Document:

Exhibit 10.5
      Execution Version

    

     

    

    

     

    

    

     

    CUSTODIAN AGREEMENT

      

      

      

      among

      

      

      

      EXETER FINANCE LLC,

      as Custodian,

      

      

      

      EXETER FINANCE LLC,

      as Servicer,

      

      

      

      and

      

      

      

      CITIBANK, N.A.,

      as Indenture Trustee

      

      

      

      Dated as of September 18, 2022

     

    

    

     

    

    

     

    
      
        

    

    THIS CUSTODIAN AGREEMENT, dated as of September 18, 2022, is made with respect to the issuance of Notes and Certificates by Exeter Automobile Receivables Trust 2022-5
      (the “Issuer”), and is among EXETER FINANCE LLC, as custodian (in such capacity, the “Custodian”), EXETER FINANCE LLC, as servicer (in such capacity, the “Servicer”), and CITIBANK, N.A., a national banking association, as
      indenture trustee (in such capacity, the “Indenture Trustee”).  Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and Servicing Agreement (as hereinafter defined).

     

    W I T N E S S E T H:

     

    WHEREAS, Exeter Finance LLC (“Exeter”) and EFCAR, LLC (“EFCAR”) have entered into a Purchase Agreement dated as of September 18, 2022 (the “Purchase
        Agreement”), pursuant to which Exeter has sold, transferred and assigned to EFCAR all of Exeter’s right, title and interest in and to certain of the Receivables;

     

    WHEREAS, the Issuer, the Servicer, EFCAR, Exeter Holdings Trust 2022-5 (the “Holding Trust”) and the Indenture Trustee and Backup Servicer, have entered into a
      Sale and Servicing Agreement, dated as of September 18, 2022 (the “Sale and Servicing Agreement”), pursuant to which EFCAR has sold, transferred and assigned to the Issuer all of EFCAR’s right, title and interest in and to the Receivables;

     

    WHEREAS, the Issuer, the Holding Trust and the Indenture Trustee have entered into an Indenture dated as of September 18, 2022 (the “Indenture”), pursuant to
      which (a) the Issuer has pledged to the Indenture Trustee for the benefit of the Noteholders, all of the Issuer’s right, title and interest in and to the Holding Trust Certificate and (b) the Holding Trust has pledged to the Indenture Trustee for the
      benefit of the Noteholders, all of the Holding Trust’s right, title and interest in and to the Receivables; and

     

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

     

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

     

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

     

    
      
        

    

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

     

    2. Maintenance of Receivables Files at Office.  The Custodian agrees to maintain the Receivable Files at the offices of one or more of its agents or sub-custodians (each such agent or sub-custodian, an “Custodial Agent”) within
        the United States as shall from time to time be identified to the Indenture Trustee and the Custodian will hold the Receivable Files in such offices on behalf of the Holding Trust and the Indenture Trustee clearly identified on its records as being
        separate from any other instruments and files, including other instruments and files held by the Custodian and in compliance with Section 3(a) hereof.

     

    3. Duties of Custodian.

     

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

     

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

     

    
      2

      
        

    

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

     

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

     

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

     

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

     

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

     

    
      3

      
        

    

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

     

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

     

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

     

    6. Indemnification.

     

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

     

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

     

    
      4

      
        

    

    7. Limitation of Liability.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      5

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      6

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      7

      
        

    

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

     

    9. Delegation of Duties.

     

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

     

    (b) With respect to each Receivable, the Custodian has engaged or may engage (i) Deutsche Bank Trust Company Americas and Wells Fargo Bank, National Association to hold each Contract that constitutes or evidences a Receivable which is tangible
        chattel paper and any copy of the application of the Lien Certificate (when such Lien Certificate has not yet been received), and otherwise such documents, if any, that Exeter keeps on file in accordance with its customary procedures indicating
        that the Financed Vehicle is owned by the Obligor and subject to the interest of Exeter as first lienholder or secured party, (ii) Dealertrack, Deutsche Bank Trust Company Americas and Wells Fargo Bank, National Association to hold each Lien
        Certificate (when received) and (iii) RouteOne LLC, Dealertrack and eOriginal Inc. to hold each Contract that

