Agency” shall be a
      nationally recognized statistical rating organization or other comparable Person engaged by the Seller, notice of which engagement shall be given to the Indenture Trustee, the Owner Trustee and the Servicer.

     

    “Rating Agency Condition” means, with respect to any action, that each of DBRS Morningstar and S&P shall have been given ten days’ (or such shorter period
      as shall be acceptable

     

    
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    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 DBRS Morningstar, 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.

     

    “Realized Losses” means, with respect to any Receivable that becomes a Liquidated Receivable, the excess of the Principal Balance of such Liquidated Receivable
      over Net Liquidation Proceeds to the extent allocable to principal.

     

    “Receivable Files” means, with respect to each Receivable:

     

    (i) with respect to tangible chattel paper, the fully executed original of the Contract (which may contain electronic, facsimile or manual signatures) or, with respect to electronic chattel paper, an authoritative copy of the
        Contract; and

     

    (ii) the Lien Certificate (when received), and otherwise such documents, if any, that Exeter keeps on file in accordance with its Customary Servicing Practices indicating that the Financed Vehicle is owned by the Obligor and subject
        to the interest of Exeter as first lienholder or secured party (including any Lien Certificate received by Exeter), or, if such Lien Certificate has not yet been received, a copy of the application therefor.

     

    “Receivables” means the Contracts listed on Schedule A attached hereto (which Schedule may be in the form of microfiche or a disk), which collectively include
      the EFLLC Receivables.

     

    “Record Date” means, with respect to each Distribution Date, the Business Day immediately preceding such Distribution Date, unless otherwise specified in the
      Indenture.

     

    “Registrar of Titles” means, with respect to any state, the governmental agency or body responsible for the registration of, and the issuance of certificates of
      title relating to, motor vehicles and liens thereon.

     

    “Regulation AB” means Subpart 229.1100- Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time and
      subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518.70 Fed. Reg. 1,506,1,531 (January 7, 2005) and Asset-Backed Securities
      Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

     

    “Requesting Party” has the meaning specified in Section 3.4(a).

     

    “Reserve Account” means the account designated as such, established and maintained pursuant to Section 5.1(a)(iii).

     

    
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    “Reserve Account Deposit Amount” means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the
      amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into
      account the distributions therefrom described in clauses (i) through (xvii) of Section 5.7(a).

     

    “Reserve Account Withdrawal Amount” means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to
      pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts
      described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

     

    “Responsible Officer” means, (a) with respect to the Indenture Trustee and Backup Servicer, any officer within the Corporate Trust Office of the Indenture
      Trustee or the Backup Servicer, as applicable, 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 or Backup
      Servicer, as applicable, customarily performing functions similar to those performed by any of the above designated officers and having direct responsibility for the administration of this Agreement 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 and (b) with respect to any other Person, any Director, Executive Vice President, Senior Vice
      President, Vice President, Assistant Vice President, Treasurer, Assistant Treasurer, Secretary, Assistant Secretary, or any other officer of such Person customarily performing functions similar to those performed by any of the above designated
      officers 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.

     

    “S&P” means S&P Global Ratings, or its successor.

     

    “Sale and Servicing Agreement Collateral” has the meaning specified in Section 2.4.

     

    “Schedule of Receivables” means the schedule of all motor vehicle retail installment sales contracts and auto loan agreements originally held as part of the
      Holding Trust which is attached as Schedule A (which Schedule may be in the form of microfiche or a disk).

     

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

     

    “Scheduled Receivables Payment” means, with respect to any Collection Period for any Receivable, the amount set forth in such Receivable as required to be paid
      by the Obligor in such Collection Period.  If after the Closing Date, the Obligor’s obligation under a Receivable with respect to a Collection Period has been modified so as to differ from the amount specified in such Receivable as a result of (i)
      the order of a court in an insolvency proceeding involving the Obligor,

     

    
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    (ii) pursuant to the Servicemembers Civil Relief Act or Military Lending Act or (iii) modifications or extensions of the Receivable permitted by Section 4.2(b), the Scheduled Receivables
      Payment with respect to such Collection Period shall refer to the Obligor’s payment obligation with respect to such Collection Period as so modified.

     

    “Seller” means EFCAR, LLC, a Delaware limited liability company, and its successors in interest to the extent permitted hereunder.

     

    “Service Contract” means, with respect to a Financed Vehicle, the agreement, if any, financed under the related Receivable that provides for the repair of such
      Financed Vehicle.

     

    “Servicer” means Exeter Finance LLC, as the servicer of the Receivables, and each successor servicer appointed pursuant to Section 9.3.

     

    “Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered pursuant to Section 4.9, substantially in the form of Exhibit A.

     

    “Servicer Termination Event” has the meaning specified in Section 9.1.

     

    “Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB.

     

    “Servicing Fee” has the meaning specified in Section 4.8.

     

    “Servicing Fee Rate” means 3.00% per annum.

     

    “Simple Interest Method” means the method of allocating a fixed level payment on an obligation between principal and interest, pursuant to which the portion of
      such payment that is allocated to interest is equal to the product of the fixed rate of interest on such obligation multiplied by the period of time (expressed as a fraction of a year, based on the actual number of days in the calendar month and 365
      days in the calendar year) elapsed since the preceding payment under the obligation was made.

     

    “Specified Reserve Balance” means, with respect to any Distribution Date, 1.00% of the Pool Balance as of the Cutoff Date; provided,
      that the Specified Reserve Balance will in no event exceed the outstanding principal amount of the Notes on such Distribution Date  after giving effect to distributions pursuant to clauses (i) through (xvii) of Section 5.7(a) hereof.

     

    “Supplemental Servicing Fee” means, with respect to any Collection Period, all administrative fees, expenses and charges paid by or on behalf of Obligors,
      including late fees, prepayment fees and liquidation fees collected on the Receivables during such Collection Period but excluding the sum of (i) any fees or expenses related to extensions and (ii) the amount of any fees, expenses or charges paid by
      Obligors and in respect of which the Servicer was previously reimbursed as Supplemental Servicing Fees.

     

    “Target Overcollateralization Amount” means, for any Distribution Date, the greater of (i) 18.95% of the Pool Balance as of the end of the related Collection
      Period and (ii) 1.50% of the Pool Balance as of the Cutoff Date.

     

    
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    “Total Available Funds” has the meaning specified in Section 5.7(a).

     

    “Trust” means the Issuer.

     

    “Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit
      accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing.

     

    “Trust Accounts” has the meaning specified in Section 5.1(b).

     

    “Trust Agreement” means the Trust Agreement relating to the Issuer dated as of March 7, 2022, between the Seller and the Owner Trustee, as amended and restated
      as of July 17, 2022, as the same may be further amended and supplemented from time to time.

     

    “Trust Officer” means, (i) in the case of the Indenture Trustee, any officer in the Corporate Trust Office of the Indenture Trustee or any agent of the
      Indenture Trustee under a power of attorney with direct responsibility for the administration of this Agreement or any of the Basic Documents on behalf of the Indenture Trustee, and (ii) in the case of the Owner Trustee, any officer in the Corporate
      Trust Office of the Owner Trustee or any agent of the Owner Trustee under a power of attorney with direct responsibility for the administration of this Agreement or any of the Basic Documents on behalf of the Owner Trustee.

     

    “UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction on the date of the Agreement.

     

    “Underwriting Agreement” means the Underwriting Agreement, dated as of August 2, 2022, among the Seller, the Servicer and Deutsche Bank Securities Inc.,
      Barclays Capital Inc. and Citigroup Global Markets Inc. as representatives of the several underwriters named therein.

     

    “U.S.A. Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as
      amended.

     

    “Volcker Rule” means Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act together with the regulations adopted to implement such
      statutory provision.

     

    SECTION 1.2  Other Definitional Provisions.

     

    (a) Capitalized terms used herein and not otherwise defined herein have meanings assigned to them in the Indenture, or, if not defined therein, in the Holding Trust Agreement.

     

    (b) All terms defined in this Agreement shall have the defined meanings when used in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

     

    (c) As used in this Agreement, in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such instrument,
        certificate or other document, and accounting terms

     

    
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    partly defined in this Agreement or in any such instrument, certificate or other document to the extent not defined, shall have the respective meanings given to them under generally
      accepted accounting principles as in effect on the date of this Agreement or any such instrument, certificate or other document, as applicable.  To the extent that the definitions of accounting terms in this Agreement or in any such instrument,
      certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such instrument, certificate or other document shall control.

     

    (d) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit
        references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.”

     

    (e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.

     

    (f) Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or
        supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns.

     

    ARTICLE 2

      

      Conveyance of Receivables

     

    SECTION 2.1  Conveyance of Receivables.  In consideration of the Issuer’s delivery to or upon the order of the Seller on the Closing Date of (i) any Notes or Certificates to be retained by the Seller on the Closing Date and (ii) the net proceeds
        from the sale of the Notes and the other amounts to be distributed from time to time to the Seller in accordance with the terms of this Agreement, the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without
        recourse (subject to the Seller’s obligations set forth herein) and the Issuer hereby purchases, all right, title and interest of the Seller in and to the following property, whether now owned or existing or hereafter acquired or arising
        (collectively, the “Conveyed Assets”):

     

    (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 Seller in such Financed Vehicles;

     

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

     

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

     

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

     

    (f) the related Receivable Files;

     

    (g) all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, and the delivery requirements, representations and warranties and the cure and
        repurchase obligations of Exeter under the Purchase Agreement;

     

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

     

    (i) all proceeds and investments with respect to items (a) through (h).

     

    SECTION 2.2  [Reserved].

     

    SECTION 2.3  Further Encumbrance of Issuer Property.

     

    (a) Immediately upon the conveyance to the Issuer by the Seller of any item of the Issuer Property pursuant to Section 2.1, all right, title and interest of the Seller in and to such item of Issuer Property shall terminate, and all
        such right, title and interest shall vest in the Issuer, in accordance with the Trust Agreement and Sections 3802 and 3805 of the Statutory Trust Statute (as defined in the Trust Agreement).

     

    (b) Immediately upon the vesting of the Issuer Property in the Issuer, the Issuer shall have the sole right to pledge or otherwise encumber, such Issuer Property.  Pursuant to the Contribution Agreement, the Issuer shall contribute
        the Issuer Property to the Holding Trust in exchange for the Holding Trust Certificates, which will represent the beneficial ownership interest in the assets of the Holding Trust.  Pursuant to the Indenture, the Issuer and the Holding Trust shall
        grant a security interest over the assets of the Issuer and the Holding Trust (including the Issuer Property) to the Indenture Trustee securing the repayment of the Notes.  The Certificates shall represent the beneficial ownership interest in the
        Issuer and the Certificateholders shall be entitled to receive distributions with respect to the Holding Trust Certificates as set forth herein.

     

    (c) Following the payment in full of the Notes and the release and discharge of the Indenture, all covenants of the Issuer under Article III of the Indenture shall, until payment in full of the Certificates, remain as covenants of
        the Issuer for the benefit of the Certificateholders, enforceable by the Certificateholders to the same extent as such covenants were enforceable by the Noteholders prior to the discharge of the Indenture.  Any rights of the Indenture Trustee under
        Article III of the Indenture, following the discharge of the Indenture, shall vest in the Certificateholders.

     

    
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    (d) The Indenture Trustee shall, at such time as there are no Notes or Certificates outstanding and all sums due to (i) the Indenture Trustee pursuant to the Indenture and (ii) the Indenture Trustee pursuant to this Agreement and
        (iii) the Backup Servicer pursuant to this Agreement, have been paid, release any remaining portion of the Issuer Property to the Seller.

     

    SECTION 2.4  Intention of the Parties.  The execution and delivery of this Agreement shall constitute an acknowledgment by the Seller and the Issuer that they intend that the assignment and transfer herein contemplated constitute a sale and
        assignment outright, and not for security, of the Receivables and Other Conveyed Property, for non-tax purposes, conveying good title thereto free and clear of any Liens, from the Seller to the Issuer, and that the Receivables and the Other
        Conveyed Property shall not be a part of the Seller’s estate in the event of a bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, or the
        occurrence of another similar event, of, or with respect to the Seller.  In the event that such conveyance is determined to be made as security for a loan made by the Issuer, the Noteholders or the Certificateholders to the Seller, the Seller
        hereby grants to the Issuer a security interest in all of the Seller’s right, title and interest in and to the following property, whether now owned or existing or hereafter acquired or arising, to secure an obligation in the amount of the
        consideration paid for such property as described in Section 2.1 (collectively, the “Sale and Servicing Agreement Collateral”):

     

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

     

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

     

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

     

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

     

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

     

    (vi) the related Receivable Files;

     

    (vii)    all of the Seller’s right,
        title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, and the delivery requirements, representations and warranties and the cure and repurchase obligations of Exeter under the Purchase
        Agreement;

     

    (viii)    all of the Seller’s (a) Accounts, (b) Chattel Paper, (c) Documents, (d) Instruments and (e) General Intangibles (as such terms are defined in the UCC) relating to the property described in (i) through (viii);
        and

     

    
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    (ix) all proceeds and investments with respect to items (i) through (viii).

     

    ARTICLE 3

     

    The Receivables

     

    SECTION 3.1  Representations and Warranties of Seller.  The Seller hereby represents and warrants that each of the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule B is true and correct on
        which the Issuer is deemed to have relied in acquiring the Receivables.  Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, but shall survive the sale, transfer and assignment of
        the Receivables to the Issuer hereunder, the contribution of the Receivables to the Holding Trust pursuant to the Contribution Agreement and the pledge of the rights thereof to the Indenture Trustee pursuant to the Indenture and shall not be
        waived.

     

    SECTION 3.2  Repurchase upon Breach.

     

    (a) (i) The Seller or the Servicer, as the case may be, upon the discovery of any breach of this Agreement by the Seller
        or (ii) the Backup Servicer, the Owner Trustee or the Indenture Trustee, in each case, upon receipt of written notice or actual knowledge of a breach of the Seller’s representations and warranties made pursuant to Section 3.1, shall inform the
        other parties to this Agreement promptly, by notice in writing.  If any Noteholder informs a Responsible Officer of the Indenture Trustee, by notice in writing, of any breach of the Seller’s representations and warranties made pursuant to Section
        3.1, the Indenture Trustee shall inform the other parties to this Agreement in the manner specified in the preceding sentence on behalf of such Noteholder. Any such notice delivered by the Servicer, the Indenture Trustee, the Trust, any Noteholder
        or the Owner Trustee, as the case may be, shall constitute a request by such party (or, in the case of any such notice delivered by the Indenture Trustee on behalf of a Noteholder, by such Noteholder) that the Seller repurchase the affected
        Receivable.  As of the last day of the second (or, if the Seller so elects, the first) month following the discovery by the Seller or receipt by the Seller of notice of such breach of any representation or warranty made pursuant to Section 3.1,
        unless such breach is cured by such date, the Seller shall have an obligation to repurchase any Receivable in which the interests of the Noteholders are materially and adversely affected by any such breach as of such date.  The “second month” shall
        mean the month following the month in which discovery or actual knowledge occurs or written notice is given, and the “first month” shall mean the month in which discovery or actual knowledge occurs or notice is given.  Any such breach will be
        deemed not to have a material and adverse effect on the interests of the Noteholders in the Receivable if such breach has not affected the ability of the Holding Trust or Noteholders to receive and retain timely payment in full on such Receivable. 
        In consideration of and simultaneously with the repurchase of the Receivable, the Seller shall remit, or cause Exeter to remit, to the Collection Account the Purchase Amount in the manner specified in Section 5.6 and the Holding Trust shall execute
        such assignments and other documents reasonably requested by such person in order to effect such repurchase.  The sole remedy of the Issuer, the Holding Trust, the Owner Trustee, the Indenture Trustee, the Backup Servicer or the Noteholders with
        respect to a breach of representations and warranties pursuant to Section 3.1 and the agreement contained in this Section shall be the repurchase of Receivables pursuant to this Section, subject to the conditions contained herein, or to enforce the
        obligation of Exeter to the Seller to repurchase such Receivables pursuant to the

     

    
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    Purchase Agreement (with respect to the EFLLC Receivables).  Neither the Owner Trustee nor the Indenture Trustee shall have a duty to conduct any affirmative investigation as to the
      occurrence of any conditions requiring the repurchase of any Receivable pursuant to this Section.  Except as expressly set forth in the Basic Documents, neither the Owner Trustee nor the Indenture Trustee shall have any duty to conduct an affirmative
      investigation as to the eligibility of any Receivable for purposes of this Agreement or to enforce the repurchase obligations of the Seller.

     

    (b) Pursuant to Section 2.1 of this Agreement, the Seller conveyed to the Issuer all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement
        including the Seller’s rights under the Purchase Agreement and the delivery requirements, representations and warranties and the cure or repurchase obligations of Exeter thereunder.  The Seller hereby represents and warrants to the Issuer that such
        assignments are valid, enforceable and effective to permit the Issuer to enforce such obligations of Exeter under the Purchase Agreement.  Any purchase by Exeter pursuant to the Purchase Agreement shall be deemed a purchase by the Seller pursuant
        to this Section 3.2 and the definition of Purchased Receivable.

     

    SECTION 3.3  Custody of Receivable Files.

     

    (a) In connection with the sale, transfer and assignment of the Receivables and the Other Conveyed Property to the Issuer pursuant to this Agreement and simultaneously with the execution and delivery of this Agreement, the Indenture
        Trustee shall enter into the Custodian Agreement pursuant to which the Indenture Trustee shall revocably appoint the Custodian, and the Custodian shall accept such appointment, to act as the agent of the Indenture Trustee as custodian of the
        Receivable Files in its possession or control, which shall be delivered to the Custodian as agent of the Indenture Trustee on or before the Closing Date.

     

    (b) If the Indenture Trustee, or its agent, as the case may be, is acting as the Custodian pursuant to Section 3(f), Section 8 or Section 9(d) of the Custodian Agreement, the Indenture Trustee shall be deemed to have assumed the
        obligations of the Custodian (except for any liabilities incurred by the predecessor Custodian) specified in the Custodian Agreement until such time as a successor Custodian has been appointed.  Upon payment in full of any Receivable, the Servicer
        will notify the Custodian pursuant to a written request for release of documents in the form attached as Exhibit B to the Custodian Agreement (which written request shall include a statement to the effect that all amounts received in connection
        with such payments which are required to be deposited in the Collection Account pursuant to Section 4.1 have been so deposited) and shall request delivery of the Receivable and Receivable File to the Servicer.  Upon the sale of any Receivable
        pursuant to Section 4.3(a), the Servicer will notify the Custodian pursuant to a written request for release of documents in the form attached as Exhibit B to the Custodian Agreement (which written request shall include a statement to the effect
        that all amounts received in connection with such payments which are required to be deposited in the Collection Account have been so deposited) and shall request delivery of the Receivable and Receivable File to the Servicer.  From time to time as
        appropriate for servicing and enforcing any Receivable, the Custodian shall, upon written request for release of documents in the form attached as Exhibit B to the Custodian Agreement, cause the original Receivable and the related Receivable File
        to be released to the Servicer.  The Servicer’s receipt of a Receivable and/or Receivable File shall obligate the Servicer to return such Receivable and such Receivable File to the Custodian when its need by the Servicer

     

    
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    has ceased unless such Receivable is repurchased as described in Section 3.2, 4.2 or 4.7.  No such written request for release of documents in the form attached as Exhibit B to the
      Custodian Agreement under any of the foregoing circumstances will be required to be delivered for so long as Exeter is the Servicer.

     

    (c) The Servicer shall ensure that the Custodian shall be provided full electronic access to the records of the third party title intermediary concerning certificates of title that are maintained in electronic form.  The Custodian
        shall certify any electronic certificate of title by confirming the electronic information available from the third party title intermediary against the electronic information received from the Servicer with respect to electronic certificates of
        title.  Wherever in this Agreement or in the other Basic Documents it states that the Custodian has possession of Receivable Files, with respect to electronic certificates of title, it shall mean that the Custodian has received information
        sufficient to perform the verification set forth in the immediately preceding sentence.  The Custodian will rely on, but cannot be responsible for, verify or confirm, the content or accuracy of any information provided by the third party title
        intermediary.

     

    SECTION 3.4  Dispute Resolution.

     

    (a) If the Servicer, the Trust, the Owner Trustee or a Noteholder (each, a “Requesting Party”) requests that the Seller and/or Exeter repurchase a Receivable due to an alleged breach of a representation and warranty in
        Section 5.1 of the Purchase Agreement or in Section 3.2(a) (each, a “Repurchase Request”), and the Repurchase Request has not been resolved within one-hundred eighty (180) days of the receipt of notice of the Repurchase Request by the Seller
        or Exeter, as the case may be (which resolution may take the form of a repurchase of the related Receivable by the Seller or Exeter, as applicable, a withdrawal of the related Repurchase Request by the related Requesting Party or a cure of the
        condition that led to the related breach in the manner set forth herein or in the Purchase Agreement), the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party
        arbitration by providing notice to Exeter and the Seller within ninety (90) days after the date on which the Form 10-D is filed that relates to the Collection Period during which the related 180-day period ended. The Seller and Exeter agree to
        participate in the dispute resolution method selected by the Requesting Party.  If a Noteholder sends a Repurchase Request to the Indenture Trustee, the Indenture Trustee shall promptly forward such Repurchase Request to the Seller and/or Exeter,
        as applicable.

     

    (b) If the Requesting Party selects mediation (including non-binding arbitration) for dispute resolution:

     

    (i) The mediation will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for mediation stated in this Section 3.4(b), the procedures in
        this Section 3.4(b) will control.

     

    (ii) A single mediator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The mediator must be impartial, an attorney admitted to practice in the State of
        New York and have at least fifteen (15) years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters.

     

    
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    (iii) The parties will use commercially reasonable efforts to begin the mediation within fifteen (15) Business Days of the selection of the mediator and to conclude the mediation within thirty (30) days of the
        start of the mediation.