     

    
      8

      
        

    

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

     

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

     

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

     

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

     

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

     

    12. Notices. All demands, notices and communications hereunder shall be in writing, electronically delivered or mailed, and shall be deemed to have been duly given upon receipt (a) in the case of the Custodian or the Servicer,
      at the following applicable address: to Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention:  Chief Financial Officer, with a copy to Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention: 
      Chief Legal Officer, (b) in the case of the Indenture Trustee, at its Corporate Trust Office, (c) in the case of S&P, via electronic delivery to Servicer_reports@sandp.com; for any information not available in electronic format, hard copies
      should be sent to the following address: 55 Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group, and (d) in the case of Fitch, to Fitch Ratings, Inc., 33 Whitehall Street, New York, New York 10004, or, in each
      such case, at such other address as shall be designated by such party in a written notice to the other parties.  Where this Custodian Agreement provides for notice or delivery of documents to the Rating Agencies, failure to give such notice or
      deliver such documents shall not affect any other rights or obligations created hereunder.  Copies of all demands, notices and 

     

    
      9

      
        

    

    communications provided to the Indenture Trustee, the Noteholders or the Backup Servicer pursuant to this Agreement shall be provided to the Certificateholders.

    

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

     

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

     

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

     

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

     

    
      10

      
        

    

    

    or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington
      Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by the Holding Trust or any other Person in this Custodian Agreement and (v) under no circumstances shall Wilmington Trust Company be
      personally liable for the payment of any indebtedness or expenses of the Holding Trust or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Holding Trust under this Custodian
      Agreement or any other related documents.
      

      

      Notwithstanding anything contained herein to the contrary, this Custodian Agreement has been executed and delivered by Citibank, N.A., not in its individual capacity but solely as Indenture
        Trustee.  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.

    

    
      [Remainder of page intentionally left blank]

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

     

    
      11

      
        

    

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

     

    	 	
            EXETER FINANCE LLC, as Custodian

          
	 	 	 	 
	 	 	 	 
	 	
            By:  

            

          	
            
              
                
                  /s/ Ben Miller                                                  

                

              

            

          
	 	 	
            Name:

          	Ben Miller

          
	 	 	
            Title:

          	Executive Vice President and Treasurer
	 	 	 	 
	 	 	 	 
	 	
            CITIBANK, N.A., as Indenture Trustee

          
	 	 	 	 
	 	 	 	 
	 	
            By:

          	
            
              
                
                  
                    /s/ Jennifer Morris                                           

                  

                

              

            

          
	 	 	
            Name:

          	Jennifer Morris

          
	 	 	
            Title:

          	Senior Trust Officer

          
	 	 	 	 
	 	 	 	 
	 	
            EXETER FINANCE LLC, as Servicer

          
	 	 	 	 
	 	 	 	 
	 	
            By:

          	
            
              
                
                  
                    
                      /s/ Ben Miller                                                  

                    

                  

                

              

            

          
	 	 	
            Name:

          	Ben Miller
	 	 	
            Title:

          	Executive Vice President and Treasurer

    

    

    

    

    CONFIRMED AND ACCEPTED BY:

    

    

    EXETER HOLDINGS TRUST 2022-5, as Holding Trust

    

    

    	
            By:  

          	
            Wilmington Trust Company, not in its individual capacity

          
	 	
            but solely as Owner Trustee on behalf of the Trust

          
	 	 	 
	 	 	 
	 	
            By:  

          	
            /s/ Clarice Wright                                           

          
	 	 	
            
              
                Name:  Clarice Wright

              

            

          
	 	 	
            
              Title:    Vice President

            

          

    

    

     

    

    

    [Custodian Agreement]

    

    
      
        

    

    EXHIBIT A

     

    CUSTODIAN’S ACKNOWLEDGEMENT

     