     

    (iv) Expenses of the mediation will be allocated to the parties as mutually agreed by them as part of the mediation.

     

    (v) If the parties fail to agree at the completion of the mediation, the Requesting Party may refer the Repurchase Request to binding arbitration under this Section 3.4 or adjudicate the dispute in court.

     

    (c) If the Requesting Party selects arbitration for dispute resolution:

     

    (i) The arbitration will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for arbitration stated in this Section 3.4(c), the procedures
        in this Section 3.4(c) will control.

     

    (ii) A single arbitrator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The arbitrator must be an attorney admitted to practice in the State of New
        York and have at least fifteen (15) years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. The arbitrator will be independent and impartial and will comply with the Code of Ethics for
        Arbitrators in Commercial Disputes in effect at the time of the arbitration. Before accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely
        to preclude completion of the proceedings within the stated time schedule. The arbitrator may be removed by the ADR Organization for cause consisting of actual bias, conflict of interest or other serious potential for conflict.

     

    (iii) The arbitrator will have the authority to schedule, hear and determine any motions, according to New York law, and will do so at the motion of any party. Discovery will be completed within thirty (30) days of
        selection of the arbitrator and will be limited for each party to two (2) witness depositions not to exceed five hours, two (2) interrogatories, one (1) document request and one (1) request for admissions. However, the arbitrator may grant
        additional discovery on a showing of good cause that the additional discovery is reasonable and necessary. Briefs will be limited to no more than ten (10) pages each, and will be limited to initial statements of the case, motions and a pre-hearing
        brief. The evidentiary hearing on the merits will start no later than sixty (60) days after selection of the arbitrator and will proceed for no more than six (6) consecutive Business Days with equal time allocated to each party for the presentation
        of evidence and cross examination. The arbitrator may allow additional time for discovery and hearings on a showing of good cause or due to unavoidable delays.

     

    (iv) The arbitrator will make its final determination no later than ninety (90) days after its selection. The arbitrator will resolve the dispute according to the terms of this Agreement and the other Basic
        Documents, and may not modify or change this Agreement or the other Basic Documents in any way. The arbitrator will not have the power to award

     

    
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    punitive damages or consequential damages in any arbitration conducted by them. In its final determination, the arbitrator will determine and award the expenses of the
      arbitration (including filing fees, the fees of the arbitrator, expense of any record or transcript of the arbitration and administrative fees) to the parties in its reasonable discretion. The determination of the arbitrator will be in writing and
      counterpart copies will be promptly delivered to the parties. The final determination of the arbitrator in binding arbitration will be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or
      State law, and may be entered and enforced in any court of competent jurisdiction.

     

    (v) By selecting binding arbitration, the Requesting Party is giving up the right to sue in court, including the right to a trial by jury.

     

    (vi) The Requesting Party may not bring a putative or certificated class action to arbitration. If this waiver of class action rights is found to be unenforceable for any reason, the Requesting Party agrees that
        it will bring its claims in a court of competent jurisdiction.

     

    (d) For each mediation or arbitration:

     

    (i) Any mediation or arbitration will be held in New York, New York at the offices of the mediator or arbitrator or at another location selected by the Seller or Exeter. Any party or witness may participate by
        teleconference or video conference.

     

    (ii) The Seller, Exeter and the Requesting Party will have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order,
        if such relief is available by law.

     

    (iii) Neither the Seller nor Exeter will be required to produce personally identifiable customer information for purposes of any mediation or arbitration. The existence and details of any unresolved Repurchase
        Request, any informal meetings, mediations or arbitration proceedings, the nature and amount of any relief sought or granted, any offers or statements made and any discovery taken in the proceeding will be confidential, privileged and inadmissible
        for any purpose in any other mediation, arbitration, litigation or other proceeding. The parties will keep this information confidential and will not disclose or discuss it with any third party (other than a party’s attorneys, experts, accountants
        and other advisors, as reasonably required in connection with the mediation or arbitration proceeding under this Section 3.4), except as required by law, regulatory requirement or court order. If a party to a mediation or arbitration proceeding
        receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for confidential information of the other party to the mediation or arbitration proceeding, the recipient will promptly notify the
        other party (to the extent not prohibited by law, court order, or regulatory authority) and will provide the other party with the opportunity to object to the production of its confidential information.

     

    
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    ARTICLE 4

     

    Administration and Servicing of Receivables

     

    SECTION 4.1  Duties of the Servicer and the Backup Servicer.

     

    (a) The Servicer is hereby authorized to act as agent for the Issuer and the Holding Trust and in such capacity shall manage, service, administer and make collections on the Receivables, and perform the other actions required by the
        Servicer under this Agreement.  The Servicer agrees that its servicing of the Receivables shall be carried out substantially in compliance with its Customary Servicing Practices, as such practices, policies or procedures, as applicable, may be
        updated from time to time by the Servicer.  The Servicer’s duties shall include, without limitation, collecting and posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, billing Obligors on a
        monthly basis, reporting any required tax information to Obligors, monitoring the collateral, complying with the applicable terms of the Lockbox Account Agreement, accounting for collections and furnishing monthly and annual statements to the
        Indenture Trustee with respect to distributions and performing the other duties specified herein.

     

    The Servicer, or if Exeter is no longer the Servicer, Exeter, at the request of the Servicer, shall also administer and enforce all rights and responsibilities of the
      holder of the Receivables provided for in the Dealer Agreements, the Direct Lender Agreements (and shall maintain possession of the Dealer Agreements and the Direct Lender Agreements, to the extent it is necessary to do so), the Dealer Assignments
      and the Insurance Policies, to the extent that such Dealer Agreements, Direct Lender Agreements, Dealer Assignments and Insurance Policies relate to the Receivables, the Financed Vehicles or the Obligors.  The Servicer shall substantially comply with
      its Customary Servicing Practices and shall have full power and authority, acting alone, to do any and all things in connection with such managing, servicing, administration and collection that it may deem necessary or desirable.  Without limiting
      the generality of the foregoing, the Servicer is hereby authorized and empowered by the Holding Trust to execute and deliver, on behalf of the Holding Trust, 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 Receivables and with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of
      competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor, except in accordance with the Servicer’s Customary Servicing
      Practices or as otherwise permitted under this Agreement.

     

    The Servicer is hereby authorized to commence, in its own name or in the name of the Holding Trust, a legal proceeding to enforce a Receivable pursuant to Section 4.3
      or to commence or participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle.  If the Servicer commences or participates in such a legal
      proceeding in its own name, the Holding Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or participating in any such proceeding as a party or claimant, and the Servicer
      is authorized and empowered by the Holding Trust to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or

     

    
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    instruments in connection with any such proceeding.  The Indenture Trustee and the Owner Trustee shall furnish the Servicer with any limited powers of attorney and other documents which
      the Servicer may reasonably request and which the Servicer deems necessary or appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under
      this Agreement.

     

    (b) The Backup Servicer shall have the following duties:  (i) prior to the Closing Date, the Backup Servicer shall have conducted an on-site visit of the Servicer’s operations in connection with this or similar agreements, (ii) the
        Backup Servicer may conduct periodic on-site visits not more than once every 12 months to meet with appropriate operations personnel to discuss any changes in processes and procedures that have occurred since the last visit, (iii) prior to the
        Closing Date, the Backup Servicer shall have completed all data-mapping, and (iv) not more than once per year, the Backup Servicer shall update or amend the data-mapping by effecting a data-map refresh upon receipt of written notice from the
        Servicer specifying updated or amended fields, if any, in (a) fields in the Monthly Tape or (b) fields confirmed in the original data-mapping referred to in clause (iii) above.  Each on-site visit shall be at the cost of Exeter.

     

    SECTION 4.2  Collection of Receivable Payments;
          Modifications of Receivables; Lockbox Account Agreement.

     

    (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, substantially in compliance with its Customary Servicing
        Practices, and in accordance with the applicable terms of the Dealer Agreements, the Direct Lender Agreements the Dealer Assignments, the Insurance Policies and the Other Conveyed Property.  The Servicer is authorized in its discretion to waive any
        prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable.

     

    (b) The Servicer may at any time agree to a Permitted Modification of a Receivable (i) in order to, not more than once every six months, change the Obligor’s regular monthly due date to a date that shall in no event be later than 30
        days after the original monthly due date of that Receivable, (ii) in order to grant extensions and payment modifications, in accordance with its Customary Servicing Practices, (iii) following a partial prepayment of principal, in accordance with
        its Customary Servicing Practices or (iv) following the Obligor’s reinstatement based on local laws, if the Servicer believes in good faith that such extension, modification or amendment is necessary to avoid a default on such Receivable, will
        maximize the amount to be received by the Issuer with respect to such Receivable, and is otherwise in the best interests of the Issuer.

     

    (c) The Servicer may grant other Permitted Modifications to a Receivable (in addition to those modifications permitted by Section 4.2(b) hereof), in accordance with its Customary Servicing Practices if the Servicer believes in good
        faith that such extension, modification or amendment is necessary to avoid a default on such Receivable, will maximize the amount to be received by the Issuer with respect to such Receivable, and is otherwise in the best interests of the Issuer;
        provided, however, that under such Permitted Modification:

     

    (i) The aggregate period of all extensions on a Receivable shall not exceed eight months, provided, further, that any extension on a Receivable with respect to which

     

    
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    the related Obligor’s ability to make on-time payments was adversely affected by a major disaster (as declared by the President of the United States), shall not be
      included in the calculation of the aggregate period of all extensions for purposes of this Section 4.2(c)(i) with respect to such Receivable;

     

    (ii) In no event may a Receivable be extended beyond the Collection Period immediately preceding the latest Final Scheduled Distribution Date; and

     

    (iii) The aggregate period of all payment reductions on a Receivable shall not exceed six months.

     

    (d) The Servicer, acting as agent for the Issuer, shall use its best efforts to notify or direct Obligors to make all payments on the Receivables, whether by check or by direct debit of the Obligor’s bank account, to be made
        directly to the Lockbox Bank pursuant to the Lockbox Account Agreement.  The Servicer shall use its best efforts to notify or direct the Lockbox Bank to deposit all payments on the Receivables in the Lockbox Account no later than the Business Day
        after receipt, and to cause all amounts credited to the Lockbox Account on account of such payments to be transferred to the Collection Account no later than two Business Days after receipt of such payments.  The Lockbox Account shall be a demand
        deposit account held by the Lockbox Bank.

     

    Prior to the Closing Date, the Servicer shall have notified each Obligor that makes its payments on the Receivables by check to make such payments thereafter directly
      to the Lockbox Bank (except in the case of Obligors that have already been making such payments to the Lockbox Bank), and shall have provided each such Obligor with remittance invoices in order to enable such Obligors to make such payments directly
      to the Lockbox Bank for deposit into the Lockbox Account, and the Servicer will continue, not less often than every three months, to so notify those Obligors who have failed to make payments to the Lockbox Bank.

     

    Notwithstanding the Lockbox Account Agreement, or any of the provisions of this Agreement relating to the Lockbox Account Agreement, the Servicer shall remain
      obligated and liable to the Issuer, the Holding Trust, the Indenture Trustee and Noteholders for servicing and administering the Receivables and the Other Conveyed Property in accordance with the provisions of this Agreement without diminution of
      such obligation or liability by virtue thereof; provided, however, that the foregoing shall not apply to any successor Servicer for so long as the Lockbox Bank is performing its obligations pursuant to the terms of the Lockbox Account Agreement.

     

    In the event of a termination of the Servicer, the successor Servicer shall assume all of the rights and obligations of the outgoing Servicer under the Lockbox Account
      Agreement subject to the terms hereof.  In such event, the successor Servicer shall be deemed to have assumed all of the outgoing Servicer’s interest therein and to have replaced the outgoing Servicer as a party to the Lockbox Account Agreement to
      the same extent as if the Lockbox Account Agreement had been assigned to the successor Servicer, except that the outgoing Servicer shall not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Lockbox Bank
      under the Lockbox Account Agreement.  The outgoing Servicer shall, upon request of the Indenture Trustee, but at the expense of the outgoing Servicer, deliver to the successor Servicer all documents and records relating to the Lockbox Account
      Agreement and an accounting of amounts collected and

     

    
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    held by the Lockbox Bank and otherwise use its best efforts to effect the orderly and efficient transfer of the Lockbox Account Agreement to the successor Servicer.  In the event that
      the Majority Noteholders elect to change the identity of the Lockbox Bank, the outgoing Servicer, at its expense, shall cause the Lockbox Bank to deliver, at the direction of the Majority Noteholders to the Indenture Trustee or a successor Lockbox
      Bank, all documents and records relating to the Receivables and all amounts held (or thereafter received) by the Lockbox Bank (together with an accounting of such amounts) and shall otherwise use its best efforts to effect the orderly and efficient
      transfer of the lockbox arrangements and the Servicer shall notify the Obligors to make payments to the lockbox arrangements established by the successor.

     

    (e) The Servicer shall remit all payments by or on behalf of the Obligors received directly by the Servicer to the Lockbox Bank as soon as practicable, but in no event later than two Business Days after identification thereof, and
        such amounts shall be deposited into the Lockbox Account and transferred from the Lockbox Account to the Collection Account in accordance with Section 4.2(d) hereof.

     

    (f) Exeter shall not cause or permit the substitution of the Financed Vehicle relating to a Receivable unless:  (i) the substitution is a replacement of the Financed Vehicle originally financed under the related Receivable; (ii) the
        Financed Vehicle originally financed under the related Receivable was (x) insured under an Insurance Policy as required under Section 4.4(a) at the time of a casualty loss that is treated as a total loss under such Insurance Policy, (y) deemed to
        be a “lemon” pursuant to applicable state law and repurchased by the related Dealer or (z) the subject of an order by a court of competent jurisdiction directing Exeter to substitute another vehicle under the related Receivable; (iii) the related
        Receivable is not more than 30 days delinquent; (iv) the Obligor is deemed to be in “good standing” by the Servicer and is not in breach of any requirement under the related Receivable; (v) the replacement Financed Vehicle has a book value
        (N.A.D.A.) at least equal to the book value (N.A.D.A.) of the Financed Vehicle that is being replaced, measured immediately before the casualty loss or replacement by the Dealer and (vi) as of the date of such substitution, the replacement Financed
        Vehicle’s mileage is no greater than the mileage on the Financed Vehicle that is being replaced; provided, however, that if the substitution is made pursuant to clause (ii)(z), above, clauses (iii) through (vi) inclusive, shall not be applicable. 
        Exeter shall not cause or permit the substitution of Financed Vehicles relating to Receivables having an original aggregate Principal Balance greater than two percent (2.00%) of the Original Pool Balance, (the “Substitution Limit”).  In the
        event that the Substitution Limit is exceeded for any reason, Exeter shall, on or before the next following Accounting Date, repurchase a sufficient number of such Receivables to cause the aggregate original Principal Balances of such Receivables
        to be less than the Substitution Limit.

     

    (g) Notwithstanding anything to the contrary in this Agreement, the other Basic Documents or in any other document, neither the Servicer, the Backup Servicer, nor the Seller (nor any agent of either person) shall be authorized or
        empowered to acquire any other investments, reinvest any proceeds of the Issuer or the Holding Trust or engage in activities other than the foregoing, and, in particular neither the Servicer, the Backup Servicer, nor the Seller (nor any agent of
        either person) shall be authorized or empowered to do anything that would cause the Holding Trust to fail to qualify as a fixed investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under
        subtitle A, chapter 1, subchapter J, part I, subpart E of the Code.

     

    
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    SECTION 4.3  Realization upon Receivables.

     

    (a) Consistent with its Customary Servicing Practices, the Servicer shall use its best efforts to repossess (or otherwise comparably convert the ownership of) and liquidate any Financed Vehicle securing a Receivable with respect to
        which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as is practicable; provided, however, that the Servicer may elect not to repossess a Financed Vehicle if in its good faith judgment it determines that
        the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance.  The Servicer is authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the
        standard of care required by Section 4.1, which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers and Direct Lenders, the sale of the related Financed Vehicle at public or private sale, the submission
        of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable.  The foregoing is subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer
        shall not expend funds in connection with any repair of such Financed Vehicle unless it expects in its sole discretion, that such repair shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of
        such expenses.  The Servicer, in its sole discretion, may in accordance with its Customary Servicing Practices sell any Receivable’s deficiency balance.  All amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the
        Servicer to the Lockbox Account as soon as practicable, but in no event later than the Business Day after receipt thereof.  The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and
        liquidating a Financed Vehicle into cash proceeds, but only out of Liquidation Proceeds received during the Collection Period in which such expenses were incurred or, to the extent not reimbursed, from the Liquidation Proceeds of such Financed
        Vehicle if received during a subsequent Collection Period, with any deficiency obtained from the Obligor or any amounts received from the related Dealer or Direct Lender, which amounts in reimbursement may be retained by the Servicer (and shall not
        be required to be deposited as provided in Section 4.2(e)) to the extent of such expenses.  The Servicer shall pay on behalf of the Holding Trust any personal property taxes assessed on repossessed Financed Vehicles.  The Servicer shall be entitled
        to reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable.  In addition, the Servicer may enter into settlement arrangements relating to the collection of matured loan balances to the extent it believes such
        arrangements will maximize recoveries and will apply any such amounts collected in accordance with its Customary Servicing Practices. 

     

    (b) If the Servicer, or if Exeter is no longer the Servicer, Exeter at the request of the Servicer, elects to commence a legal proceeding to enforce a Dealer Agreement, Direct Lender Agreement or Dealer Assignment, the act of
        commencement shall be deemed to be an automatic assignment from the Holding Trust to the Servicer, or to Exeter at the request of the Servicer, of the rights under such Dealer Agreement, Direct Lender Agreement or Dealer Assignment for purposes of
        collection only.  If, however, in any enforcement suit or legal proceeding it is held that the Servicer or Exeter, as appropriate, may not enforce a Dealer Agreement, Direct Lender Agreement or Dealer Assignment on the grounds that it is not a real
        party in interest or a Person entitled to enforce the Dealer Agreement, Direct Lender Agreement or Dealer Assignment, the Owner Trustee and/or the Indenture Trustee, at Exeter’s expense, or the Seller, at the Seller’s expense, shall take such steps
        as the Servicer deems (or Exeter, at the request of the Servicer, deems) reasonably necessary to enforce the Dealer Agreement, Direct Lender Agreement or Dealer

     

    
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    Assignment, including bringing suit in its name or the name of the Seller or of the Holding Trust and the Owner Trustee and/or the Indenture Trustee for the benefit of the Noteholders. 
      All amounts recovered shall be remitted directly by the Servicer as provided in Section 4.2(e).

     

    SECTION 4.4  Insurance.

     

    (a) The Servicer shall require, in accordance with its Customary Servicing Practices, that each Financed Vehicle be insured by the related Obligor at origination of the related Receivable under the Insurance Policies referred to in
        Paragraph 12 of the Schedule of Representations, and shall monitor the status of such physical loss and damage insurance coverage thereafter in accordance with its Customary Servicing Practices.  Each Receivable requires the Obligor to maintain
        such physical loss and damage insurance and permits the holder of such Receivable to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance.  If the Servicer shall determine that an
        Obligor has failed to obtain or maintain a physical loss and damage Insurance Policy covering the related Financed Vehicle which satisfies the conditions set forth in Paragraph 12 of the Schedule of Representations (including, without limitation,
        during the repossession of such Financed Vehicle) the Servicer may enforce the rights of the holder of the Receivable under the Receivable to require the Obligor to obtain such physical loss and damage insurance in accordance with its Customary
        Servicing Practices.  The Servicer may maintain a vendor’s single interest or other collateral protection insurance policy with respect to all Financed Vehicles (“Collateral Insurance”) which policy shall by its terms insure against physical
        loss and damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed Vehicle.  The Servicer may cause itself or the Indenture Trustee to be named as named insured under all policies of
        Collateral Insurance.  Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer.

     

    (b) The Servicer may, if an Obligor fails to obtain or maintain a physical loss and damage Insurance Policy, obtain insurance with respect to the related Financed Vehicle and advance on behalf of such Obligor, as required under the
        terms of the insurance policy, the premiums for such insurance (such insurance being referred to herein as “Force-Placed Insurance”).  All policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the
        Servicer.  Any cost incurred by the Servicer in maintaining such Force-Placed Insurance shall only be recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided in Section 4.4(c).

     

    (c) In connection with any Force-Placed Insurance obtained hereunder, the Servicer may, in the manner and to the extent permitted by applicable law, require the Obligors to repay the entire premium to the Servicer.  In no event
        shall the Servicer include the amount of the premium in the Amount Financed under the Receivable.  For all purposes of this Agreement, the Insurance Add-On Amount with respect to any Receivable having Force-Placed Insurance will be treated as a
        separate obligation of the Obligor and will not be added to the Principal Balance of such Receivable, and amounts allocable thereto will not be available for distribution on the Notes and the Certificates.  The Servicer shall retain and separately
        administer the right to receive payments from Obligors with respect to Insurance Add-On Amounts or rebates of Forced-Placed Insurance premiums.  If an Obligor makes a payment with respect to a Receivable having Force‐Placed Insurance, but the
        Servicer is unable to determine whether the payment is allocable

     

    
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    to the Receivable or to the Insurance Add-On Amount, the payment shall be applied first to any unpaid Scheduled Receivables Payments and then to the Insurance Add-On Amount.  Net
      Liquidation Proceeds on any Receivable will be used first to pay the Principal Balance and accrued interest on such Receivable and then to pay the related Insurance Add-On Amount.  If an Obligor under a Receivable with respect to which the Servicer
      has placed Force-Placed Insurance fails to make scheduled payments of such Insurance Add-On Amount as due, and the Servicer has determined that eventual payment of the Insurance Add-On Amount is unlikely, the Servicer may, but shall not be required
      to, purchase such Receivable from the Holding Trust for the Purchase Amount on any subsequent Determination Date.  Any such Receivable, and any Receivable with respect to which the Servicer has placed Force-Placed Insurance which has been paid in
      full (excluding any Insurance Add-On Amounts) will be assigned to the Servicer.

     

    (d) The Servicer may sue to enforce or collect upon the Insurance Policies, in its own name, if possible, or as agent of the Holding Trust.  If the Servicer elects to commence a legal proceeding to enforce an Insurance Policy, the
        act of commencement shall be deemed to be an automatic assignment of the rights of the Holding Trust under such Insurance Policy to the Servicer for purposes of collection only.  If, however, in any enforcement suit or legal proceeding it is held
        that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, the Owner Trustee and/or the Indenture Trustee, at the Servicer’s expense (if the
        Servicer is Exeter), or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Holding Trust and the Owner Trustee and/or
        the Indenture Trustee for the benefit of the Noteholders.

     

    SECTION 4.5  Maintenance of Security Interests in Vehicles.

     

    (a) Consistent with the terms of this Agreement, the Servicer shall take such steps on behalf of the Holding Trust as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed
        Vehicle, including, but not limited to, obtaining the execution by the Obligors and the recording, registering, filing, re‐recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are
        necessary to maintain the security interest granted by the Obligors under the respective Receivables.  The Indenture Trustee hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security
        interest on behalf of the Holding Trust as necessary because of the relocation of a Financed Vehicle or for any other reason; provided, that the Indenture Trustee shall have no obligation to monitor the security interest granted by the Obligors
        under the respective Receivables.  In the event that the assignment of a Receivable to the Holding Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative
        requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Holding Trust, the Servicer hereby agrees that the designation of Exeter as the
        secured party on the Lien Certificate is in its capacity as Servicer as agent of the Holding Trust.

     

    (b) Upon the occurrence of a Servicer Termination Event, the Indenture Trustee and the Servicer shall take or cause to be taken such action as may, in the Opinion of Counsel to the Majority Noteholders, be necessary to perfect or
        re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Holding Trust by amending the title

     

    
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    documents of such Financed Vehicles or by such other reasonable means as may, in the Opinion of Counsel to the Majority Noteholders, be necessary or prudent.

     

    Exeter hereby agrees to pay all expenses related to such perfection or reperfection and to take all action necessary therefor.  In no event shall the Indenture Trustee
      or any successor Servicer be required to expend funds in connection with this Section 4.5 that will not otherwise be reimbursed to it.  To the extent that Exeter fails to reimburse the Indenture Trustee or any successor Servicer for any such amounts,
      such expenses shall be reimbursed pursuant to Section 5.7(a)(ii) hereof.  Exeter hereby appoints the Indenture Trustee as its attorney-in-fact to take any and all steps required to be performed by Exeter pursuant to this Section 4.5(b) (it being
      understood that and agreed that the Indenture Trustee shall have no obligation to take such steps with respect to all perfection or reperfection, except as pursuant to the Basic Documents to which it is a party and to which Exeter has paid all
      expenses), including execution of Lien Certificates or any other documents in the name and stead of Exeter, and the Indenture Trustee hereby accepts such appointment.

     

    SECTION 4.6  Covenants, Representations, and Warranties of Servicer.

     

    (a) By its execution and delivery of this Agreement, the initial Servicer makes the following representations, warranties and covenants on which the Indenture Trustee relies in accepting the Receivables and authenticating the Notes:

     

    (i) Liens in Force.  The Financed Vehicle securing each Receivable shall not be released in whole or in part from the security interest granted by the Receivable, except upon payment in full of the
        Receivable or as otherwise contemplated herein;

     

    (ii) No Impairment.  The Servicer shall do nothing to impair the rights of the Issuer, the Holding Trust or the Noteholders in the Receivables, the Dealer Agreements, the Direct Lender Agreements, the
        Dealer Assignments, the Insurance Policies or the Other Conveyed Property except as otherwise expressly provided herein;

     

    (iii) No Amendments.  The Servicer shall not extend or otherwise amend the terms of any Receivable, except in accordance with Section 4.2;

     

    (iv) Restrictions on Liens.  The Servicer shall not (A) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a
        contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the Receivables except for the Lien in favor of the Indenture Trustee for the benefit of the Noteholders and the restrictions on
        transferability imposed by this Agreement or (B) file under the Uniform Commercial Code of any jurisdiction any financing statement which names Exeter or the Servicer as a debtor, or sign any security agreement authorizing any secured party
        thereunder to file such financing statement, with respect to the Receivables, except in each case any such instrument solely securing the rights and preserving the Lien of the Indenture Trustee, for the benefit of the Noteholders; and

     

    (v) Servicing System.  The Servicer shall promptly notify the Backup Servicer of any material changes which the Servicer makes to its servicing system and provide

     

    
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    sufficient detail with respect thereto to the Backup Servicer as the Backup Servicer may require.

     

    (b) The initial Servicer represents, warrants and covenants as of the Closing Date as to itself that the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule B are true and correct;
        provided that such representations and warranties contained therein and herein shall not apply to any entity other than Exeter.

     

    SECTION 4.7  Purchase of Receivables Upon Breach of Covenant.  Upon (i) discovery by the Servicer or (ii) the receipt of written notice or actual knowledge by a Responsible Officer of the Indenture Trustee, a Responsible Officer of the Owner
        Trustee or a Responsible Officer of the Backup Servicer, of a breach of any of the covenants set forth in Sections 4.5(a) or 4.6 hereof, the party discovering such breach shall give prompt written notice to the others; provided, however, that the
        failure to give any such notice shall not affect any obligation of Exeter as Servicer under this Section.  As of the second Accounting Date following its discovery or actual knowledge or receipt of notice, as applicable, of any breach of any
        covenant set forth in Sections 4.5(a) or 4.6 hereof which materially and adversely affects the interests of the Noteholders in any Receivable (including any Liquidated Receivable) (or, at Servicer’s election, the first Accounting Date so following)
        or the related Financed Vehicle, Servicer shall, unless such breach shall have been cured in all material respects, purchase from the Holding Trust the Receivable affected by such breach and, on the related Determination Date, Servicer shall pay
        the related Purchase Amount.  Any such breach will be deemed not to have a material and adverse effect on the interests of the Noteholders in the Receivable if such breach has not affected the ability of the Holding Trust or Noteholders to receive
        and retain timely payment in full on such Receivable.  It is understood and agreed that the obligation of Servicer to purchase any Receivable (including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing
        shall, if such obligation is fulfilled, constitute the sole remedy against Servicer for such breach available to the Noteholders, the Owner Trustee, the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so
        appointed) or the Indenture Trustee.  Notwithstanding anything to the contrary contained herein, Servicer will not be required to repurchase Receivables due solely to the Servicer’s not having received Lien Certificates that have been properly
        applied for from the Registrar of Titles in the applicable states for such Receivables unless (i) such Lien Certificates shall not have been received with respect to Receivables with Principal Balances which total more than 1.0% of the Aggregate
        Principal Balance as of the 180th day after the Closing Date (or such other number of days in respect of which the Rating Agency Condition shall have been satisfied), in which case Servicer shall be required to repurchase a sufficient number of
        such Receivables to cause the aggregate Principal Balances of the remaining Receivables for which no such Lien Certificate shall have been received to be no greater than 1.0% of the Aggregate Principal Balance as of such date or (ii) such Lien
        Certificates shall not have been received as of the 240th day after the Closing Date (or such other number of days in respect of which the Rating Agency Condition shall have been satisfied).  Except as expressly set forth in the Basic Documents,
        neither the Owner Trustee nor the Indenture Trustee shall have any duty to conduct an affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section 4.7, the eligibility of any
        Receivable for purposes of this Agreement or to enforce the repurchase obligations of Servicer.  This Section shall survive the termination or assignment of this Agreement and the earlier removal or resignation of the Indenture Trustee and/or the
        Backup Servicer.

     

    
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    SECTION 4.8  Total Servicing Fee; Payment of Certain Expenses by Servicer.  On each Distribution Date, the Servicer shall be entitled to receive out of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the
        related Collection Period (together, the “Servicing Fee”) pursuant to Section 5.7.  The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the
        Servicer, and expenses incurred in connection with distributions and reports made by the Servicer to the Noteholders).  The Servicer shall be liable for (i) the fees and expenses of the Independent Accountant and (ii) to the extent not paid or
        reimbursed on any Distribution Date pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable, the fees, expenses and indemnification amounts due to the Owner Trustee, the Backup Servicer, the Indenture Trustee, the Custodian
        and the Lockbox Bank.  Notwithstanding the foregoing, if the Servicer shall not be Exeter, a successor to Exeter as Servicer, including the Backup Servicer permitted by Section 9.3, shall not be liable for taxes levied or assessed against the
        Issuer or the Holding Trust or claims against the Issuer or the Holding Trust in respect of indemnification, or the fees, expenses and indemnification amounts referred to above.

     

    SECTION 4.9  Servicer’s Certificate.  No later than noon Eastern time on each Determination Date, the Servicer shall deliver (facsimile or other electronic delivery being acceptable) to the Backup Servicer, the Indenture Trustee and the Owner
        Trustee the monthly Servicer’s Certificate.  The Servicer will also make available the Servicer’s Certificate to each Rating Agency on the same date the Servicer’s Certificate is publicly available (provided that if the Servicer’s Certificate is
        not made publicly available, the Servicer will deliver it to each Rating Agency, no later than the 15th of each month (or if not a Business Day, the next succeeding Business Day)).  The Servicer’s Certificate will be executed by a Responsible
        Officer of the Servicer and contain among other things:  (i) all information necessary to enable the Indenture Trustee to make the distributions required by Sections 5.7(a) and 5.7(b), (ii) a listing of all Purchased Receivables purchased by the
        Servicer as of the related Accounting Date, identifying the Receivables so purchased by the Servicer, (iii) all information necessary to enable the Backup Servicer to perform the actions specified in Section 4.13, (iv) all information necessary to
        enable the Indenture Trustee to send the statements to Noteholders required by Section 5.9 and (v) for the first Servicer’s Certificate, the disclosure required by Rule 4(c)(1)(ii) of Regulation RR.  Receivables purchased by the Servicer or by the
        Seller on the related Accounting Date and each Receivable which became a Liquidated Receivable or which was paid in full during the related Collection Period shall be identified by account number (as set forth in the Schedule of Receivables).

     

    SECTION 4.10  Annual Statement as to Compliance, Notice of Servicer Termination Event.

     

    (a) To the extent required by Section 1123 of Regulation AB, the Servicer shall deliver to the Indenture Trustee, the Owner Trustee, the Backup Servicer and each Rating Agency, on or before March 31 (or 90 days after the end of the
        Issuer’s fiscal year, if other than December 31) of each year (regardless of whether the Seller has ceased filing reports under the Exchange Act), beginning on March 31, 2023, an officer’s certificate signed by any Responsible Officer of the
        Servicer, dated as of December 31 of the previous calendar year, stating that (i) a review of the activities of the Servicer during the preceding calendar year (or such other period as shall have elapsed from the Closing Date to the date of the
        first such certificate) and of its performance under

     

    
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    this Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled in all material respects all its
      obligations under this Agreement throughout such period, or, if there has been a failure to fulfill any such obligation in any material respect, identifying each such failure known to such officer and the nature and status of such failure.

     

    (b) The Servicer shall deliver to the Indenture Trustee, the Owner Trustee, the Backup Servicer and each Rating Agency, promptly after having obtained knowledge thereof, but in no event later than two Business Days thereafter,
        written notice in an officer’s certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under Section 9.1(a).  The Seller or the Servicer shall deliver to the Indenture Trustee,
        the Owner Trustee, the Backup Servicer, the Servicer or the Seller (as applicable) and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than two Business Days thereafter, written notice in an officer’s
        certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under any other clause of Section 9.1.

     

    (c) The Servicer will deliver to the Issuer, on or before March 31 of each year, beginning on March 31, 2023, a report regarding the Servicer’s assessment of compliance with the Servicing Criteria specified in Exhibit B as
        applicable to the Servicer during the immediately preceding calendar year or such other criteria as agreed to by the Issuer, the Seller and the Servicer, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

     

    (d) To the extent required by Regulation AB, the Servicer will cause any affiliated servicer or any other party deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB to provide to the Issuer, on
        or before March 31 of each year, beginning on March 31, 2023, a report regarding such party’s assessment of compliance with any Servicing Criteria applicable to such Person during the immediately preceding calendar year, as required under Rules
        13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

     

    (e) Citibank, N.A. acknowledges, in its capacity as Indenture Trustee under this Agreement and the Basic Documents, that to the extent it is deemed to be participating in the servicing function pursuant to Item 1122 of Regulation
        AB, it will take such actions as may be necessary to ensure compliance with the requirements of Section 4.10(d) and Section 4.11(b) and with Item 1122 of Regulation AB, to the extent such requirements relate to the Indenture Trustee’s participation
        in the servicing function. With respect to any such documentation delivered under Section 4.10(d), such report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified in Exhibit
        B as applicable to the Indenture Trustee or such other criteria as agreed to by the Issuer, the Seller, the Servicer and the Indenture Trustee.  Such required documentation will be delivered to the Servicer and the Seller by March 15th of each
        calendar year.

     

    SECTION 4.11  Annual Independent Public Accountants’ Reports.

     

    (a) The Servicer shall cause Independent Accountants, who may also render other services to the Servicer or its Affiliates, to deliver to the Backup Servicer, the Owner Trustee and the Indenture Trustee, on or before March 31 (or 90
        days after the end of the Issuer’s fiscal year,

     

    
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    if other than December 31) of each year, beginning in March 31, 2023, a report, dated as of December 31 of the preceding calendar year, addressed to the board of directors of the
      Servicer, providing its attestation report on the servicing assessment delivered pursuant to Section 4.10(c), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
      of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.

     

    (b) Each party required to deliver an assessment of compliance described in Section 4.10(d) shall cause Independent Accountants, who may also render other services to such party or its Affiliates, to deliver to the Backup Servicer,
        the Owner Trustee, the Indenture Trustee and the Servicer, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2023, a report, dated as of December 31 of the
        preceding calendar year, addressed to the board of directors of such party, providing its attestation report on the servicing assessment delivered pursuant to Section 4.10(d), including disclosure of any material instance of non-compliance, as
        required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.

     

    (c) The Servicer shall cause a firm of Independent Accountants, who may also render other services to the Servicer or to the Seller, (1) to deliver to the Backup Servicer, the Owner Trustee and the Indenture Trustee on or before
        April 30 (or 120 days after the end of the Servicer’s fiscal year, if other than December 31) of each year, beginning on April 30, 2023, with respect to the twelve months ended the immediately preceding December 31 (or other applicable date) (or
        such other period as shall have elapsed from the Closing Date to the date of such certificate (which period shall not be less than six months)), a copy of the Form 10-K filed with the United States Commission for Exeter Finance Corp., which filing
        includes a statement that such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the
        circumstances; and (2) upon request of the Backup Servicer, the Owner Trustee or the Indenture Trustee, to issue an acknowledgement to the effect that such firm has audited the books and records of Exeter Finance Corp., in which the Servicer is
        included as a consolidated subsidiary, and issued its report pursuant to item (1) of this section and that the accounting firm is independent of the Seller and the Servicer within the meaning of the Code of Professional Ethics of the American
        Institute of Certified Public Accountants.

     

    (d) Neither the Indenture Trustee nor the Backup Servicer shall be liable for any claims, liabilities or expenses relating to such accountants’ engagement or any report issued in connection with such engagement, and the
        dissemination of any such report other than pursuant to the Basic Documents or applicable law is subject to the written consent of such accountants.

     

    SECTION 4.12  Access to Certain Documentation and Information Regarding Receivables.  The Servicer shall provide to representatives of the Backup Servicer, the Owner Trustee and the Indenture Trustee reasonable access to the documentation
        regarding the Receivables.  In each case, such access shall be afforded without charge but only upon reasonable request and during normal business hours.  Nothing in this Section shall affect the obligation of the Servicer to observe any applicable
        law prohibiting disclosure of information regarding the

     

    
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    Obligors, and the failure of the Servicer to provide access as provided in this Section as a result of such obligation shall not constitute a breach of this Section.

     

    SECTION 4.13  Monthly Tape.  No later than the second Business Day after each Distribution Date, the Servicer will deliver to the Backup Servicer an electronic file in a form acceptable to the Backup Servicer containing all information necessary
        to allow the Backup Servicer to perform the actions set forth hereunder (the “Monthly Tape”).  The Backup Servicer shall use such Monthly Tape to (i) confirm that such Monthly Tape is in readable form, and (ii) calculate and confirm against
        the Servicer’s Certificate for the related period: (A) the Pool Balance as of the close of business on the last day of the related Collection Period, (B) the number and aggregate principal balance of Receivables that were 31-60 days, 61-90 days and
        more than 90 days delinquent as of the close of business on the last day of the related Collection Period, (C) statistical data related to the average Principal Balance, weighted average APR, weighted average original term, weighted average
        remaining term and number of Receivables for the related and preceding Collection Periods, (D) Extension Rate with respect to the related Collection Period and (E) the aggregate Principal Balance of the Receivables that have been extended during
        such Collection Period.  The Backup Servicer shall use the Servicer’s Certificate to recalculate and confirm the accuracy of the following: (A) the Principal Payment Amount pursuant to Section 5.7(a)(xix) on the related Distribution Date, (B) the
        Noteholders’ Monthly Interest Distributable Amount on the related Distribution Date to each Class of Notes, (C) Reserve Account Withdrawal Amount, (D) Reserve Account Deposit Amount, (E) the outstanding principal amount of each Class of Notes after
        giving effect to all distributions of principal on the related Distribution Date, (F) the Note Pool Factor for each Class of Notes after giving effect to all distributions of principal on the related Distribution Date, (G) the aggregate
        Noteholders’ Interest Carryover Amount on the related Distribution Date (before giving effect to any distribution of interest on the related Distribution Date), (H) the Servicing Fee for the related Collection Period and (I) the Specified Reserve
        Balance.  The Backup Servicer shall certify to the Indenture Trustee that it has verified the Servicer’s Certificate in accordance with this Section and shall notify the Servicer and the Indenture Trustee of any discrepancies, in each case, on or
        before the fifth Business Day following the receipt of the Monthly Tape and the Servicer’s Certificate.  In the event that the Backup Servicer reports any discrepancies, the Servicer and the Backup Servicer shall attempt to reconcile such
        discrepancies prior to the next succeeding Distribution Date, but in the absence of a reconciliation, the Servicer’s Certificate shall control for the purpose of calculations and distributions with respect to the next succeeding Distribution Date. 
        In the event that the Backup Servicer and the Servicer are unable to reconcile discrepancies with respect to a Servicer’s Certificate by the next succeeding Distribution Date, the Servicer shall cause the Independent Accountants, at the Servicer’s
        expense, to audit the Servicer’s Certificate and, prior to the last day of the month after the month in which such Servicer’s Certificate was delivered, reconcile the discrepancies.  The effect, if any, of such reconciliation shall be reflected in
        the Servicer’s Certificate for such next succeeding Determination Date.  In addition, upon the occurrence of a Servicer Termination Event the Servicer shall, if so requested by the Controlling Party (acting at the written direction of the Majority
        Noteholders), deliver to the Backup Servicer or any successor Servicer its Collection Records and its Monthly Records within 15 days after demand therefor and a computer tape containing as of the close of business on the date of demand all of the
        data maintained by the Servicer in computer format in connection with servicing the Receivables.  Other than the duties specifically set forth in this Agreement, the Backup Servicer shall have no obligations hereunder, including, without
        limitation, to supervise, verify, monitor or administer

     

    
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    the performance of the Servicer.  The Backup Servicer shall have no liability for any actions taken or omitted by the Servicer.  In the performance of its duties hereunder, the Backup
      Servicer shall be entitled to conclusively rely on the Servicer’s Certificate or written notice with respect to the occurrence of any Default, Event of Default or other event which affects the verification obligations of the Backup Servicer, with no
      duty to independently verify the information therein or confirm whether any such event has occurred or otherwise make any determination with respect thereto.

     

    Notwithstanding the foregoing, if the Monthly Tape or the Servicer’s Certificate does not contain sufficient information for the Backup Servicer to perform any action
      specified in this section, the Backup Servicer shall promptly notify the Servicer of any additional information to be delivered by the Servicer to the Backup Servicer, and the Backup Servicer and the Servicer shall mutually agree upon the form
      thereof; provided, however, that the Backup Servicer shall not be liable for the performance of any action unable to be taken under this section without such additional information until it is received from the Servicer.

     

    ARTICLE 5

     

    Trust Accounts; Distributions; Statements to Noteholders

     

    SECTION 5.1  Establishment of Trust Accounts.

     

    (a) (i) The Indenture Trustee, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible
        Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Trustee on behalf of the Noteholders.  The Collection Account shall initially be
        established with the Indenture Trustee. The parties hereto acknowledge and agree that on the Closing Date, proceeds from the sale of the Notes may be deposited into the Collection Account and distributed by the Indenture Trustee on the Closing Date
        to such Persons and in such amounts that are set forth in the closing flow of funds delivered to the Indenture Trustee by Exeter on August 10, 2022 in the document entitled “EART 2022-4 Flow of Funds Final External Signed.pdf”.

     

    (ii) The Indenture Trustee, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating
        that the funds deposited therein are held for the benefit of the Indenture Trustee on behalf of the Noteholders.  The Note Distribution Account shall initially be established with the Indenture Trustee.

     

    (iii) The Indenture Trustee, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the “Reserve Account”), bearing a designation clearly indicating that the
        funds deposited therein are held for the benefit of the Indenture Trustee on behalf of the Noteholders.  The Reserve Account shall initially be established with the Indenture Trustee.