    Exeter Finance LLC (“Exeter”), acting as Custodian (in such capacity, the “Custodian”) under the Custodian Agreement, dated as of September 18, 2022,
      among the Custodian, Exeter, as Servicer (the “Servicer”), and Citibank, N.A., as Indenture Trustee (in such capacity, the “Indenture Trustee”), pursuant to which the Custodian holds on behalf of, for the benefit of and as agent of the
      Indenture Trustee, as pledgee of the Holding Trust, certain “Receivable Files,” as defined in the Sale and Servicing Agreement, dated as of September 18, 2022 (the “Sale and Servicing Agreement”), among Exeter Automobile Receivables Trust
      2022-5, as Issuer, EFCAR, LLC, as Seller, the Servicer, Exeter Holdings Trust 2022-5, as Holding Trust, and Citibank, N.A., as Backup Servicer and as Indenture Trustee, hereby acknowledges receipt of the Receivable File for each Receivable listed in
      the Schedule of Receivables attached as Schedule A to the Sale and Servicing Agreement, except as noted in the Custodian Exception List attached hereto as Schedule I and the Lien Perfection Exception List attached hereto as Schedule II.

     

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

     

    IN WITNESS WHEREOF, Exeter Finance LLC has caused this acknowledgement to be executed by its duly authorized officer as of this 12th day of October, 2022.

     

    	 	
            EXETER FINANCE LLC,

          
	 	
            as Custodian

          
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                            

          
	 	 	
            Name:  

          
	 	 	
            Title:

          

    

    

     

    

    

     

    

    

     

    
      
        

    

    SCHEDULE I

     

    Custodian Exception List

     

    [On File with Exeter and the Indenture Trustee]

     

     

    

     

    

     

    

    
      
        

    

    SCHEDULE II

     

    Lien Perfection Exception List

     

    [On File with Exeter and the Indenture Trustee]

     

     

    

     

    

     

    

    
      
        

    

    EXHIBIT B

     

    FORM OF RELEASE OF DOCUMENTS

      

      

      ___________ ___, 20__

     

    [Custodian]

        [Address]

      

    

     

    Re: Exeter Automobile Receivables Trust 2022-5

     

    Ladies and Gentlemen:

     

    Reference is made to the Custodian Agreement, dated as of September 18, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Custodian

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

     

    Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in the Custodian Agreement.  Capitalized terms used herein that
      are not otherwise defined herein or in the Custodian Agreement shall have the meaning ascribed thereto in the Sale and Servicing Agreement, dated as of September 18, 2022 (the “Sale and Servicing Agreement”), among Exeter Automobile
      Receivables Trust 2022-5, as issuer, EFCAR, LLC, as seller, the Servicer, Exeter Holdings Trust 2022-5, as holding trust, the Indenture Trustee and Citibank, N.A., as backup servicer.

     

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

     

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

     

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

     

    
      
        

    

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

     

    	 	
            EXETER FINANCE LLC,

          
	 	
            as Servicer

          
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                            

          
	 	 	
            Name:  

          
	 	 	
            Title:EX-10.1

 Exhibit 10.1 

SUPPORT AGREEMENT 
 This
Support Agreement, dated as of October 13, 2022 (this “Agreement”), is made and entered into by and among the Company, a Delaware corporation (the “Company”), and Stockholder,
(“Stockholder” and, together with the Company, the “Parties”). 
 RECITALS 

WHEREAS, as of the date hereof, Stockholder is the beneficial owner (as defined in Rule 13d-3
under the Exchange Act) of 6,498,880 shares of Class A Common Stock, par value $0.01 per share (the “Common Stock”), of the Company, (all such shares collectively, the “Subject Shares”); 

WHEREAS, concurrently with the execution hereof, The Kroger Co., an Ohio Corporation (“Parent”), Kettle Merger Sub,
Inc., a Delaware corporation and a direct, wholly owned Subsidiary of Parent (“Merger Sub”), and the Company are entering into an Agreement and Plan of Merger, dated as of the date hereof (as it may be amended from time to
time, excluding any Prohibited Amendment (as defined below), the “Merger Agreement”), which provides for, among other things, at the Effective Time, the merger of Merger Sub with and into the Company (the
“Merger”), upon the terms and subject to the conditions set forth in the Merger Agreement (capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger
Agreement); and 
 WHEREAS, as a condition to their willingness to enter into the Merger Agreement, Parent and Merger Sub have required that
Stockholder, and as an inducement and in consideration therefor, Stockholder (in Stockholder’s capacity as the beneficial owner of the Subject Shares) has agreed to, enter into this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth below and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, do hereby agree as follows: 