     

    (b) Funds on deposit in the Collection Account, the Reserve Account and the Note Distribution Account (collectively, the “Trust Accounts”) shall be invested by the Indenture 

      

     

    
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    Trustee (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected in writing by the Servicer (pursuant to standing instructions or
      otherwise).  All such Eligible Investments shall be held by or on behalf of the Indenture Trustee for the benefit of the Noteholders.  Funds on deposit in any Trust Account shall be invested in Eligible Investments that will mature so that such funds
      will be available at the close of business on the Business Day immediately preceding the following Distribution Date.  All Eligible Investments will be held to maturity.  Each institution at which the relevant Trust Account is maintained shall invest
      the funds therein as directed in writing by the Servicer in Eligible Investments.  Absent written direction by the Servicer, funds will remain uninvested (it being understood that any successor Servicer shall have no obligation to select Eligible
      Investments).  The Servicer acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the completion of each purchase and sale of Eligible Investments or the Indenture Trustee’s receipt of a
      broker’s confirmation.  The Servicer agrees that such notifications shall not be provided by the Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that
      reflect such investment activity.  No statement need be made available for any account if no activity has occurred in such account during such period.

     

    (c) All Investment Earnings of moneys deposited in each Trust Account shall be deposited (or caused to be deposited) in the Collection Account on each Distribution Date by the Indenture Trustee and applied as Available Funds on such
        Distribution Date, and any loss resulting from such investments shall be charged to the related Trust Account.  The Servicer will not direct the Indenture Trustee to make any investment of any funds held in any of the Trust Accounts unless the
        security interest granted and perfected in such account will continue to be perfected in such investment, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such
        investment, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect.

     

    (d) The Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the
        Indenture Trustee’s negligence or bad faith or its failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms.

     

    (e) If (i) the Servicer shall have failed to give investment directions in writing for any funds on deposit in the Trust Accounts to the Indenture Trustee by 1:00 p.m. Eastern time (or such other time as may be agreed by the Issuer
        and Indenture Trustee) on any Business Day; or (ii) a Default or Event of Default shall have occurred and is continuing with respect to the Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared
        due and payable following an Event of Default, amounts collected or received from the Issuer Property are being applied as if there had not been such a declaration; then the funds in the Trust Accounts shall remain uninvested.

     

    (f) (i) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in
        the Trust Accounts and in all proceeds thereof for the benefit of the Noteholders and all such funds, investments, proceeds and income shall be part of the Owner

     

    
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    Trust Estate.  Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders.  If, at
      any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee (or the Servicer on its behalf) shall within five Business Days (or such longer period as to which each Rating Agency may consent) establish a new
      Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account.  In connection with the foregoing, the Servicer agrees that, in the event that any of the Trust Accounts are not accounts with
      the Indenture Trustee, the Servicer shall notify the Indenture Trustee in writing promptly upon any of such Trust Accounts ceasing to be an Eligible Deposit Account.

     

    (ii) With respect to the Trust Account Property, the Indenture Trustee agrees that:

     

    (A) any Trust Account Property that is held in deposit accounts shall be held solely in the Eligible Deposit Accounts; and, except as otherwise provided herein, each such Eligible Deposit Account shall be subject
        to the exclusive custody and control of the Indenture Trustee, and the Indenture Trustee shall have sole signature authority with respect thereto;

     

    (B) any Trust Account Property that constitutes Physical Property shall be delivered to the Indenture Trustee in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity
        or disposition, solely by the Indenture Trustee or a securities intermediary (as such term is defined in Section 8-102(14) of the UCC) acting solely for the Indenture Trustee;

     

    (C) the “securities intermediary’s jurisdiction” for purposes of Section 8-110 of the UCC shall be the State of New York;

     

    (D) any Trust Account Property that is a book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the
        definition of “Delivery” and shall be maintained by the Indenture Trustee, pending maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph;

     

    (E) any Trust Account Property that is an “uncertificated security” or a “security entitlement” under Article 8 of the UCC and that is not governed by clause (D) above shall be delivered to the
        Indenture Trustee in accordance with paragraph (c) or (d), if applicable, of the definition of “Delivery” and shall be maintained by the Indenture Trustee, pending maturity or disposition, through continued registration of the Indenture Trustee’s
        (or its nominee’s) ownership of such security; and

     

    (F) any cash that is Trust Account Property shall be considered a “financial asset” under Article 8 of the UCC.

     

    (g) The Servicer shall have the power to instruct the Indenture Trustee to make withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer and the Indenture Trustee to carry out their respective
        duties hereunder.

     

    
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    SECTION 5.2  [Reserved].

     

    SECTION 5.3  Certain Reimbursements to the Servicer.  The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account
        but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds.  The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to
        Section 5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Indenture Trustee.  The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with
        respect to a Collection Period any amounts paid by Obligors that were deposited in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on
        the Receivables.

     

    SECTION 5.4  Application of Collections.  All collections for the Collection Period shall be applied by the Servicer as follows:

     

    (a) With respect to each Receivable (other than a Purchased Receivable), payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to
        interest and principal in accordance with the Simple Interest Method.

     

    (b) All amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection Account and paid to the Servicer in accordance with Section 5.7(a).

     

    SECTION 5.5  [Reserved].

     

    SECTION 5.6  Additional Deposits.

     

    (a) The Servicer and the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date on which such obligations are due the aggregate Purchase Amount with respect to Purchased
        Receivables.

     

    (b) The proceeds of any purchase or sale of the assets of the Holding Trust described in Section 10.1 hereof shall be deposited in the Collection Account.

     

    SECTION 5.7  Distributions.

     

    (a) On each Distribution Date, the Indenture Trustee shall (based solely on the information contained in the Servicer’s Certificate delivered with respect to the related Determination Date) apply or cause to be applied the sum of
        (x) the Available Funds (after withdrawing amounts deposited in error and Liquidation Proceeds relating to Purchased Receivables) for the related Collection Period and (y) the Reserve Account Withdrawal Amount for such Distribution Date (such sum,
        the “Total Available Funds”) to distribute the following amounts from the Collection Account unless otherwise specified, to the extent of the sources of funds stated to be available therefor, and in the following order of priority:

     

    
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    (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, 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; 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 (4) to any successor Servicer, transition fees not to exceed $200,000 (including
        boarding fees) in the aggregate;

     

    (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, pro rata based on amounts due, their respective accrued and unpaid fees, expenses and indemnities (in each case, to the extent such fees, expenses and indemnities have not been
        previously paid by Exeter, and provided that such fees, expenses and indemnities payable shall not exceed (v) $100,000 in the aggregate in any calendar year to the Owner Trustee, (w) $25,000 in the aggregate in any calendar year to the Custodian,
        (x) $100,000 in the aggregate in any calendar year to the Indenture Trustee and the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed), (y) $50,000 in the aggregate in any calendar year to the
        Asset Representations Reviewer and (z) $50,000 in the aggregate in any calendar year to the Lockbox Bank);

     

    (iii) from the Total Available Funds, to the Note Distribution Account for further distribution to the Class A Noteholders, pro rata based on the amount of interest due to the Class A-1 Notes, the Class A-2 Notes
        and the Class A-3 Notes, the Noteholders’ Interest Distributable Amount for the Class A Notes for such Distribution Date;

     

    (iv) from the Total Available Funds, to the Note Distribution Account for further distribution as provided in paragraph (b) below, the Class A Principal Parity Amount;

     

    (v) from the Total Available Funds, to the Note Distribution Account for further distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class A Notes;

     

    (vi) from the Total Available Funds, to the Note Distribution Account for further distribution 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, to the Note Distribution Account for further distribution as provided in paragraph (b) below, the Class B Principal Parity Amount;

     

    (viii)    from the Total Available Funds, to the Note Distribution Account for further distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class B Notes;

     

    
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    (ix) from the Total Available Funds, to the Note Distribution Account for further distribution 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, to the Note Distribution Account for further distribution as provided in paragraph (b) below, the Class C Principal Parity Amount;

     

    (xi) from the Total Available Funds, to the Note Distribution Account for further distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class C Notes;

     

    (xii) from the Total Available Funds, to the Note Distribution Account for further distribution 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, to the Note Distribution Account for further distribution as provided in paragraph (b) below, the Class D Principal Parity Amount;

     

    (xiv)    from the Total Available Funds, to the Note Distribution Account for further distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class D Notes;

     

    (xv) from the Total Available Funds, to the Note Distribution Account for further distribution 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, to the Note Distribution Account for further distribution as provided in paragraph (b) below, the Class E Principal Parity Amount;

     

    (xvii)    from the Total Available Funds, to the Note Distribution Account for further distribution as provided in paragraph (b) below, 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, to the Note Distribution Account for further distribution as provided in paragraph (b) below, the Principal Payment Amount;

     

    (xx) from the Total Available Funds, to pay 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, the Owner Trustee and any successor Servicer, pro rata based on amounts due to each such party, any fees, expenses and indemnities then due to such party that are in excess of the related cap or annual
        limitation specified in clauses (i) and (ii) above; and

     

    
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    (xxi)    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.

     

    On any Distribution Date with respect to which no Servicer’s Certificate was delivered, to the extent there are Available Funds in the Collection Account, the
      Indenture Trustee will make payments of the Noteholders’ Interest Distributable Amounts described in (iii), (vi), (ix), (xii) and (xv) above as well as any Matured Principal Shortfalls described in (v), (viii), (xi), (xiv) and (xvii) above.

     

    Notwithstanding the foregoing, if on any Distribution Date the distribution priorities set forth in Section 5.6(a) or Section 5.6(b) of the Indenture are applicable
      then all distributions of Total Available Funds on such Distribution Date will be made in accordance with such applicable section of the Indenture rather than in accordance with the priorities set forth above.

     

    (b) On each Distribution Date, the Indenture Trustee shall apply or cause to be applied the aggregate of the amounts described in clause (iv), (v), (vii), (viii), (x), (xi), (xiii), (xiv), (xvi), (xvii) and (xix) of paragraph (a)
        above on that Distribution Date in the listed order of priority:

     

    (i) to the Class A-1 Noteholders in reduction of the remaining principal amount of the Class A-1 Notes, until the outstanding principal amount thereof has been reduced to zero;

     

    (ii) to the Class A-2 Noteholders in reduction of the remaining principal amount of the Class A-2 Notes, until the outstanding principal amount thereof has been reduced to zero;

     

    (iii) to the Class A-3 Noteholders in reduction of the remaining principal amount of the Class A-3 Notes, until the outstanding principal amount thereof has been reduced to zero;

     

    (iv) to the Class B Noteholders in reduction of the remaining principal amount of the Class B Notes, until the outstanding principal amount thereof has been reduced to zero;

     

    (v) to the Class C Noteholders in reduction of the remaining principal amount of the Class C Notes, until the outstanding principal amount thereof has been reduced to zero;

     

    (vi) to the Class D Noteholders in reduction of the remaining principal amount of the Class D Notes, until the outstanding principal amount thereof has been reduced to zero; and

     

    (vii) to the Class E Noteholders in reduction of the remaining principal amount of the Class E Notes, until the outstanding principal amount thereof has been reduced to zero.

     

    
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    (c) In the event that the Collection Account is maintained with an institution other than the Indenture Trustee, the Servicer shall instruct and cause such institution to make all deposits and distributions pursuant to Sections
        5.7(a) and 5.7(b) on the related Distribution Date.

     

    (d) In the event that any withholding tax is imposed on the Holding Trust’s payment (or allocations of income) to a Holding Trust Certificateholder or the Issuer’s payment (or allocations of income) to a Noteholder, such tax shall
        reduce the amount otherwise distributable to the Holding Trust Certificateholder or Noteholder, as applicable, in accordance with this Section.  The Indenture Trustee is hereby authorized and directed to retain from amounts otherwise distributable
        to the Holding Trust Certificateholders or Noteholders sufficient funds for the payment of any tax attributable to the Holding Trust or the Issuer, as applicable (but such authorization shall not prevent the Indenture Trustee from contesting any
        such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).  The amount of any withholding tax imposed with respect to a Holding Trust Certificateholder or Noteholder
        shall be treated as cash distributed to such Holding Trust Certificateholder or Noteholder at the time it is withheld by Holding Trust or the Issuer, as applicable, and remitted to the appropriate taxing authority.  If there is a possibility that
        withholding tax is payable with respect to a distribution (such as a distribution to a non-US Noteholder), the Indenture Trustee may in its sole discretion withhold such amounts in accordance with this clause (d).  In the event that a Holding Trust
        Certificateholder or a Noteholder wishes to apply for a refund of any such withholding tax, the Indenture Trustee shall reasonably cooperate with such Holding Trust Certificateholder or Noteholder in making such claim so long as such Noteholder
        agrees to reimburse the Indenture Trustee for any out-of-pocket expenses (including legal fees and expenses) incurred.

     

    (e) Distributions required to be made to Noteholders on any Distribution Date shall be made to each Noteholder of record on the preceding Record Date by wire transfer, in immediately available funds to the account of such Noteholder
        at a bank or other depository institution having appropriate wire transfer facilities, provided that the Noteholder has furnished the Note Paying Agent with wire instructions no later than seven (7) days prior to the related Distribution Date
        (which may be standing instructions).  Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the Final Scheduled Distribution Date or otherwise) will be payable only upon presentation and surrender of such Note at
        the office or agency maintained for that purpose by the Note Registrar pursuant to Section 2.4 of the Indenture.

     

    (f) Subject to Section 5.1 and this section, monies received by the Indenture Trustee hereunder need not be segregated in any manner except to the extent required by law and may be deposited under such general conditions as may be
        prescribed by law, and the Indenture Trustee shall not be liable for any interest thereon.

     

    (g) Notwithstanding Section 5.7(a), the Servicer shall, in the same order and priority described in such Section and in accordance with the written directions of Exeter Finance LLC, direct the Indenture Trustee to distribute to
        Exeter Finance LLC any amounts otherwise payable to the Lockbox Bank pursuant to such Section, to the extent that such amounts were withdrawn directly by the Lockbox Bank from funds on deposit in a bank account of Exeter Finance LLC.

     

    
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    SECTION 5.8  Reserve Account.

     

    (a)        (i) On the Closing Date, the
        Seller shall deposit the Specified Reserve Balance into the Reserve Account.  Amounts held from time to time in the Reserve Account shall be held by the Indenture Trustee for the benefit of the Noteholders.

     

    (ii) The Seller may, from time to time after the date hereof, request each Rating Agency to approve a formula for determining the Specified Reserve Balance that is different from the formula set forth herein,
        which may result in a decrease in the amount of the Specified Reserve Balance or change the manner by which the Reserve Account is funded.  Notwithstanding any other provision of this Agreement, if each Rating Agency then rating the Notes notifies
        the Seller (who shall send such notification to the Indenture Trustee) in writing that the use of any such new formula, and any decrease in the amount of the Specified Reserve Balance or change in the manner by which the Reserve Account is funded,
        will not result in the qualification, reduction or withdrawal of its then current rating of the Notes then the Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to reflect such new
        formula without the consent of any Noteholder.

     

    (iii) On each Distribution Date, the Servicer shall instruct the Indenture Trustee (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) (A) if the amount on
        deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, in which case the Indenture Trustee shall, after payment of
        any amounts required to be distributed pursuant to clauses (i) through (xvii) of Section 5.7(a) deposit in the Reserve Account the Reserve Account Deposit Amount pursuant to Section 5.7(a)(xviii), (B) if the amount on deposit in the Reserve
        Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Distribution Date is greater than the Specified Reserve Balance, in which case the Indenture Trustee shall distribute the amount of such excess
        as part of Available Funds on such Distribution Date, and (C) if the amount on deposit in the Reserve Account, together with Available Funds, is sufficient to pay all amounts due pursuant to clauses (i) through (xvii) of Section 5.7(a) and the
        outstanding principal amount of each Class of Notes, in which case the Indenture Trustee shall distribute such amounts to pay the Notes in full on such Distribution Date.

     

    (b) On each Distribution Date, the Servicer shall instruct the Indenture Trustee (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account
        Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account to be included as Total Available Funds for that Distribution Date.

     

    (c) Amounts properly transferred to the Certificate Distribution Account for payment to the Certificateholders pursuant to this Agreement shall not be available to the Indenture Trustee or the Issuer for the purpose of making
        deposits to the Reserve Account, or making payments to the Noteholders, nor shall the Certificateholders be required to refund any amount properly received by them.

     

    
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    SECTION 5.9  Statements to Noteholders.

     

    (a) On or prior to each Distribution Date, the Indenture Trustee shall make available to each Noteholder of record a statement setting forth at least the following information as to the Notes to the extent such information has been
        received from the Servicer pursuant to Section 4.9 hereof:

     

    (i) the amount of such distribution allocable to principal of each Class of Notes;

     

    (ii) the amount of such distribution allocable to interest on or with respect to each Class of Notes;

     

    (iii) the required Reserve Account Withdrawal Amount or any excess released from the Reserve Account and included in Available Funds;

     

    (iv) the Pool Balance as of the close of business on the last day of the preceding Collection Period;

     

    (v) the aggregate outstanding principal amount of each Class of the Notes and the Note Pool Factor for each such Class after giving effect to payments allocated to principal reported under (i) above;

     

    (vi) the amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and/or due but unpaid with respect to such Collection Period or prior Collection Periods, as the case may be;

     

    (vii) the Noteholders’ Interest Carryover Amount, if any, and the change in that amount from the preceding statement;

     

    (viii)    the amount of the aggregate Realized Losses, if any, for the related Collection Period; and

     

    (ix) the aggregate Purchase Amounts for Receivables, if any, that were repurchased by the Servicer or the Seller in such period.

     

    (b) The Indenture Trustee will make available each month to each Noteholder the statements referred to in Section 5.9(a) above (and certain other documents, reports and information regarding the Receivables provided by the Servicer
        from time to time) via the Indenture Trustee’s internet website, with the use of a password provided by the Indenture Trustee.  The Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents,
        reports and information regarding the Receivables provided by the Servicer. The Indenture Trustee’s internet website shall be initially located at http://sf.citidirect.com or at such other address as shall be specified by the Indenture Trustee from
        time to time in writing to the Noteholders.  In connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer.  The Indenture Trustee shall not be
        liable for the dissemination of information in accordance with this Agreement.  The Indenture Trustee shall have the right to change the way the statements referred to in Section 5.9(a) above are distributed in order to make such distribution more
        convenient and/or more

     

    
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    accessible to the parties entitled to receive such statements so long as such statements are only provided to the then current Noteholders.  The Indenture Trustee shall provide
      notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.3 hereof, Section 11.4 of the Indenture or Section 11.5 of the Indenture, as appropriate.

     

    ARTICLE 6

     

    [Reserved]

     

    ARTICLE 7

     

    The Seller

     

    SECTION 7.1  Representations of Seller.  The Seller makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables and on which the Indenture Trustee and Backup Servicer may rely.  The
        representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer hereunder, the contribution of the Receivables to the Holding Trust pursuant to the
        Contribution Agreement and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

     

    (a) Organization and Good Standing.  The Seller has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its
        properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the
        Other Conveyed Property transferred to the Issuer.

     

    (b) Due Qualification.  The Seller is duly qualified to do business as a foreign limited liability company, is in good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to
        do so would materially and adversely affect Seller’s ability to transfer the Receivables and the Other Conveyed Property to the Issuer pursuant to this Agreement, or the validity or enforceability of the Receivables and the Other Conveyed Property
        or to perform Seller’s obligations hereunder and under the Seller’s Basic Documents.

     

    (c) Power and Authority.  The Seller has the power and authority to execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively; the Seller has full power and authority
        to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned to and deposited with the Issuer by it and has duly authorized such sale and assignment to the Issuer by all necessary action; and the execution, delivery
        and performance of this Agreement and the Seller’s Basic Documents have been duly authorized by the Seller by all necessary action.

     

    (d) Valid Sale, Binding Obligations.  This Agreement effects a valid sale, transfer and assignment of the Receivables and the Other Conveyed Property, enforceable against the Seller and creditors of and purchasers from the
        Seller; and this Agreement and the Seller’s Basic Documents, when duly executed and delivered, shall constitute legal, valid and binding obligations

     

    
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    of the Seller enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the
      enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law.

     

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

     

    (f) No Proceedings.  There are no proceedings or investigations pending or, to the Seller’s knowledge, threatened against the Seller, before any court, regulatory body, administrative agency or other tribunal or governmental
        instrumentality having jurisdiction over the Seller or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions
        contemplated by this Agreement or any of the Basic Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this
        Agreement or any of the Basic Documents, or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes.

     

    (g) Solvency.  The Seller is not insolvent, nor will the Seller be made insolvent by the transfer of the Receivables, nor does the Seller anticipate any pending insolvency.

     

    (h) No Consents.  The Seller is not required to obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in
        connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained.

     

    (i) True Sale.  The Receivables are being transferred with the intention of removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time.

     

    (j) Ordinary Course of Business.  The transactions contemplated by this Agreement and the other Basic Documents to which the Seller is a party are in the ordinary course of the Seller’s business.

     

    
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    (k) Chief Executive Office and Principal Place of Business.  As of the Closing Date, the chief executive office and principal place of business of the Seller is at 2101 W. John Carpenter Freeway, Irving, Texas 75063.

     

    (l) Investment Company Act.  None of the Seller, the Issuer or the Holding Trust is an “investment company” or a company “controlled by an investment company” within the meaning of the Investment Company Act.  The Issuer and
        the Holding Trust will rely on an exclusion or exemption from the definition of “investment company” under the Investment Company Act contained in Section 3(c)(6) of the Investment Company Act and Section 3(c)(5) of the Investment Company Act,
        respectively, although there may be additional exclusions or exemptions available to the Issuer and the Holding Trust.  Neither the Issuer nor the Holding Trust is a “covered fund” for purposes of the Volcker Rule.

     

    (m) Schedule of Receivables.  The information set forth in the Schedule of Receivables has been produced from the Electronic Ledger and was true and correct in all material respects as of the close of business on the Cutoff
        Date.

     

    (n) Adverse Selection.  No selection procedures adverse to the Noteholders were utilized in selecting the Receivables from those receivables owned by the Seller which met the selection criteria set forth in this Agreement.

     

    (o) 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.

     

    (p) 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.

     

    (q) 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.

     

    (r) Contract Possession.  With respect to any Receivables that constitute tangible chattel paper, (a) the fully executed original Contract (which may contain electronic, facsimile or manual signatures) are in the possession
        of the Custodian and the Indenture Trustee has received a Custodian’s Acknowledgment (as defined in the Custodian Agreement) from the Custodian that the Custodian is holding such fully executed original Contracts solely on behalf and for the
        benefit of the Indenture Trustee, as pledgee of the Issuer or (b) the Custodian received possession of such fully executed original Contracts after the Indenture Trustee received a Custodian’s Acknowledgment (as defined in the Custodian Agreement)
        from the Custodian that the Custodian is acting solely as agent of the Indenture Trustee, as pledgee of the Issuer.

     

    (s) Security Interest in Financed Vehicle.  This Agreement creates a valid and continuing security interest (as defined in the UCC) in the Receivables in favor of the Issuer, which

     

    
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    security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller.  Immediately after the sale, transfer and assignment by the
      Seller to the Issuer (and the subsequent contribution to the Holding Trust), each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Indenture Trustee as secured party,
      which security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed
      Vehicle).

     

    (t) All Filings Made.  Seller has 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 Issuer hereunder.

     

    (u) No Impairment.  Other than the security interest granted to the Issuer pursuant to this Agreement and except any other security interests that have been fully released and discharged as of the Closing Date, the Seller has
        not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables.  The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include a description of
        collateral covering the Receivables other than any financing statement relating to the security interest granted to the Issuer hereunder or that has been terminated.  The Seller is not aware of any judgment, ERISA or tax lien filings against it.

     

    (v) Lockbox Account.  Each Obligor has been, or will be, directed to make all payments on their related Receivable to the Lockbox Bank for deposit into the Lockbox Account.

     

    (w) Perfection.  The Seller has taken all steps necessary to perfect Exeter’s security interest against the related Obligors in the property securing the Receivables.

     

    SECTION 7.2  Corporate Existence.

     

    (a) During the term of this Agreement, the Seller will keep in full force and effect its existence, rights and franchises as a limited liability company under the laws of the jurisdiction of its formation 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 Agreement, the Basic Documents and each other instrument or agreement necessary
        or appropriate to the proper administration of this Agreement and the transactions contemplated hereby.

     

    (b) During the term of this Agreement, the Seller shall observe the applicable legal requirements for the recognition of the Seller as a legal entity separate and apart from its Affiliates, including as follows:

     

    (i) the Seller shall maintain corporate records and books of account separate from those of its Affiliates;

     

    (ii) except as otherwise provided in this Agreement, the Seller shall not commingle its assets and funds with those of its Affiliates;

     

    
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    (iii) the Seller shall hold such appropriate meetings of its board of managers, or adopt resolutions pursuant to a unanimous written consent of the board of managers as are necessary to authorize all the Seller’s
        actions required by law to be authorized by the board of managers, shall keep minutes of such meetings and of meetings of its stockholder(s) and observe all other customary corporate formalities (and any successor Seller not a limited liability
        company shall observe similar procedures in accordance with its governing documents and applicable law);

     

    (iv) the Seller shall at all times hold itself out to the public under the Seller’s own name as a legal entity separate and distinct from its Affiliates;

     

    (v) all transactions and dealings between the Seller and its Affiliates will be conducted on an arm’s-length basis; and

     

    (vi) the Seller shall pay from its assets all obligations and indebtedness of any kind incurred by the Seller.

     

    SECTION 7.3  Liability of Seller; Indemnities.

     

    (a) The Seller shall indemnify, defend and hold harmless the Issuer, the Holding Trust, the Owner Trustee, the Indenture Trustee and the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so
        appointed) and the officers, directors, employees and agents thereof and the Noteholders from and against any losses, liabilities or expenses incurred by reason of the Seller’s violation of federal or state
        securities laws in connection with the registration and sale of the Notes.

     

    (b) Indemnification under this Section shall survive the resignation or removal of the Owner Trustee, the Indenture Trustee or the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so
        appointed) and the termination or assignment of this Agreement, the Indenture, the Trust Agreement or the Holding Trust Agreement, as applicable, and shall include reasonable fees and expenses of counsel and other expenses of litigation.  If the
        Seller shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to the
        Seller, without interest.

     

    SECTION 7.4  Merger or Consolidation of, or Assumption
          of the Obligations of, Seller.  Any Person (a) into which the Seller may be merged or consolidated, (b) which may result from any merger or consolidation to which the Seller shall be a party or (c) which may succeed to the properties and
        assets of the Seller substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this Agreement, shall be the successor to the Seller hereunder without the
        execution or filing of any document or any further act by any of the parties to this Agreement; provided, however, that (i) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 3.1 shall have
        been breached and no Servicer Termination Event, and no event which, after notice or lapse of time, or both, would become a Servicer Termination Event shall have happened and be continuing, (ii) the Seller shall have delivered to the Owner Trustee,
        the Indenture Trustee and the Backup Servicer an Officers’ Certificate and an Opinion of Counsel each stating

     

    
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    that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating
      to such transaction have been complied with, (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and (iv) the Seller shall have delivered to the Owner Trustee, the Indenture Trustee and the Backup Servicer an
      Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been filed that are necessary fully to preserve and protect the interest of the Indenture
      Trustee and the Owner Trustee, respectively, in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest.  Notwithstanding anything herein to the contrary, the execution
      of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) above shall be conditions to the consummation of the transactions referred to in clauses (a), (b) or (c) above.

     

    SECTION 7.5  Limitation on Liability of Seller and Others.  The Seller and any director, manager or officer or employee or agent of the Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly
        executed and submitted by any Person respecting any matters arising under any Basic Document.  The Seller shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under
        this Agreement, and that in its opinion may involve it in any expense or liability.

     

    SECTION 7.6  Ownership of the Certificate or Notes.  The Seller and any Affiliate thereof may in its individual or any other capacity become the owner or pledgee of the Certificates or Notes with the same rights as it would have if it were not
        the Seller or an Affiliate thereof, except as expressly provided herein or in any Basic Document.  The Notes or Certificates so owned by the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic
        Documents, without preference, priority, or distinction as among all of the Notes or Certificates; provided, however, that any Note owned by the Seller or any Affiliate thereof, during the time such Note is owned by them, shall be without voting
        rights for any purpose set forth in the Basic Documents.  The Seller shall notify the Owner Trustee and the Indenture Trustee with respect to any other transfer of the Certificates.

     

    ARTICLE 8

     

    The Servicer and the Backup Servicer

     

    SECTION 8.1  Representations of Initial Servicer.  The initial Servicer makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables.  The representations speak as of the execution and delivery of
        this Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer hereunder, the contribution of the Receivables to the Holding Trust pursuant to the Contribution Agreement and the pledge thereof to the
        Indenture Trustee pursuant to the Indenture.

     

    (a) Representations and Warranties.  The representations and warranties set forth on the Schedule of Representations attached hereto as Schedule B are true and correct; provided that such representations and warranties
        contained therein and herein shall not apply to any entity other than Exeter;

     

    
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    (b) Organization and Good Standing.  The Servicer has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power, authority and legal right to own its
        properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to enter into and perform its obligations under
        this Agreement;

     

    (c) Due Qualification.  The Servicer is duly qualified to do business as a foreign limited liability company, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the
        ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification;

     

    (d) Power and Authority.  The Servicer has the power and authority to execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively, and the execution, delivery and
        performance of this Agreement and the Servicer’s Basic Documents have been duly authorized by the Servicer by all necessary corporate action;

     

    (e) Binding Obligation.  This Agreement and the Servicer’s Basic Documents shall constitute legal, valid and binding obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability
        may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such
        enforceability is considered in a proceeding in equity or at law;

     

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

     

    (g) No Proceedings.  There are no proceedings or investigations pending or, to the Servicer’s knowledge, threatened against the Servicer, before any court, regulatory body, administrative agency or other tribunal or
        governmental instrumentality having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the
        transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or the validity or
        enforceability of, this Agreement or any of the Basic Documents or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes;

     

    
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    (h) No Consents.  The Servicer is not required to obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in
        connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained.

     

    (i) Chief Executive Office and Principal Place of Business.  The chief executive office and principal place of business of the Servicer is located at 2101 W. John Carpenter Freeway, Irving, Texas 75063.

     

    SECTION 8.2  Representations of Backup Servicer.  The Backup Servicer makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables.  The representations speak as of the execution and delivery of
        this Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer hereunder, the contribution of the Receivables to the Holding Trust pursuant to the Contribution Agreement and the pledge thereof to the
        Indenture Trustee pursuant to the Indenture.

     

    (a) Organization and Good Standing.  The Backup Servicer has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power, authority and legal right to own
        its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to enter into and perform its obligations under
        this Agreement;

     

    (b) Due Qualification.  The Backup Servicer is duly qualified to do business as a foreign corporation, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or
        lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification;

     

    (c) Power and Authority.  The Backup Servicer has the power and authority to execute and deliver this Agreement and the other Basic Documents to which the Backup Servicer is a party and to carry out its terms and their terms,
        respectively, and the execution, delivery and performance of this Agreement and the other Basic Documents to which the Backup Servicer is a party have been duly authorized by the Backup Servicer by all necessary corporate action;

     

    (d) Binding Obligation.  This Agreement and the other Basic Documents to which the Backup Servicer is a party shall constitute the legal, valid and binding obligations of the Backup Servicer enforceable in accordance with
        their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific
        remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law;

     

    (e) No Violation.  The consummation of the transactions contemplated by this Agreement and the other Basic Documents to which the Backup Servicer is a party, and the fulfillment of the terms of this Agreement and the other
        Basic Documents to which the Backup Servicer is a party, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of

     

    
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    incorporation or bylaws of the Backup Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Backup Servicer is a party or by which it is bound,
      or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or
      regulation applicable to the Backup Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Backup Servicer or any of its properties;

     

    (f) No Proceedings.  There are no proceedings or investigations pending or, to the Backup Servicer’s knowledge, threatened against the Backup Servicer, before any court, regulatory body, administrative agency or other
        tribunal or governmental instrumentality having jurisdiction over the Backup Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents to which the Backup Servicer is a party, (B) seeking to prevent the
        issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents to which the Backup Servicer is a party, (C) seeking any determination or ruling that might materially and adversely
        affect the performance by the Backup Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents to which the Backup Servicer is a party or (D) seeking to adversely affect the federal income
        tax or other federal, state or local tax attributes of the Notes;

     

    (g) No Consents.  The Backup Servicer is not required to obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or
        agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained.

     

    SECTION 8.3  Liability of Servicer and Backup Servicer; Indemnities.

     

    (a) The Servicer (in its capacity as such) shall be liable hereunder only to the extent of the obligations in this Agreement specifically undertaken by the Servicer and the representations made by the Servicer.

     

    (b) The Servicer shall defend, indemnify and hold harmless the Issuer, the Holding Trust, the Indenture Trustee, the Owner Trustee, the Backup Servicer, their respective officers, directors, agents and employees, and the Noteholders
        from and against any and all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of litigation arising out of or resulting from the use, ownership or operation by the Servicer or
        any Affiliate thereof of any Financed Vehicle.

     

    (c) The Servicer (when the Servicer is Exeter) shall indemnify, defend and hold harmless the Issuer, the Holding Trust, the Indenture Trustee, the Owner Trustee, the Backup Servicer, their respective officers, directors, agents and
        employees and the Noteholders from and against any taxes that may at any time be asserted against any of such parties with respect to the transactions by or the activities of the Servicer contemplated in this Agreement, including, without
        limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the
        date of, the sale of the Receivables and the Other

     

    
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    Conveyed Property to the Issuer or the conveyance of the rights thereto to the Holding Trust or the issuance and original sale of the Notes) and costs and expenses in defending against
      the same.

     

    (d) The Servicer (when the Servicer is not Exeter) shall indemnify, defend and hold harmless the Issuer, the Holding Trust, the Indenture Trustee, the Owner Trustee, the Backup Servicer, their respective officers, directors, agents
        and employees and the Noteholders from and against any taxes with respect to the sale of Receivables in connection with servicing hereunder that may at any time be asserted against any of such parties with respect to the transactions or activities
        contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including
        franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Issuer or the conveyance of the rights thereto to the Holding Trust or the issuance and original sale of the Notes)
        and costs and expenses in defending against the same.

     

    (e) The Servicer shall indemnify, defend and hold harmless the Issuer, the Holding Trust, the Indenture Trustee, the Owner Trustee, the Backup Servicer (including the Backup Servicer in its capacity as the
        successor Servicer if so appointed), their respective officers, directors, agents and employees and the Noteholders from and against any and all costs, expenses, losses, claims, damages, and liabilities (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 the Backup Servicer breached its standard of care) to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Issuer, the Holding Trust, the Indenture Trustee, the
        Owner Trustee, the Backup Servicer or the Noteholders by reason of the breach of this Agreement by the Servicer, the gross negligence, misfeasance, or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of
        reckless disregard of its obligations and duties under this Agreement; provided, however, that the Servicer will not indemnify for any costs, expenses, losses, claims, damages or liabilities arising from its breach of any covenant for which the
        purchase of the affected Receivables is specified as the sole remedy pursuant to Section 4.7.  In the event the Servicer is unable to provide such indemnity payments due pursuant to this paragraph to the Owner Trustee, the Indenture Trustee or the
        Backup Servicer, and the Owner Trustee, the Indenture Trustee and the Backup Servicer shall collect such indemnities amounts pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable.

     

    (f) The Backup Servicer shall defend, indemnify and hold harmless the Issuer, the Holding Trust, the Indenture Trustee, the Owner Trustee, the Servicer, their respective officers, directors, agents and employees and the Noteholders
        from and against any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Issuer, the Holding Trust, the Owner Trustee, the
        Indenture Trustee, the Servicer or the Noteholders by reason of (i) the breach of this Agreement caused by the negligence, willful misconduct or bad faith of the Backup Servicer, (ii) the gross negligence, misconduct, or bad faith of the Backup
        Servicer in the performance of its duties under this Agreement or (iii) by reason of reckless disregard of its obligations and duties under this Agreement.

     

    
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    (g) Pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable, the Issuer shall indemnify the Indenture Trustee, the Owner Trustee, the Backup Servicer (including the Backup Servicer in its capacity as the
        successor Servicer if so appointed), and the respective officers, directors, agents and employees thereof 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 (other than overhead and expenses incurred in the normal course of business) incurred by each of them in connection
        with the acceptance or administration of the Issuer or the Holding Trust and the performance of their duties under the Basic Documents other than if such loss, liability or expense was incurred by the Indenture Trustee, Backup Servicer (including
        the Backup Servicer in its capacity as the successor Servicer if so appointed) or the Owner Trustee as a result of any such entity’s willful misconduct, bad faith or gross negligence.  In the event the Issuer is unable to provide such indemnity
        payments due pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable, Exeter shall pay such indemnities.

     

    (h) Indemnification under this Article shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation.  If the Servicer has made any indemnity payments pursuant to this Article and the
        recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Servicer, without interest.  Notwithstanding anything contained herein to the contrary, any indemnification payable by
        the Servicer to the Backup Servicer, to the extent not paid by the Servicer, shall be paid from Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable.

     

    (i) When the Indenture Trustee or the Backup Servicer incurs expenses after the occurrence of a Servicer Termination Event specified in Section 9.1(d) or (e) with respect to the Servicer, 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.

     

    (j) The indemnification provisions set forth under this Section 8.3 shall survive the termination or assignment of this Agreement, or the earlier removal or resignation of the Owner Trustee, the Indenture Trustee or the Backup
        Servicer.

     

    SECTION 8.4  Merger or Consolidation of, or Assumption of the Obligations of, the Servicer or the Backup Servicer.

     

    (a) Exeter shall not merge or consolidate with any other Person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to Exeter’s business
        unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity (if not Exeter) shall be capable of fulfilling the duties of Exeter contained in this Agreement and such successor or surviving
        entity (if not Exeter) shall be acceptable to the Majority Noteholders, and shall be an eligible servicer. For the avoidance of doubt, the consent of the Majority Noteholders required in the preceding sentence shall not be applicable in the event
        Exeter is the resulting or surviving entity of any merger or consolidation.  Any corporation (i) into which Exeter may be merged or consolidated,

     

    
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    (ii) resulting from any merger or consolidation to which Exeter shall be a party, (iii) which acquires by conveyance, transfer, or lease substantially all of the assets of Exeter, or
      (iv) succeeding to the business of Exeter, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of Exeter under this Agreement and, whether or not such assumption agreement is executed, shall be the
      successor to Exeter under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing
      contained herein shall be deemed to release Exeter from any obligation.  Exeter shall provide notice of any merger, consolidation or succession pursuant to this Section to the Owner Trustee, the Indenture Trustee, the Noteholders and each Rating
      Agency.  Notwithstanding the foregoing, Exeter shall not merge or consolidate with any other Person or permit any other Person to become a successor to Exeter’s business, unless (x) immediately after giving effect to such transaction, no
      representation or warranty made pursuant to Section 4.6 shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction), (y) Exeter shall have delivered to the
      Owner Trustee, the Indenture Trustee, the Backup Servicer and the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section
      and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) Exeter shall have delivered to the Owner Trustee, the Indenture Trustee, the Backup Servicer and the Rating
      Agencies an Opinion of Counsel, stating in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been filed that are necessary to preserve and protect the interest of the Holding
      Trust in the Receivables and the Other Conveyed Property and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest.

     

    (b) The Backup Servicer may merge with any other corporation or banking association.  Any corporation or banking association (i) into which the Backup Servicer may be merged or consolidated, (ii) resulting from any merger or
        consolidation to which the Backup Servicer shall be a party, (iii) which acquires by conveyance, transfer or lease substantially all of the assets of the Backup Servicer, or (iv) succeeding to the business of the Backup Servicer, in any of the
        foregoing cases shall execute an agreement of assumption to perform every obligation of the Backup Servicer under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to the Backup Servicer under this
        Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be
        deemed to release the Backup Servicer from any obligation.

     

    SECTION 8.5  Limitation on Liability of Servicer, Backup Servicer and Others.

     

    (a) Neither Exeter, the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) nor any of the directors, mangers or officers or employees or agents of Exeter or Backup Servicer
        (including the Backup Servicer in its capacity as the successor Servicer if so appointed) shall be under any liability to the Issuer, the Holding Trust or the Noteholders, except as provided in this Agreement, for any action taken or for refraining
        from the taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect Exeter, the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) or any such
        person against any liability that would otherwise

     

    
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    be imposed by reason of a breach of this Agreement (in the case of Exeter) or willful misconduct, bad faith or gross negligence (excluding errors in judgment) in the performance of
      duties; provided, further, that this provision shall not affect any liability to indemnify the Indenture Trustee and the Owner Trustee for costs, taxes, expenses, claims, liabilities, losses or damages paid by the Indenture Trustee and the Owner
      Trustee, in their individual capacities.  Exeter, the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) and any director, manager, officer, employee or agent of Exeter or Backup Servicer
      (including the Backup Servicer in its capacity as the successor Servicer if so appointed) may rely in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any
      matters arising under this Agreement.

     

    (b) The Backup Servicer shall not be liable for any obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained in any computer tape, certificate or other data or document delivered to the
        Backup Servicer hereunder or on which the Backup Servicer must rely in order to perform its obligations hereunder, and the Owner Trustee, the Indenture Trustee, the Backup Servicer, the Seller and the Noteholders shall look only to the Servicer to
        perform such obligations.  The Backup Servicer, the Indenture Trustee, the Owner Trustee and the Custodian shall have no responsibility and shall not be in default hereunder or incur any liability for any failure, error, malfunction or any delay in
        carrying out any of their respective duties under this Agreement if such failure or delay results from the Backup Servicer acting in accordance with information prepared or supplied by a Person other than the Backup Servicer (or contractual agents)
        or the failure of any such other Person to prepare or provide such information.  The Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) shall have no responsibility, shall not be in default and
        shall incur no liability for (i) any act or failure to act of any third party (other than its contractual agents), including the Servicer or the Majority Noteholders, (ii) any inaccuracy or omission in a notice or communication received by the
        Backup Servicer from any third party (other than its contractual agents), (iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any
        Receivable, or (v) the acts or omissions of any prior Servicer or any successor Backup Servicer.

     

    (c) The parties expressly acknowledge and consent to Citibank, N.A. acting in the possible dual capacity of Backup Servicer or successor Servicer and in the capacity as Indenture Trustee.  Citibank, N.A., may, in such dual or other
        capacity, discharge its separate functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the
        performance by Citibank, N.A., of express duties set forth in this Agreement in any of such capacities, all of which defenses, claims or assertions are hereby expressly waived by the other parties hereto and the Noteholders except in the case of
        gross negligence and willful misconduct by Citibank, N.A..

     

    SECTION 8.6  Delegation of Duties.  The Servicer may delegate duties under this Agreement to an Affiliate of the Servicer without first obtaining the consent of any Person.  The Servicer also may at any time perform through sub-contractors the
        specific duties of (i) repossession of Financed Vehicles, (ii) tracking Financed Vehicles’ insurance and (iii) pursuing the collection of deficiency balances on certain Liquidated Receivables, in each case, without the consent of the Indenture
        Trustee, the Owner Trustee or the Backup Servicer and may perform other specific duties through such sub-contractors in accordance with the Servicer’s Customary

     

    
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    Servicing Practices.  No delegation or sub-contracting by the Servicer of its duties herein in the manner described in this Section 8.6 shall relieve the Servicer of its responsibility
      with respect to such duties.

     

    SECTION 8.7  Servicer and Backup Servicer Not to Resign.