ARTICLE I 
 AGREEMENT 

1.1    Agreement. Upon the terms and subject to the conditions of this Agreement, Stockholder hereby undertakes and
agrees that, unless and until this Agreement shall have been validly terminated in accordance with Section 5.2, Stockholder shall (or, to the extent that any of the Subject Shares are held of record by another record holder on behalf of
Stockholder (a “Record Holder”), shall cause such Record Holder and any other Person through which any of the Subject Shares are directly or indirectly beneficially owned by or held on behalf of the Stockholder (each, an
“Intermediary”) to) execute, deliver and take (or permit another Person to execute, deliver and take), pursuant to Section 228 of the DGCL, an action by consent in lieu of a meeting of stockholders of the Company
approving and adopting the Merger Agreement and the transactions contemplated thereby as promptly as practicable (and in any event four (4) Business Days following execution and delivery of this Agreement). Without limiting the foregoing, upon
the terms and subject to the conditions of this Agreement and unless and until this Agreement shall 

 
have been validly terminated in accordance with Section 5.2, to the extent that any of the Subject Shares are held by another Record Holder, Stockholder shall, as promptly as
practicable (and in any event within four (4) Business Days following execution and delivery of this Agreement): (i) direct such Record Holder (and direct any applicable Intermediaries to direct such Record Holder) to execute, deliver and take
an action by consent in lieu of a meeting of stockholders of the Company approving and adopting the Merger Agreement and the transactions contemplated thereby, and to provide any and all applicable directions and instructions to any such Record
Holders and Intermediaries with respect thereto and/or (ii) obtain a proxy, power of attorney, or similar authority from any such Record Holders authorizing Stockholder to execute, deliver and take an action by consent in lieu of a meeting of
stockholders of the Company approving and adopting the Merger Agreement and the transactions contemplated thereby and thereupon execute, deliver and take such action by consent pursuant to such proxy or power of attorney. 

1.2    Power of Attorney. To secure the Stockholder’s obligations in accordance with Section 1.1 of this
Agreement, the Stockholder hereby grants Juliette W. Pryor, Executive Vice President, General Counsel and Secretary of the Company, as the Stockholder’s attorney in fact, with the power to act alone, to execute all appropriate instruments
consistent with this Agreement on behalf of the Stockholder if, and only if, the Stockholder fails to execute such other instruments in accordance with the provisions of this Agreement within four (4) Business Days following execution and
delivery of this Agreement. Such appointment will be irrevocable for the term hereof. The appointment will survive the merger or reorganization of the Stockholder. 

ARTICLE II 
 REPRESENTATIONS AND
WARRANTIES OF STOCKHOLDER 
 Stockholder represents and warrants to the Company that: 

2.1    Organization; Authorization; Binding Agreement. To the extent that Stockholder is an entity, Stockholder is
duly organized and validly existing under the laws of the jurisdiction of its formation or incorporation and Stockholder has duly authorized its execution, delivery and performance of this Agreement. Stockholder has full power and authority to
execute, deliver and perform this Agreement. This Agreement has been duly and validly executed and delivered by Stockholder, and constitutes a legal, valid and binding obligation of Stockholder enforceable against Stockholder in accordance with its
terms (except insofar as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other Laws of general applicability relating to or affecting creditors’ rights, or by principles governing the availability of
equitable remedies, whether considered in a Proceeding at law or in equity). 