     

    (a) Subject to the provisions of Section 8.4, neither the Servicer nor the Backup Servicer shall resign from the obligations and duties imposed on it by this Agreement as Servicer or Backup Servicer except upon a determination that
        by reason of a change in legal requirements the performance of its duties under this Agreement would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on the Servicer or the Backup
        Servicer, as the case may be, if the Majority Noteholders do not elect to waive the obligations of the Servicer or the Backup Servicer, as the case may be, to perform the duties which render it legally unable to act or to delegate those duties to
        another Person.  Any such determination permitting the resignation of the Servicer or the Backup Servicer shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Indenture Trustee and the Owner Trustee.  No
        resignation of the Servicer shall become effective until the Backup Servicer or an entity acceptable to the Majority Noteholders shall have assumed the responsibilities and obligations of the Servicer.  No resignation of the Backup Servicer shall
        become effective until an entity acceptable to the Majority Noteholders shall have assumed the responsibilities and obligations of the Backup Servicer; provided, however, that (i) in the event a successor Backup Servicer is not appointed within 60
        days after the Backup Servicer has given notice of its resignation and has provided the Opinion of Counsel required by this Section, the Backup Servicer may petition a court for its removal (all reasonable fees, costs and expenses, including
        reasonable attorneys’ fees and expenses, incurred in connection with such petition will be paid by the Issuer pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable), (ii) the Backup Servicer may resign with the written
        consent of the Majority Noteholders and (iii) if Citibank, N.A. resigns as Indenture Trustee under the Indenture, it will no longer be the Backup Servicer.

     

    (b) The Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) may delegate any or all of its duties to any sub-contractor with the prior consent of the Holding Trust. No delegation
        or sub-contracting by the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) of its duties herein in the manner described in this Section 8.7 shall relieve the Backup Servicer (including the
        Backup Servicer in its capacity as the successor Servicer if so appointed) of its responsibility with respect to such duties. As of the date hereof, the Holding Trust has provided its consent to the delegation by the Backup Servicer (including the
        Backup Servicer in its capacity as successor Servicer if so appointed) of all of its duties as Backup Servicer (including its duties as successor Servicer if so appointed) to Systems & Services Technologies, Inc.

     

    SECTION 8.8  Rights of the Backup Servicer.

     

    (a) Anything herein to the contrary notwithstanding, in no event shall the Backup Servicer 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 Backup Servicer has been advised of the likelihood of such loss or damage and regardless of the form of action.

     

    
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    (b) Knowledge of the Backup Servicer shall not be attributed or imputed to Citibank, N.A.’s other roles in the transaction, and knowledge of the Indenture Trustee shall not be attributed or imputed to the Backup Servicer (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).

     

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

     

    (d) No discretionary, permissive right, nor privilege of the Backup Servicer shall be deemed or construed as a duty or obligation.  The duties and obligations of the Backup Servicer shall be determined solely by the express
        provisions of this Agreement and no implied covenants or obligations shall be read into this Agreement against the Backup Servicer; and in the absence of bad faith on its part, the Backup Servicer may conclusively rely, as to the truth of the
        statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to it and conforming to the requirements of this Agreement; however, the Backup Servicer shall examine the certificates and opinions to
        determine whether or not they conform on their face to the requirements of this Agreement.

     

    (e) Except as otherwise set forth in the Basic Documents and without duplication, the Backup Servicer shall be entitled to each protection, privilege or indemnity afforded to the Indenture Trustee under the terms of Sections
        6.1(b)(ii), 6.1(c)(ii), 6.1(f) (except for any express costs and expenses related to the performance of the Backup Servicer’s duties under this Agreement, such as transition expenses which exceed the maximum set forth in Section 5.7(a)(i) hereof),
        6.1(i), 6.1(k), 6.2(a), 6.2(b), 6.2(c), 6.2(e), 6.2(g), 6.2(j), 6.2(k), 6.2(l), 6.2(o), 6.14, 6.16, 6.17 and 11.7 of the Indenture.

     

    (f) For the avoidance of doubt, all provisions in this Section 8.8 which relate to the Backup Servicer shall also apply to the Backup Servicer in its capacity as the successor Servicer if so appointed.

     

    ARTICLE 9

     

    Default

     

    SECTION 9.1  Servicer Termination Event.  For purposes of this Agreement, each of the following shall constitute a “Servicer Termination Event”:

     

    (a) Any failure by the Servicer to deliver to the Indenture Trustee for distribution to Noteholders any proceeds or payment required to be so delivered under the terms of this Agreement that continues unremedied for a period of two
        (2) Business Days (one Business Day with respect to payment of Purchase Amounts) after written notice is received by the Servicer from the Indenture Trustee or after discovery of such failure by a Responsible Officer of the Servicer; or

     

    
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    (b) Failure on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this Agreement, which failure (i) materially and adversely affects the rights of Noteholders, and (ii)
        continues unremedied for a period of forty-five (45) days after knowledge thereof by the Servicer or after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Indenture
        Trustee; provided, that no Servicer Termination Event will result from the breach by the Servicer of any covenant for which (A) the purchase of the affected Receivable is specified as the sole remedy pursuant to Section 4.7 and (B) such purchase of
        the affected Receivable has been consummated; or

     

    (c) The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of the Servicer in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another
        present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer, or of any substantial part of its property or ordering the
        winding up or liquidation of the affairs of the Servicer and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days or the commencement of an involuntary case under the federal bankruptcy
        laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within sixty (60) days; or

     

    (d) The commencement by the Servicer of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy, insolvency or similar law, or the consent by
        the Servicer to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or the making by the Servicer of an
        assignment for the benefit of creditors or the failure by the Servicer generally to pay its debts as such debts become due or the taking of corporate action by the Servicer in furtherance of any of the foregoing; or

     

    (e) Any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in any material respect as of the time when the
        same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the Issuer, the Holding Trust or the Noteholders and, within forty-five (45) days after knowledge thereof by the
        Servicer or after written notice thereof shall have been given to the Servicer by the Indenture Trustee, the circumstances or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or
        otherwise cured;

     

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

     

    SECTION 9.2  Consequences of a Servicer Termination Event.  If a Servicer Termination Event shall occur and be continuing, the Indenture Trustee shall at the direction of the Majority Noteholders, or the Majority Noteholders may, by notice given
        in writing to the Servicer and the Backup Servicer, terminate all of the rights and obligations of the Servicer under this Agreement.

     

    
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    As soon as practicable but no later than thirty (30) days following the receipt by the Servicer and the Backup Servicer of such written notice or upon termination of the term of the
      Servicer, all authority, power, obligations and responsibilities of the Servicer under this Agreement, whether with respect to the Notes, the Certificates or the Other Conveyed Property or otherwise, automatically shall pass to, be vested in and
      become obligations and responsibilities of the Backup Servicer (or such other successor Servicer appointed by the Majority Noteholders); provided, however, that the successor Servicer shall have no liability with respect to any obligation which was
      required to be performed by the terminated Servicer prior to the date that the successor Servicer becomes the Servicer or any claim based on any alleged action or inaction of the terminated Servicer.  The successor Servicer is authorized and
      empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to
      effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and the Other Conveyed Property and related documents to show the Holding Trust as lienholder or secured party on the related Lien
      Certificates, or otherwise.  The terminated Servicer agrees to cooperate with the successor Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the
      transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received
      with respect to the Receivables and the delivery to the successor Servicer of all Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to
      enable the successor Servicer to service the Receivables and the Other Conveyed Property.  If requested by the Controlling Party (acting at the written direction of the Majority Noteholders), the successor Servicer shall terminate the Lockbox Account
      Agreement and direct the Obligors to make all payments under the Receivables directly to the successor Servicer (in which event the successor Servicer shall process such payments in accordance with Section 4.2(e)), or to a lockbox established by the
      successor Servicer at the direction of the Majority Noteholders, at the Issuer’s expense.  The terminated Servicer shall grant the Indenture Trustee, the successor Servicer and the Majority Noteholders reasonable access to the terminated Servicer’s
      premises at the terminated Servicer’s expense.  All reasonable costs and expenses (including attorneys’ fees and disbursements) incurred by the Backup Servicer in connection with the transfer and assumption of servicing obligations hereunder from the
      Servicer to the Backup Servicer, as the successor Servicer, converting the Servicer’s data to such party’s computer system and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the terminated
      Servicer promptly upon presentation of a written invoice setting forth reasonable transition expenses.  In no event shall the Backup Servicer, if it becomes the successor Servicer, be responsible for any such transition expenses.  If the terminated
      Servicer fails to pay the transition expenses, the transition expenses shall be payable pursuant to Section 5.7 hereof.

     

    SECTION 9.3  Appointment of Successor.

     

    (a) As soon as practicable but no later than thirty (30) days following the time of receipt by the Servicer and the Backup Servicer of notice of the Servicer’s termination pursuant to Section 9.2 or upon the resignation of the
        Servicer pursuant to Section 8.7, the Backup Servicer (unless the Majority Noteholders shall have exercised its option pursuant to Section 9.3(b) to appoint an

     

    
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    alternate successor Servicer) shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the other Basic Documents and the transactions
      set forth or provided for in this Agreement and the other Basic Documents, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and
      provisions of this Agreement and the other Basic Documents except as otherwise stated herein or therein, as applicable.  The Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to
      effectuate any such succession.  If a successor Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer.

     

    (b) The Controlling Party (acting at the written direction of the Majority Noteholders) may exercise at any time its right to appoint as Backup Servicer or as successor to the Servicer a Person other than the Person serving as
        Backup Servicer at the time, and shall have no liability to the Indenture Trustee, Exeter, the Seller, the Person then serving as Backup Servicer, any Noteholders or any other Person if it does so.  Notwithstanding the above, if the Backup Servicer
        shall be legally unable or unwilling to act as Servicer, the Backup Servicer, the Indenture Trustee or the Majority Noteholders may petition a court of competent jurisdiction to appoint any eligible servicer as the successor to the Servicer. 
        Pending appointment pursuant to the preceding sentence, the Backup Servicer shall act as successor Servicer unless it is legally unable to do so, in which event the outgoing Servicer shall continue to act as Servicer until a successor has been
        appointed and accepted such appointment.  Subject to Section 8.7, no provision of this Agreement shall be construed as relieving the Backup Servicer of its obligation to succeed as successor Servicer upon the termination of the Servicer pursuant to
        Section 9.2 or the resignation of the Servicer pursuant to Section 8.7.  If upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.7, the Majority Noteholders appoint a successor
        Servicer other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer hereunder.  In the event any successor Servicer is terminated pursuant to Section 9.2 hereof, the Controlling Party (acting at the
        written direction of the Majority Noteholders) shall appoint an eligible servicer as successor Servicer or may petition a court of competent jurisdiction to appoint a Person that it determines is competent to perform the duties of the Servicer
        hereunder as successor Servicer.  Pending appointment pursuant to the preceding sentence, the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment.

     

    (c) Any successor Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement if the Servicer had not resigned or been
        terminated hereunder or such other compensation as set forth herein. If any successor Servicer is appointed as a result of the Backup Servicer’s refusal (in breach of the terms of this Agreement) to act as Servicer although it is legally able to do
        so, the Seller and such successor Servicer may agree on reasonable additional compensation to be paid to such successor Servicer, provided, however, it being understood that the Seller shall give prior notice to the Backup Servicer with respect to
        the appointment of such successor and the payment of additional compensation, if any. In connection with any such appointment, arrangements may be made for the compensation of such successor Servicer out of collections on or in respect of the
        Receivables as the Seller and such successor shall agree; provided, however, that such compensation shall not be greater than that payable to Exeter as

     

    
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    initial Servicer hereunder without the prior consent of the Controlling Party (acting at the written direction of the Majority Noteholders).  The Backup Servicer and such successor shall
      take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.  The Backup Servicer shall not be relieved of its duties as successor Servicer under this Section 9.3 until a newly appointed Servicer shall
      have assumed the obligations and duties of the terminated Servicer under this Agreement.  Notwithstanding anything herein to the contrary, in no event shall the Indenture Trustee be liable for any servicing fee or for any differential between the
      amount of the servicing fee paid to the initial Servicer and the amount necessary to induce any Person to act as successor Servicer.

     

    (d) Upon its appointment, except as otherwise set forth herein or in any other Basic Document, the Backup Servicer or any other successor Servicer, as applicable, shall be the successor in all respects to the Servicer with respect
        to servicing obligations under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer
        shall be deemed to refer to the Backup Servicer or the successor Servicer, as applicable; provided, however, that any successor Servicer (including the Backup Servicer) shall have (i) no liability with respect to any obligation which was required
        to be performed by the terminated Servicer prior to the date that the successor becomes the successor Servicer or any claim based on any alleged action or inaction of the terminated Servicer, (ii) no obligation to perform any repurchase or
        advancing obligations, if any, of the Servicer, (iii) no obligation to pay any taxes required to be paid by the Servicer, (iv) no obligation to pay any of the fees and expenses of any other party to this Agreement or the other Basic Documents
        (including, but not limited to, the Indenture Trustee, any Backup Servicer or the Custodian), (v) no obligation with respect to obtaining or maintaining Force-Placed Insurance under Section 4.4, (vi) no liability or obligation with respect to any
        Servicer indemnification obligations of any prior Servicer, including Exeter, and (vii) no liability or obligation with respect to the Servicer indemnification obligations specified in Section 6.7(a) of the Indenture or Section 6(b) of the
        Custodian Agreement.

     

    (e) Notwithstanding anything contained in this Agreement to the contrary, the Backup Servicer is authorized to accept and rely on all of the accounting records (including computer records) and work of the prior Servicer relating to
        the Receivables (collectively, the “Predecessor Servicer Work Product”) without any audit or other examination thereof, and the Backup Servicer shall have no duty, responsibility, obligation or liability for the acts and omissions of the
        prior Servicer.  If any error, inaccuracy, omission or incorrect or non-standard practice or procedure (collectively, “Errors”) exist in any Predecessor Servicer Work Product and such Errors make it materially more difficult to service or
        should cause or materially contribute to the Backup Servicer making or continuing any Errors (collectively, “Continuing Errors”), the Backup Servicer shall have no duty, responsibility, obligation or liability for such Continuing Errors;
        provided, however, that the Backup Servicer agrees to use its best efforts to prevent further Continuing Errors.  In the event that the Backup Servicer has actual knowledge or received written notice of Errors or Continuing Errors, it shall, with
        the prior consent of the Controlling Party (acting at the written direction of the Majority Noteholders) use its best efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continuing Errors and to
        prevent future Continuing Errors.  The Backup Servicer shall be entitled to recover its costs thereby expended in accordance with Section 5.7(a) of this Agreement.

     

    
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    SECTION 9.4  Notification to Noteholders.  Upon any termination of, or appointment of a successor to, the Servicer or the Backup Servicer, the Indenture Trustee shall give prompt written notice thereof to each Noteholder and the Seller (who
        shall promptly deliver such notice to the Rating Agencies).

     

    SECTION 9.5  Waiver of Past Defaults.  The Majority Noteholders may, on behalf of all Noteholders, waive any default by the Servicer in the performance of its obligations hereunder and its consequences.  Upon any such waiver of a past default,
        such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement and the Basic Documents.  No such waiver shall extend to any subsequent or other
        default or impair any right consequent thereto.

     

    SECTION 9.6  Backup Servicer Termination.  Prior to an appointment as successor Servicer, the Controlling Party shall, at the direction of the Majority Noteholders, (a) immediately terminate all of the rights and obligations of the Backup
        Servicer under this Agreement in the event of a breach of any of the representations or warranties, covenants or obligations of the Backup Servicer contained in this Agreement or (b) in its sole discretion, without cause upon not less than 30 days’
        notice, terminate the rights and obligations of the Backup Servicer.  The terminated Backup Servicer agrees to cooperate with any successor Backup Servicer appointed by the Controlling Party in effecting the termination of the responsibilities and
        rights of the terminated Backup Servicer under this Agreement, including, without limitation, the delivery to the successor Backup Servicer of all documents, records and electronic information related to the Receivables in the possession of the
        Backup Servicer.  Expenses incurred by the Backup Servicer in respect of the foregoing sentence shall be reimbursed in accordance with Section 5.7(a).  Such termination shall not be effective unless and until a successor Backup Servicer is
        appointed by the Controlling Party at the direction of Majority Noteholders; provided, however, that the Backup Servicer may petition a court of competent jurisdiction to appoint a successor Backup Servicer if one is not chosen within 60 days of
        such termination.  All reasonable expenses incurred in connection with such petition shall be paid by the Issuer pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable.

     

    ARTICLE 10

     

    Termination

     

    SECTION 10.1  Optional Purchase of All Receivables.

     

    (a) Subject to Section 10.1(a) of the Indenture, on the last day of any Collection Period as of which the Pool Balance shall be less than or equal to 5% of the Original Pool Balance, the Servicer and the Seller (so long as it is the
        holder of any Certificates) each shall have the option to purchase the Owner Holding Trust Estate, other than the Trust Accounts; provided, however, that the amount to be paid for such purchase (as set forth in the following sentence) shall be
        sufficient to pay the full amount of principal and interest then due and payable on the Notes.  To exercise such option, the Servicer or the Seller, as the case may be, shall deposit or cause to be deposited, pursuant to Section 5.6, in the
        Collection Account an amount (the “Optional Purchase Amount”) equal to the greater of (i) the amount necessary to pay the full amount of principal and interest then due and payable on the Notes after giving effect to the application of
        Available Funds and the

     

    
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    distributions required to be made pursuant to Section 5.7 on such date and (ii) the aggregate Principal Balance of the Receivables as of the last day of the related Collection Period. 
      Collected Funds received after the last day of the Collection Period preceding the Distribution Date on which such optional purchase occurs shall be property, and for the account, of the Servicer and the Seller, and distributed by the Indenture
      Trustee to the Servicer or the Seller, as applicable, or may be applied by the Servicer or the Seller, at their option, to the payment of the Optional Purchase Amount. The parties hereto acknowledge and agree that any Person that is a
      Certificateholder or Certificate Owner may deposit all or any portion of the Optional Purchase Amount to the Collection Account.  If any Person deposits all or a portion of the Optional Purchase Amount to the Collection Account in connection with an
      optional purchase of all Receivables under this Section 10.1 but such optional purchase does not occur on the related Distribution Date (either because less than the entire Optional Purchase Amount is deposited to the Collection Account in order to
      effect the optional purchase or for any other reason), then the Indenture Trustee will return to each Person that deposited amounts to the Collection Account as Optional Purchase Amounts the amounts so deposited, without deduction or offset, on the
      Distribution Date on which the optional purchase was intended to be made, prior to any other allocations from the Collection Account in accordance with Section 5.7(a) hereof, Section 5.6 of the Indenture or any other provision of any Basic Document.
      Any Available Funds or amounts on deposit in the Reserve Account remaining after giving effect to the application of Available Funds and the distributions required to be made pursuant to Section 5.7 on the Distribution Date on which the optional
      purchase occurs shall be deposited by the Indenture Trustee into the Certificate Distribution Account for distribution by the Certificate Paying Agent to the Certificateholders in accordance with the Trust Agreement.

     

    (b) Upon any sale of the assets of the Issuer or the Holding Trust pursuant to Section 8.1 of the Trust Agreement and Section 8.1 of the Holding Trust Agreement, respectively, the Servicer shall instruct the Indenture Trustee to
        deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the “Insolvency Proceeds”) in the Collection Account.

     

    (c) Notice of any termination of the Holding Trust or the Issuer shall be given by the Servicer to the Owner Trustee, the Indenture Trustee, the Backup Servicer and the Rating Agencies as soon as practicable after the Servicer has
        received notice thereof.

     

    (d) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder.

     

    ARTICLE 11

     

    Administrative Duties of the Servicer

     

    SECTION 11.1  Administrative Duties.

     

    (a) Duties with Respect to the Indenture.  The Servicer shall perform all its duties and the duties of the Issuer under the Indenture.  In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems
        appropriate regarding the duties of the Issuer under the Indenture.

     

    
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    The Servicer shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer’s duties under the Indenture.  The Servicer
      shall prepare for execution by the Issuer or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver
      pursuant to the Indenture.  In furtherance of the foregoing, the Servicer shall take all necessary action that is the duty of the Issuer to take pursuant to the Indenture, including, without limitation, pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9,
      3.10, 3.17, 3.19, 3.20, 4.3, 5.1, 5.4, 6.9, 7.1, 8.3, 9.1, 9.2, 9.3, 11.1 and 11.15 of the Indenture.

     

    (b) Duties with Respect to the Issuer and the Holding Trust.

     

    (i) In addition to the duties of the Servicer set forth in this Agreement or any of the Basic Documents, the Servicer shall perform such calculations and shall prepare for execution by the Issuer, the Holding
        Trust or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer, the Holding Trust or the Owner Trustee to
        prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under state and federal tax and securities laws (including any filings required pursuant to the Sarbanes‐Oxley Act of 2002 or any rule or regulation promulgated
        thereunder), and at the request of the Owner Trustee shall take all appropriate action that it is the duty of the Issuer or the Holding Trust to take pursuant to this Agreement or any of the Basic Documents, including, without limitation, pursuant
        to Sections 2.6 and 2.11 of the Trust Agreement and Sections 2.6 and 2.11 of the Holding Trust Agreement, respectively.  In accordance with the directions of the Issuer, the Holding Trust or the Owner Trustee, the Servicer shall administer, perform
        or supervise the performance of such other activities in connection with the Collateral (including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Issuer, the Holding Trust or the
        Owner Trustee and are reasonably within the capability of the Servicer.  The Servicer shall monitor the activities of the Issuer and the Holding Trust to ensure the Issuer’s and the Holding Trust’s respective compliance with Section 4.6 of the
        Trust Agreement Section 4.6 of the Holding Trust Agreement and shall take all action necessary to ensure that the Issuer and the Holding Trust is operated in accordance with the provisions of such section.

     

    (ii) Notwithstanding anything in this Agreement or any of the Basic Documents to the contrary, the Servicer shall be responsible for promptly notifying the Owner Trustee and the Indenture Trustee in the event that
        any withholding tax is imposed on the Holding Trust’s payments (or allocations of income) to a Holder (as defined in the Holding Trust Agreement) or on the Issuer’s payments (or allocations of income) to a Holder (as defined in the Trust Agreement)
        as contemplated by this Agreement.  Any such notice shall be in writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee or the Indenture Trustee pursuant to such provision.

     

    (iii) Notwithstanding anything in this Agreement or the Basic Documents to the contrary, the Servicer shall be responsible for performance of the duties of the Issuer and the Holding Trust set forth, respectively,
        in Sections 5.1(a) and (b) of the Trust Agreement in accordance with Section 10.12 of the Trust Agreement and in Sections 5.1(a) and (b) of

     

    
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    the Holding Trust Agreement in accordance with Section 10.12 of the Holding Trust Agreement; provided, however, that once prepared by the Servicer, the Owner Trustee
      shall retain responsibility for the distribution of any necessary Schedule K-1s or Form 1099s, as applicable, to enable each Certificateholder or Holding Trust Certificateholder to prepare its federal and state income tax returns.

     

    (iv) The Servicer shall perform the duties of the Depositor specified in Section 9.2 of the Trust Agreement and Section 9.2 of the Holding Trust Agreement, in each case, required to be performed in connection with
        the resignation or removal of the Owner Trustee, the duties of the Servicer specified in Section 10.12 of the Trust Agreement and Section 10.12 of the Holding Trust Agreement, and any other duties expressly required
          to be performed by the Servicer under this Agreement or any of the Basic Documents.

     

    (v) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Servicer may enter into transactions with or otherwise deal with any of its Affiliates; provided, however, that
        the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer or the Holding Trust and shall be, in the Servicer’s opinion, no less favorable to the Issuer or the Holding Trust in any material
        respect.

     

    (c) Tax Matters.  The Servicer shall prepare and file, on behalf of the Seller, all tax returns, tax elections, financial statements and such annual or other reports attributable to the activities engaged in by the Issuer or
        the Holding Trust as are necessary for preparation of tax reports, including without limitation forms 1099.  All tax returns will be signed by the Seller or the Servicer.  The Servicer will supply to the Indenture Trustee, at the time and in the
        manner required by applicable Treasury Regulations, for further distribution to such persons, and to the extent, required by applicable Treasury Regulations, information required by Section 6.6 of the Indenture.

     

    (d) Non-Ministerial Matters.  With respect to matters that in the reasonable judgment of the Servicer are non-ministerial, the Servicer shall not take any action pursuant to this Article unless within a reasonable time before
        the taking of such action, the Servicer shall have notified the Owner Trustee and the Indenture Trustee of the proposed action and the Owner Trustee (at the direction of the Depositor, Certificateholders or Holding Trust Certificateholders, as
        applicable, with respect to items (A) and (C) below and at the direction of the Majority Certificateholders or the Majority Holding Trust Certificateholders with respect to items (B), (D) and (E) below) and, with respect to items (A), (B), (C) and
        (D) below, the Indenture Trustee shall not have withheld consent.  For the purpose of the preceding sentence, “non-ministerial matters” shall include:

     

    (A) the amendment of or any supplement to the Indenture;

     

    (B) the initiation of any claim or lawsuit by the Issuer or the Holding Trust and the compromise of any action, claim or lawsuit brought by or against the Issuer or the Holding Trust (other than in connection
        with the collection of the Receivables);

     

    (C) the amendment, change or modification of this Agreement or any of the Basic Documents;

     

    
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    (D) the appointment of successor Note Registrars, successor Paying Agents and successor Indenture Trustees pursuant to the Indenture or the appointment of successor Servicers or the consent to the assignment by
        the Note Registrar, Paying Agent or Indenture Trustee of its obligations under the Indenture; and

     

    (E) the removal of the Indenture Trustee.

     

    (e) Exceptions.  Notwithstanding anything to the contrary in this Agreement, except as expressly provided herein or in the other Basic Documents, the Servicer, in its capacity hereunder, shall not be obligated to, and shall
        not, (1) make any payments to the Noteholders or the Certificateholders under the Basic Documents, (2) sell the Trust Estate pursuant to Section 5.5 of the Indenture, (3) take any other action that the Issuer or the Holding Trust directs the
        Servicer not to take on its behalf or (4) in connection with its duties hereunder assume any indemnification obligation of any other Person.

     

    (f) Neither the Backup Servicer nor any successor Servicer shall be responsible for any obligations or duties of the Servicer under this Section 11.1.  Notwithstanding the foregoing or any other provision of this Agreement, Exeter
        shall continue to perform the obligations of the Servicer under this Section 11.1.

     

    SECTION 11.2  Records.  The Servicer shall maintain appropriate books of account and records relating to services performed under this Agreement, which books of account and records shall be accessible for inspection by the Issuer or the Holding
        Trust at any time during normal business hours.

     

    SECTION 11.3  Additional Information to be Furnished to the Issuer and the Holding Trust.  The Servicer shall furnish to the Issuer and the Holding Trust from time to time such additional information regarding the Collateral as such entity shall
        reasonably request.

     

    ARTICLE 12

     

    Miscellaneous Provisions

     

    SECTION 12.1  Amendment.

     

    (a) This Agreement may be amended from time to time by the parties hereto (and in the case of the Indenture Trustee, which consent may not be unreasonably withheld), but without the consent of any of the Noteholders, (i) to cure any
        ambiguity or to conform this Agreement to the Prospectus; provided, however, that the Owner Trustee, the Indenture Trustee and the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) will be
        entitled to receive an Opinion of Counsel described in Section 12.1(c)(i) in connection with any such amendment or (ii) to correct or supplement any provisions in this Agreement, to comply with any changes in the Code or to make any other
        provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of this Agreement; provided, however, that (A) such action shall not, as evidenced by an Opinion of Counsel delivered
        to the Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or (B) the Rating Agency Condition shall have been satisfied with respect to such amendment and the Seller or the Servicer
        shall have notified the

     

    
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    Indenture Trustee in writing that the Rating Agency Condition has been satisfied with respect to such amendment.

     

    (b) This Agreement may also be amended from time to time by the parties hereto and with the consent of the Holders of Notes evidencing not less than a majority of the outstanding principal amount of the Notes for the purpose of
        adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, to the extent not otherwise permitted by clause (a) above, no
        such amendment shall (a) increase or reduce in any manner the amount or priority of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders
        or (b) reduce the aforesaid percentage of the outstanding principal amount of the Notes, the Holders of which are required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes of each class affected
        thereby.

     

    Promptly after the execution of any such amendment or consent, the Indenture Trustee shall furnish a copy of such amendment or consent to each Noteholder and the
      Seller (who shall deliver such notification to the Rating Agencies).  The Owner Trustee’s, the Indenture Trustee’s and the Backup Servicer’s reasonable costs and expenses related to any such amendment shall be paid by the Issuer pursuant to Section
      5.7(a) hereof or Section 5.6 of the Indenture, as applicable.

     

    It shall not be necessary for the consent of the Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall
      be sufficient if such consent shall approve the substance thereof.  The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of any action by Noteholders shall be
      subject to such reasonable requirements as the Indenture Trustee or the Owner Trustee, as applicable, may prescribe.

     

    (c) Prior to the execution of any amendment to this Agreement, the Owner Trustee, the Indenture Trustee and the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) shall be
        entitled to receive and conclusively rely upon an Opinion of Counsel stating (i) with respect to any amendment to this Agreement pursuant to Section 12.1(a) or 12.1(b) hereof, that the execution of such amendment is authorized or permitted by this
        Agreement, and that all conditions precedent, if any, provided for in this Agreement have been met and (ii) with respect to any amendment to this Agreement pursuant to Section 12.1(b) hereof, the Opinion of Counsel referred to in Section 12.2(h)(1)
        has been delivered.  The Owner Trustee, the Indenture Trustee and the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) may, but shall not be obligated to, enter into any such amendment which
        affects the Issuer’s, the Holding Trust’s, the Owner Trustee’s, the Indenture Trustee’s or the Backup Servicer’s (including the Backup Servicer in its capacity as the successor Servicer if so appointed), as applicable, own rights, duties or
        immunities under this Agreement or otherwise.

     

    SECTION 12.2  Protection of Title to Trust.

     

    (a) The Seller shall file such financing statements and cause to be filed such continuation statements, all in such manner and in such places as may be required by law fully to

     

    
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    preserve, maintain and protect the interest of the Holding Trust in the Receivables and in the proceeds thereof and the interests of the Issuer and the Indenture Trustee in the rights
      thereto.  The Seller shall deliver (or cause to be delivered) to the Owner Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing.

     

    (b) Neither the Seller nor the initial Servicer shall change its name, identity or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed in accordance with
        paragraph (a) above seriously misleading within the meaning of 9-506 of the UCC, unless it shall have given the Owner Trustee, the Indenture Trustee and the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if
        so appointed) at least five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation statements.  Promptly upon such filing, the Seller or the initial
        Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance reasonably satisfactory to the Indenture Trustee, stating either (A) all financing statements and continuation statements have been filed that are necessary
        fully to preserve and protect the interest of the Holding Trust in the Receivables and the interests of the Issuer and the Indenture Trustee in the rights thereto, and reciting the details of such filings or referring to prior Opinions of Counsel
        in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest.

     

    (c) Each of the Seller and the Servicer shall have an obligation to give the Owner Trustee, the Backup Servicer and Indenture Trustee at least 60 days’ prior written notice of any relocation of its principal executive office or
        jurisdiction of organization if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall
        promptly file any such amendment or new financing statement.  The Servicer shall at all times maintain (i) each office from which it shall service Receivables within the United States of America or Canada, and (ii) its principal executive office
        within the United States of America.

     

    (d) The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries
        made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable.

     

    (e) The Servicer shall maintain its computer systems so that, from and after the time of sale under this Agreement of the Receivables to the Issuer (and subsequent contribution to the Holding Trust), the Servicer’s master computer
        records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Holding Trust in such Receivable and that such Receivable is owned by the Holding Trust.  Indication of the Holding Trust’s interest in a
        Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related Receivable shall have been paid in full or repurchased or sold pursuant to this Agreement.

     

    (f) If at any time the Seller or the Servicer shall propose to sell, grant a security interest in or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender

     

    
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    or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives)
      that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Holding Trust.

     

    (g) Upon request, the Servicer shall furnish to the Owner Trustee, the Backup Servicer or to the Indenture Trustee, within five Business Days, a list of all Receivables (by contract number and name of Obligor) then held as part of
        the Holding Trust, together with a reconciliation of such list to the Schedule of Receivables and to each of the Servicer’s Certificates furnished before such request indicating removal of Receivables from the Holding Trust.

     

    (h) The initial Servicer shall deliver to the Backup Servicer, the Owner Trustee and the Indenture Trustee:

     

    (1) promptly after the execution and delivery of the Agreement and, if required pursuant to Section 12.1, of each amendment, an Opinion of Counsel stating that, in the opinion of such Counsel, either (A) all
        financing statements and continuation statements have been filed that are necessary fully to preserve and protect the interest of the Holding Trust in the Receivables and the interests of the Issuer and the Indenture Trustee in the rights thereto,
        and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest; and

     

    (2) 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, an Opinion of Counsel, dated as of a date during such
        120-day period, stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements have been filed that are necessary fully to preserve and protect the interest of the Holding Trust in the Receivables and
        the interests of the Issuer and the Indenture Trustee in the rights thereto, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve
        and protect such interest.

     

    Each Opinion of Counsel referred to in clause (1) or (2) above shall specify any action necessary (as of the date of such opinion) to be taken in the following year to
      preserve and protect such interest.  For the avoidance of doubt, the cost of any such Opinion of Counsel shall not be borne by the successor Servicer.

     

    SECTION 12.3  Notices.

     

    (a) All demands, notices and communications upon or to the Seller, the Servicer, the Owner Trustee, the Indenture Trustee, the Backup Servicer or the Rating Agencies (upon whom any demands, notices or communications shall be
        provided only by the Seller or the Servicer) under this Agreement shall be in writing, personally delivered, electronically delivered, mailed by certified mail, return receipt requested, federal express or similar overnight courier service, and
        shall be deemed to have been duly given upon receipt (i) in the case of the Seller, to EFCAR, LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention:  Chief Financial Officer, with

     

    
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    a copy to EFCAR, LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention:  Chief Legal Counsel; (ii) in the case of the Servicer, to Exeter Finance LLC, 2101 W. John
      Carpenter Freeway, Irving, Texas 75063, Attention:  Chief Financial Officer, with a copy to Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention:  Chief Legal Counsel; (iii) in the case of the Issuer or the Owner
      Trustee, at the Corporate Trust Office of the Owner Trustee, Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration; (iv) in the case of the Indenture
      Trustee or the Backup Servicer, to the applicable Corporate Trust Office of the Indenture Trustee or the Backup Servicer; (v) 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 S&P Global Ratings, 55 Water Street, 41st Floor, New York, New York 10041-0003, Attention: ABS Surveillance Group; (vi) in the case of DBRS Morningstar, to DBRS Morningstar, 140 Broadway, 43rd
      Floor, New York, New York 10005; and (vii) in the case of the Asset Representations Reviewer, to Clayton Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, Florida 33578, Attention: SVP, email: ARRNotices@clayton.com, with a copy to
      Clayton Fixed Income Services LLC, 720 S. Colorado Blvd., Suite 200, Glendale, Colorado 80246, Attention: Legal Department, email: legal@covius.com.  Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail,
      postage prepaid, at the address of such Holder as shown in the Note Register.  Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such
      notice.  Where this Agreement provides for notice or delivery of documents to the Rating Agencies, failure to give such notice or deliver such documents shall not affect any other rights or obligations created hereunder.

     

    (b) If Exeter is no longer the Servicer, any successor Servicer, as applicable, shall provide any required Rating Agency notices to the Seller, who shall promptly provide such notice to the Rating Agencies.

     

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

     

    SECTION 12.4  Assignment.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.  Notwithstanding anything to the contrary contained herein, except as provided
        in Sections 7.4 and 8.4 and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior written consent of the Owner Trustee, the
        Indenture Trustee, the Backup Servicer and the Majority Noteholders.

     

    SECTION 12.5  Limitations on Rights of Others.  The provisions of this Agreement are solely for the benefit of the parties hereto, the Indenture Trustee, the Owner Trustee and the Noteholders, as third-party beneficiaries.  Nothing in this
        Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Holding Trust Estate or under or in respect of this Agreement or any covenants, conditions or
        provisions contained herein.

     

    
      79

      
        

    

    SECTION 12.6  Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
        remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

     

    SECTION 12.7  Separate Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one
        and the same instrument.  This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of: (i) an original manual signature; (ii) a faxed, scanned,
        or photocopied manual signature; or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant
        electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature,
        shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed,
        scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of
        counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument.  For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of
        writings and authentication of Notes when required under the UCC or other Signature Law due to the character or intended character of the writings.

     

    SECTION 12.8  Headings.  The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

     

    SECTION 12.9  Governing Law and Submission to Jurisdiction.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE GOVERNED BY, THE LAW OF THE
        STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  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 12.10  Waiver of Jury Trial.  THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.

     

    
      80

      
        

    

    SECTION 12.11  Assignment to Indenture Trustee.  The Seller hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Holding Trust pursuant to the Contribution Agreement and by the
        Holding Trust and the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Holding Trust and the Issuer, as applicable, in, to and under the rights to the Receivables
        listed in Schedule A hereto and/or the assignment of any or all of the Issuer’s rights and obligations hereunder by the Issuer to the Holding Trust pursuant to the Contribution Agreement and by the Holding Trust and the Issuer to the Indenture
        Trustee pursuant to the Indenture.

     

    SECTION 12.12  Nonpetition Covenants.

     

    (a) Notwithstanding any prior termination of this Agreement, the Servicer and the Seller shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Holding Trust,
        acquiesce, petition or otherwise invoke or cause the Holding Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Holding Trust under any federal or state bankruptcy,
        insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Holding Trust or any substantial part of its property, or ordering the winding up or liquidation of the
        affairs of the Holding Trust.

     

    (b) Notwithstanding any prior termination of this Agreement, the Servicer and the Seller shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce,
        petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer under any federal or state bankruptcy, insolvency or similar law or
        appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer.

     

    (c) Notwithstanding any prior termination of this Agreement, the Servicer shall not, prior to the date that is one year and one day after the termination of this Agreement with respect to the Seller, acquiesce to, petition or
        otherwise invoke or cause the Seller to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Seller under any federal or state bankruptcy, insolvency or similar law, appointing a
        receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller.

     

    SECTION 12.13  Limitation of Liability of Owner Trustee and Indenture Trustee.

     

    (a) It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the 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

     

    
      81

      
        

    

    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 Agreement 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 Agreement or any other related documents.

     

    (b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by Citibank, N.A., not in its individual capacity but solely as Indenture Trustee and Backup Servicer and in no event
        shall Citibank, N.A. have any liability for the representations, warranties, covenants, agreements or other obligations of the Holding Trust hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of
        which recourse shall be had solely to the assets of the Holding Trust.

     

    (c) 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 Holding Trust Agreement or the Trust
        Agreement.

     

    (d) The Indenture Trustee has the same rights, protections and immunities hereunder as it has under the Indenture as if such rights, protections and immunities were expressly set forth herein mutatis

          mutandis, which shall survive the satisfaction and discharge of the Indenture.

     

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

     

    SECTION 12.14  Indenture Trustee to Report Repurchase Demands due to Breaches of Representations and Warranties.  The Indenture Trustee will (i) notify the Servicer, Exeter and the Seller, as soon as practicable and in any event within five
        Business Days and in the manner set forth for providing notices hereunder, of all demands or requests communicated (in writing or orally) to Citibank, N.A. (in any capacity) for the repurchase of any Receivable pursuant to Section 5.1 of the
        Purchase Agreement or Section 3.2 hereof, (ii) promptly upon request by the Servicer,

     

    
      82

      
        

    

    Exeter or the Seller, provide to them any other information reasonably requested to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of
      Regulation AB, and (iii) if requested by the Servicer, Exeter and the Seller, provide a written certification no later than fifteen days following any calendar quarter or calendar year that Citibank, N.A. has not received any repurchase demands for
      such period, or if repurchase demands have been received during such period, that the Indenture Trustee has provided all the information reasonably requested under clause (ii) above with respect to such demands.  In no event will the Indenture
      Trustee, the Holding Trust or the Issuer have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB.

     

    SECTION 12.15  Independence of the Servicer.  For all purposes of this Agreement, the Servicer shall be an independent contractor and shall not be subject to the supervision of the Issuer, the Holding Trust, the Indenture Trustee, the Backup
        Servicer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder.  Unless expressly authorized by this Agreement, the Servicer shall have no authority to act for or represent the Issuer,
        the Holding Trust or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer, the Holding Trust or the Owner Trustee.

     

    SECTION 12.16  No Joint Venture.  Nothing contained in this Agreement (i) shall constitute the Servicer nor any of the Issuer, the Holding Trust or the Owner Trustee as members of any partnership, joint venture, association, syndicate,
        unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or
        liability on behalf of the others.

     

    SECTION 12.17  State Business Licenses.  The initial Servicer or the Majority Holding Trust Certificateholders shall prepare and instruct the Holding Trust to file each state business license (and any renewal thereof) required to be filed under
        applicable state law without further consent or instruction from the Instructing Party (as defined in the Holding Trust Agreement), including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking,
        Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation.

     

    SECTION 12.18  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 Backup Servicer, 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 Backup Servicer.  Each party hereby agrees
        that it shall provide the Backup Servicer with such information as the Backup Servicer may reasonably request that will help the Backup Servicer 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 12.19  Indemnification.  The indemnification provided by any party under any Basic Document shall include all costs and expenses (including reasonable legal fees and

     

    
      83

      
        

    

    expenses of counsel and court costs) incurred in connection with any action, claim or suit brought to enforce such respective indemnified party’s rights to indemnification.

     

    [Remainder of Page Intentionally Left Blank]

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      84

      
        

    

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

     

     
      	 	
              EXETER HOLDINGS TRUST 2022-4

            
	 	 	 
	 	
              By:  Wilmington Trust Company, not in its

            
	 	
              individual capacity but solely as Owner Trustee on

            
	 	
              behalf of the Trust

            
	 	 	 
	 	 	 
	 	
              By:  

            	
                                                                                           

            
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	
              EFCAR, LLC, Seller

            
	 	 	 
	 	 	 
	 	
              By:

            	
                                                                                           

            
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	
              EXETER FINANCE LLC, Servicer

            
	 	 	 
	 	 	 
	 	
              By:

            	
                                                                                           

            
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	
              CITIBANK, N.A.,

            
	 	
              not in its individual capacity but solely as

            
	 	
              Indenture Trustee and Backup Servicer

            
	 	 	 
	 	 	 
	 	
              By:

            	
                                                                                           

            
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	
              EXETER AUTOMOBILE RECEIVABLES

              TRUST 2022-4

            
	 	 	 
	 	
              By:  Wilmington Trust Company, not in its

            
	 	
              individual capacity but solely as Owner Trustee on

            
	 	
              behalf of the Issuer

            
	 	 	 
	 	
              By:

            	
                                                                                           

            
	 	 	
              Name:

            
	 	 	
              Title:

            

    

     

    

    

     

    
      
        

    

    
    SCHEDULE A

     

    SCHEDULE OF RECEIVABLES

     

    [On file with Exeter and the Indenture Trustee]

     

    

    

    

    

    

    

    

    

    
      SCH-A-1

      
        

    

    
    SCHEDULE B

     

    REPRESENTATIONS AND WARRANTIES

      OF

      THE SELLER AND THE INITIAL SERVICER

     

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

     

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

     

    3. Origination.  Each Receivable was originated in the United States.

     

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

     

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

     

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

     

    7. Receivables in Force.  No Receivable has been satisfied, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the

     

    
      SCH-B-1

      
        

    

    related Receivable in whole or in part.   No terms of any Receivable have been waived, altered or modified in any respect since its origination, except by instruments or documents
      identified in the Receivable File or the Servicer’s electronic records.

     

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

     

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

     

    10. No Defenses.  The records of the Servicer do not reflect any facts which would give rise to any right of rescission, setoff, counterclaim or defense, including the defense of usury, with respect to any Receivable, or the
        same being asserted or threatened with respect to such Receivable.

     

    11. No Default.  The records of the Servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of any Receivable  existed as of the Cutoff Date (other than payment
        delinquencies of not more than 30 days) or that any condition exists or event has occurred and is continuing that with notice, the lapse of time or both would constitute a default, breach, violation or event permitting acceleration under the terms
        of any Receivable (other than payment delinquencies of not more than 30 days), and the Seller has not waived any of the foregoing.

     

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

     

    13. Certain Characteristics of the Receivables.

     

    (A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than 3 months and not more than 78 months.

     

    (B) Each Receivable had an original maturity, as of the Cutoff Date, of not less than 36 months and not more than 78 months.

     

    
      SCH-B-2

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    17. 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.

     

    18. Good Title.  Immediately prior to the conveyance of the Receivables to the Issuer pursuant to the Sale and Servicing Agreement, the Seller was the sole owner thereof and had good title thereto, free of any Liens not
        permitted by the Basic Documents.

     

    

    

     

    

    

    

    

    
      SCH-B-3

      
        

    

    
    EXHIBIT A

     

    FORM OF SERVICER’S CERTIFICATE

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      EX. A-1

      
        

    

    
    
      	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Exeter Automobile Receivables Trust [YYYY-S]

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Class [] [%] Asset Backed Notes

            
	
              Class [] [%] Asset Backed Notes

            
	
              Class [] [%] Asset Backed Notes

            
	
              Class [] [%] Asset Backed Notes

            
	
              Class [] [%] Asset Backed Notes

            
	
              Class [] [%] Asset Backed Notes

            
	
              Class [] [%] Asset Backed Notes

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               Servicer's Certificate

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              This Servicer's Certificate has been prepared pursuant to Section [] of the [] among [], dated as of []. Defined terms have the meanings assigned to them in the [] or in
                other Transaction Documents.

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	 	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Collection Period Beginning: 

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              Original

            
	
              Collection Period Ending: 

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              Purchases

            	
              Units

            	
              Cutoff Date

            	
              Closing Date

            	
              Pool Balance

            
	
              Prev. Distribution Date (or Closing Date): 

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              Initial Purchase

            	
               

            	
               

            	
               

            
	
              Distribution Date: 

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Days of Interest for Period:

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              Total

            	
               

            	
               

            	
               

            	
               

            
	
              Days in Collection Period:

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Months Seasoned:

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              I.

            	
              RECEIVABLES PRINCIPAL BALANCE CALCULATION: 

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {1}

            	
              Beginning of period Aggregate Principal Balance 

            	
               

            	
              {1}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
              Collection Period principal amounts 

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
              {2}

            	
              Collections on Receivables 

            	
               

            	
              {2}

            	
               

            	
               

            
	
               

            	
              {3}

            	
              Less amounts allocable to interest and fees 

            	
               

            	
              {3}

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
              {4}

            	
              Total cash principal amounts 

            	
               

            	
               

            	
              {4}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
              {5}

            	
              Receivables becoming Liquidated Receivables during period (including Cram Down Losses) 

            	
               

            	
              {5}

            	
               

            	
               

            
	
               

            	
              {6}

            	
              Receivables becoming Purchased Receivables during period 

            	
               

            	
              {6}

            	
               

            	
               

            
	
               

            	
              {7}

            	
              Other Receivables adjustments 

            	
               

            	
              {7}

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
              {8}

            	
              Total non-cash principal amounts 

            	
               

            	
              {8}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {9}

            	
              End of period Aggregate Principal Balance 

            	
               

            	
              {9}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {10}

            	
              Pool factor ({9} / Original Pool Balance) 

            	
               

            	
              {10}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              II.

            	
              NOTE BALANCE CALCULATION: 

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              Class []

            	
              Class []

            	
              Class []

            	
              Class []

            	
              Class []

            	
              Class []

            	
              Class []

            	
              Total

            
	
              {11}

            	
              Original Note Balance 

            	
               

            	
              {11}

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {12}

            	
              Beginning of period Notes Balance 

            	
               

            	
              {12}

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {13}

            	
              First Allocation of Principal 

            	
               

            	
              {13}

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {14}

            	
              Second Allocation of Principal 

            	
               

            	
              {14}

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {15}

            	
              Third Allocation of Principal 

            	
               

            	
              {15}

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {16}

            	
              Fourth Allocation of Principal 

            	
               

            	
              {16}

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {17}

            	
              Fifth Allocation of Principal 

            	
               

            	
              {17}

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {18}

            	
              Regular Allocation of Principal 

            	
               

            	
              {18}

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {19}

            	
              Optional Purchase payment amount 

            	
               

            	
              {19}

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {20}

            	
              End of period Note Balance 

            	
               

            	
              {20}

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {21}

            	
              Note Pool Factor 

            	
               

            	
              {21}

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              III.

            	
              CALCULATION OF INTEREST DISTRIBUTABLE AMOUNTS:

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
              Beginning

            	
              Interest

            	
              Interest

            	
               

            	
               

            	
              Calculated

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
              Class

            	
              Note Balance

            	
              Carryover

            	
              Rate

            	
              Days

            	
              Days Basis

            	
              Interest

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {22}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              0.13

            	
              44607

            	
               

            	
               

            	
               

            	
               

            
	
              {23}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              0.50

            	
              45092

            	
               

            	
               

            	
               

            	
               

            
	
              {24}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              1.13

            	
              45366

            	
               

            	
               

            	
               

            	
               

            
	
              {25}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              1.70

            	
              45706

            	
               

            	
               

            	
               

            	
               

            
	
              {26}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              2.53

            	
              46037

            	
               

            	
               

            	
               

            	
               

            
	
              {27}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              3.45

            	
              46342

            	
               

            	
               

            	
               

            	
               

            
	
              {28}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              4.03

            	
              46798

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              IV.

            	
              RECONCILIATION OF COLLECTION ACCOUNT: 

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Available Funds:

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {29}

            	
              Collections during period (excluding Liquidation Proceeds and Fees) 

            	
               

            	
              {29}

            	
               

            	
               

            
	
              {30}

            	
              Liquidation Proceeds collected during period 

            	
               

            	
              {30}

            	
               

            	
               

            
	
              {31}

            	
              Purchase Amounts or amounts from Servicer deposited in Collection Account 

            	
               

            	
              {31}

            	
               

            	
               

            
	
              {32}

            	
              Investment Earnings - Collection Account 

            	
               

            	
              {32}

            	
               

            	
               

            
	
              {33}

            	
              Investment Earnings - Transfer From Reserve Account 

            	
               

            	
              {33}

            	
               

            	
               

            
	
              {34}

            	
              Fees collected during period 

            	
               

            	
              {34}

            	
               

            	
               

            
	
              {35}

            	
              Other Amounts Received 

            	
               

            	
              {35}

            	
               

            	
               

            
	
              {36}

            	
              Reserve Account Withdrawal Amount 

            	
               

            	
              {36}

            	
               

            	
               

            
	
              {37}

            	
              Total Available Funds 

            	
               

            	
              {37}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Distributions: 

              

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {38}

            	
              Base Servicing Fee 

            	
               

            	
              {38}

            	
               

            	
               

            
	
              {39}

            	
              Recovery fees reimbursed to Servicer as Supplemental Servicing Fees 

            	
               

            	
              {39}

            	
               

            	
               

            
	
              {40}

            	
              Fee collections (excluding extension fees) reimbursed to Servicer as Supplemental Servicing Fees 

            	
               

            	
              {40}

            	
               

            	
               

            
	
              {41}

            	
              Other amounts due to Servicer 

            	
               

            	
              {41}

            	
               

            	
               

            
	
              {42}

            	
              Transition Fees to the successor Servicer 

            	
               

            	
              {42}

            	
               

            	
               

            
	
              {43}

            	
              Indenture Trustee Fees 

            	
               

            	
              {43}

            	
               

            	
               

            
	
              {44}

            	
              Backup Servicing Fees 

            	
               

            	
              {44}

            	
               

            	
               

            
	
              {45}

            	
              Custodian Fees 

            	
               

            	
              {45}

            	
               

            	
               

            
	
              {46}

            	
              Asset Representations Reviewer Fees 

            	
               

            	
              {46}

            	
               

            	
               

            
	
              {47}

            	
              Lockbox Bank Fees 

            	
               

            	
              {47}

            	
               

            	
               

            
	
              {48}

            	
              Owner Trustee Fees 

            	
               

            	
              {48}

            	
               

            	
               

            
	
              {49}

            	
              Class [] Noteholders' Monthly Interest Distributable Amount 

            	
               

            	
              {49}

            	
               

            	
               

            
	
              {50}

            	
              Class [] Parity & Class [] on Legal Final 

            	
               

            	
              {50}

            	
               

            	
               

            
	
              {51}

            	
              Class [] Noteholders' Monthly Interest Distributable Amount 

            	
               

            	
              {51}

            	
               

            	
               

            
	
              {52}

            	
              Class [] and [] Parity & Class [] on Legal Final 

            	
               

            	
              {52}

            	
               

            	
               

            
	
              {53}

            	
              Class [] Noteholders' Monthly Interest Distributable Amount 

            	
               

            	
              {53}

            	
               

            	
               

            
	
              {54}

            	
              Class [], [] and [] Parity & Class [] on Legal Final 

            	
               

            	
              {54}

            	
               

            	
               

            
	
              {55}

            	
              Class [] Noteholders' Monthly Interest Distributable Amount 

            	
               

            	
              {55}

            	
               

            	
               

            
	
              {56}

            	
              Class [], [], [] and [] Parity & Class [] on Legal Final 

            	
               

            	
              {56}

            	
               

            	
               

            
	
              {57}

            	
              Class [] Noteholders' Monthly Interest Distributable Amount 

            	
               

            	
              {57}

            	
               

            	
               

            
	
              {58}

            	
              Class [], [], [], [] and [] Parity & Class [] on Legal Final 

            	
               

            	
              {58}

            	
               

            	
               

            
	
              {59}

            	
              To the Reserve Account, the Reserve Account Deposit 

            	
               

            	
              {59}

            	
               

            	
               

            
	
              {60}

            	
              Principal Payment Amount 

            	
               

            	
              {60}

            	
               

            	
               

            
	
              {61}

            	
              Additional fees due to parties in excess of related limits 

            	
               

            	
              {61}

            	
               

            	
               

            
	
              {62}

            	
              To the Certificateholders, the aggregate amount remaining 

            	
               

            	
              {62}

            	
               

            	
               

            
	
              {63}

            	
              Total Distributions 

            	
               

            	
              {63}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              V.

            	
              CALCULATION OF PRINCIPAL PARITY AMOUNT: 

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
              (X)

            	
              (Y)

            	
               

            	
              (I)

            	
              (II)

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
              Cumulative

            	
              Pool

            	
               

            	
              Excess of

            	
              Available Funds

            	
              Lesser of

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
              Class

            	
              Note Balance

            	
              Balance

            	
               

            	
              (X) - (Y)

            	
              in Waterfall

            	
              (I) or (II)

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {64}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {65}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {66}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {67}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {68}

            	
              Class []

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {69}

            	
              Total

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              VI.

            	
              RECONCILIATION OF RESERVE ACCOUNT: 

            	
               

            	
              Initial

            
	
              {70}

            	
              Specified Reserve Balance ([]% of the Pool Balance as of the Cutoff Date) 

            	
               

            	
              {70}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {71}

            	
              Beginning of period Reserve Account balance 

            	
               

            	
              {71}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {72}

            	
              Reserve Account Deposit from Collection Account    

            	
               

            	
              {72}

            	
               

            	
               

            
	
              {73}

            	
              Investment Earnings - Reserve Account 

            	
               

            	
              {73}

            	
               

            	
               

            
	
              {74}

            	
              Investment Earnings - transferred to Collection Account Available Funds 

            	
               

            	
              {74}

            	
               

            	
               

            
	
              {75}

            	
              Reserve Account Withdrawal Amount 

            	
               

            	
              {75}

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {76}

            	
              End of period Reserve Account balance 

            	
               

            	
              {76}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {77}

            	
              Reserve Account deficiency 

            	
               

            	
              {77}

            	
               

            
	
              {78}

            	
              Reserve Account draw amount 

            	
               

            	
              {78}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              VII.

            	
              OVERCOLLATERALIZATION: 

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {79}

            	
              Target Overcollateralization Amount: (greater of) 

            	
               

            	
              {79}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {80}

            	
              (i)  

            	
              []% of the Pool Balance as of the end of the Collection Period 

            	
               

            	
              {80}

            	
               

            	
               

            
	
               

            	
              and

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {81}

            	
              (ii)  

            	
              []% of the Pool Balance as of the Cutoff Date 

            	
               

            	
              {81}

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {82}

            	
              End of period Pool Balance of the Receivables 

            	
               

            	
              {82}

            	
               

            	
               

            
	
              {83}

            	
              End of period Note Balance 

            	
               

            	
              {83}

            	
               

            	
               

            
	
              {84}

            	
              Overcollateralization amount 

            	
               

            	
              {84}

            	
               

            
	
              {85}

            	
              Overcollateralization percentage 

            	
               

            	
              {85}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              VIII.

            	
              STATISTICAL DATA: 

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               Original

            	
               Previous

            	
              Current

            
	
              {86}

            	
              Average Principal Balance of the Receivables 

            	
               

            	
              {86}

            	
               

            	
               

            	
               

            
	
              {87}

            	
              Weighted average APR of the Receivables 

            	
               

            	
              {87}

            	
               

            	
               

            	
               

            
	
              {88}

            	
              Weighted average original term of the Receivables 

            	
               

            	
              {88}

            	
               

            	
               

            	
               

            
	
              {89}

            	
              Weighted average remaining term of the Receivables 

            	
               

            	
              {89}

            	
               

            	
               

            	
               

            
	
              {90}

            	
              Number of Receivables 

            	
               

            	
              {90}

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	 	
               

            
	
              IX.

            	
              CUMULATIVE NET LOSS RATIO: 

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {91}

            	
              Receivables becoming Liquidated Receivables during period  (including Cram Down Losses) 

            	
               

            	
              {91}

            	
               

            	
               

            
	
              {92}

            	
              Net Liquidation Proceeds collected during period 

            	
               

            	
              {92}

            	
               

            	
               

            
	
              {93}

            	
              Net losses during period 

            	
               

            	
               

            	
              {93}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {94}

            	
              Net losses since Cutoff Date (end of period) 

            	
               

            	
               

            	
              {94}

            	
               

            
	
              {95}

            	
              Cumulative net loss ratio 

            	
               

            	
              {95}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              X.

            	
              DELINQUENCY: 

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Receivables with scheduled payment delinquent 

            	
               

            	
               

            	
              Units

            	
              Dollars

            	
              Percentage

            
	
              {96}

            	
              31-60 days 

            	
               

            	
              {96}

            	
               

            	
               

            	
               

            
	
              {97}

            	
              61-90 days 

            	
               

            	
              {97}

            	
               

            	
               

            	
               

            
	
              {98}

            	
              91-120 days 

            	
               

            	
              {98}

            	
               

            	
               

            	
               

            
	
              {99}

            	
              over 120 days 

            	
               

            	
              {99}

            	
               

            	
               

            	
               

            
	
              {100}

            	
              Total 

            	
               

            	
              {100}

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {101}

            	
              Aggregate Principal Balance of all Receivables that are more than 60 days delinquent 

            	
               

            	
              {101}

            	
               

            
	
              {102}

            	
              Delinquency Rate as of the end of the Collection Period 

            	
               

            	
              {102}

            	
               

            
	
              {103}

            	
              Delinquency Trigger 

            	
               

            	
              {103}

            	
               

            
	
              {104}

            	
              Delinquency Trigger occurred 

            	
               

            	
              {104}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              XI.

            	
              EXTENSIONS:

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	 	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              {105}

            	
              Principal Balance of Receivables extended during current period 

            	
               

            	
              {105}

            	
               

            	
               

            
	
              {106}

            	
              Beginning of Period Aggregate Principal Balance 

            	
               

            	
              {106}

            	
               

            	
               

            
	
              {107}

            	
              Extension Rate 

            	
               

            	
               

            	
              {107}

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              By:

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Name:

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Title:

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Date:

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            

      

      

    

     

    

    
      
        

    

    EXHIBIT B

     

    SERVICING CRITERIA TO BE ADDRESSED IN SERVICER’S AND INDENTURE TRUSTEE’S ASSESSMENTS OF COMPLIANCE

     

    The assessment of compliance to be delivered by the Servicer or the Indenture Trustee, shall address, at a minimum, the criteria identified below as “Applicable Servicing Criteria” for
      such party:

     

    	
            Reference

          	
            Servicing Criteria

          	
            Applicable Servicing Criteria (Servicer)

          	
            Applicable Servicing Criteria (Indenture Trustee)

          
	 	
            General Servicing Considerations

          	 	 
	
            1122(d)(1)(i)

          	
            Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.

          	
            X

          	
            N/A

          
	
            1122(d)(1)(ii)

          	
            If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.

          	
            X

          	
            N/A

          
	
            1122(d)(1)(iii)

          	
            Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.

          	
            X

          	
            N/A

          
	
            1122(d)(1)(iv)

          	
            A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise
              in accordance with the terms of the transaction agreements.

          	
            N/A

          	
            N/A

          
	
            1122(d)(1)(v)

          	
            Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.

          	
            X

          	
            N/A

          
	 	
            Cash Collection and Administration

          	 	 
	
            1122(d)(2)(i)

          	
            Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified
              in the transaction agreements.

          	
            X

          	
            N/A

          
	
            1122(d)(2)(ii)

          	
            Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

          	
            X

          	
            X

          
	
            1122(d)(2)(iii)

          	
            Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the
              transaction agreements.

          	
            N/A

          	
            N/A

          

     

    

    
      SCH-B-1

      
        

    

    	
            Reference

          	
            Servicing Criteria

          	
            Applicable Servicing Criteria (Servicer)

          	
            Applicable Servicing Criteria (Indenture Trustee)

          
	
            1122(d)(2)(iv)

          	
            The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of
              cash) as set forth in the transaction agreements.

          	
            X

          	
            X

          
	
            1122(d)(2)(v)

          	
            Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository
              institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of § 240.13k-1(b)(1) of the Securities Exchange Act.

          	
            X

          	
            N/A

          
	
            1122(d)(2)(vi)

          	
            Unissued checks are safeguarded so as to prevent unauthorized access.

          	
            N/A

          	
            N/A

          
	
            1122(d)(2)(vii)

          	
            Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations: (A) are
              mathematically accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who
              prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
              agreements.

          	
            X

          	
            N/A

          
	 	
            Investor Remittances and Reporting

          	 	 
	
            1122(d)(3)(i)

          	
            Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports
              (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission
              as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer.

          	
            X

          	
            N/A

          

     

    

    
      SCH-B-2

      
        

    

    	
            Reference

          	
            Servicing Criteria

          	
            Applicable Servicing Criteria (Servicer)

          	
            Applicable Servicing Criteria (Indenture Trustee)

          
	
            1122(d)(3)(ii)

          	
            Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.

          	
            X

          	
            X1

          
	
            1122(d)(3)(iii)

          	
            Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.

          	
            X

          	
            X

          
	
            1122(d)(3)(iv)

          	
            Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

          	
            X

          	
            X

          
	 	
            Pool Asset Administration

          	 	 
	
            1122(d)(4)(i)

          	
            Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.

          	
            X

          	
            N/A

          
	
            1122(d)(4)(ii)

          	
            Pool assets and related documents are safeguarded as required by the transaction agreements.

          	
            X

          	
            N/A

          
	
            1122(d)(4)(iii)

          	
            Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.

          	
            X

          	
            N/A

          
	
            1122(d)(4)(iv)

          	
            Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s obligor records maintained no more than two business
              days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.

          	
            X

          	
            N/A

          
	
            1122(d)(4)(v)

          	
            The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.

          	
            X

          	
            N/A

          
	
            1122(d)(4)(vi)

          	
            Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the
              transaction agreements and related pool asset documents.

          	
            X

          	
            N/A

          

    

    

    

    1 Solely with regard to timeframes and that distributions were made in accordance with the instructions of the Servicer.

    
      SCH-B-3

      
        

    

    	
            Reference

          	
            Servicing Criteria

          	
            Applicable Servicing Criteria (Servicer)

          	
            Applicable Servicing Criteria (Indenture Trustee)

          
	
            1122(d)(4)(vii)

          	
            Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in
              accordance with the timeframes or other requirements established by the transaction agreements.

          	
            X

          	
            N/A

          
	
            1122(d)(4)(viii)

          	
            Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly
              basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where
              delinquency is deemed temporary (e.g., illness or unemployment).

          	
            X

          	
            N/A

          
	
            1122(d)(4)(ix)

          	
            Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.

          	
            N/A

          	
            N/A

          
	
            1122(d)(4)(x)

          	
            Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such
              other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30
              calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements.

          	
            N/A

          	
            N/A

          
	
            1122(d)(4)(xi)

          	
            Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such
              payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.

          	
            N/A

          	
            N/A

          
	
            1122(d)(4)(xii)

          	
            Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the
              obligor’s error or omission.

          	
            N/A

          	
            N/A

          

     

    

    
      SCH-B-4

      
        

    

    	
            Reference

          	
            Servicing Criteria

          	
            Applicable Servicing Criteria (Servicer)

          	
            Applicable Servicing Criteria (Indenture Trustee)

          
	
            1122(d)(4)(xiii)

          	
            Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction
              agreements.

          	
            N/A

          	
            N/A

          
	
            1122(d)(4)(xiv)

          	
            Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.

          	
            X

          	
            N/A

          
	
            1122(d)(4)(xv)

          	
            Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.

          	
            N/A

          	
            N/A

          

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    

    

  

  SCH-B-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]