2.2    Non-Contravention. The execution and delivery of this Agreement by
Stockholder does not, and the performance by Stockholder of Stockholder’s obligations hereunder and the consummation by Stockholder of the transactions contemplated hereby will not, (a) conflict with, or result in any violation or breach
of, any Law applicable to Stockholder or Stockholder’s Subject Shares and, to the extent that such Stockholder is an entity, the organizational or governing documents of such Stockholder, or (b) except as may be required by applicable
securities Laws, require any consent, approval, order, authorization or other action by, or filing with or notice to, any Person (including any Governmental Entity) under any applicable Law, in case of each of clauses (a) and (b), except as
would not reasonably be expected to have a material adverse effect on Stockholder’s ability to timely perform its obligations under this Agreement. 

  
 2 

 2.3    Ownership of Subject Shares. Stockholder is the beneficial
owner (as defined in Rule 13d-3 under the Exchange Act) of Stockholder’s Subject Shares. The Subject Shares constitute all of the shares of Common Stock owned by Stockholder over which Stockholder has
sole voting and disposition authority, beneficially or of record, as of the date hereof, subject to this Agreement, any agreement of the Stockholder, any Intermediary or any of their respective Affiliates for any borrowed money, advance or extension
of credit or the pledge, hypothecation or other granting of a security interest in any Subject Shares to one or more banks or financial institutions as bona fide collateral or security for any such loan, advance or extension of credit (each
such agreement, a “Loan Agreement”) and the Filed Company SEC Documents. 
 2.4    Voting
Power. Subject to this Agreement, any Loan Agreement and the Filed Company SEC Documents, Stockholder has full and sole power and authority to direct the voting of, and full and sole power of disposition with respect to, all of the Subject
Shares. Other than any Loan Agreement or Filed Company SEC Document, none of the Subject Shares are subject to any stockholders’ agreement, proxy, voting trust or other agreement or arrangement with respect to the voting of the Subject Shares
with respect to the Merger Agreement, except as provided hereunder. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to Stockholder that: 

3.1    Organization; Authorization. The Company is duly organized and validly existing and in good standing under
the laws of the jurisdiction in which it is organized (in the case of good standing, to the extent the concept is recognized by such jurisdiction). The consummation of the transactions contemplated hereby are within the Company’s corporate
powers and have been duly authorized by all necessary corporate action on the part of the Company. The Company has all requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated
thereby. 
 3.2    Binding Agreement. The Company has duly executed and delivered this Agreement, and this
Agreement constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms (except insofar as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or
other Laws of general applicability relating to or affecting creditors’ rights, or by principles governing the availability of equitable remedies, whether considered in a Proceeding at law or in equity). 

3.3    No Other Representations. The Company hereby acknowledges and agrees that, except for the representations
and warranties of Stockholder expressly set in Article II of this Agreement, none of Stockholder, its Affiliates, any Representative of any of the foregoing or any other Person has made, and neither the Company or any other Person has relied on, any
representation or warranty regarding the Stockholder, the sufficiency of the representations and warranties set forth herein or any other matter in connection with the entry by Stockholder into this Agreement. 

  
 3 

 ARTICLE IV 

ADDITIONAL COVENANTS OF STOCKHOLDER 

4.1    No Transfer; No Inconsistent Arrangements. Except as provided hereunder or under the Merger Agreement, any
Loan Agreement or any Filed Company SEC Document, from and after the date hereof and until the termination of this Agreement in accordance with Section 5.2, Stockholder shall not, directly or indirectly, (a) create any
Lien on any or all of Stockholder’s Subject Shares, except for any Liens existing on the date of this Agreement, (b) transfer, sell, assign, gift, exchange, tender, hypothecate or otherwise dispose of (collectively,
“Transfer”) any of Stockholder’s Subject Shares, (c) grant or permit the grant of any proxy or power of attorney with respect to any of Stockholder’s Subject Shares to the extent inconsistent with such
Stockholder’s obligations hereunder, or (d) deposit or permit the deposit of any of Stockholder’s Subject Shares into a voting trust or enter into a voting agreement or arrangement with respect to any of such Stockholder’s
Subject Shares, in each case except as may be necessary or advisable in connection with Stockholder’s performance of its obligations hereunder. 

4.2    Adjustments. In the event of any stock split, stock dividend, merger, reorganization, recapitalization,
reclassification, combination, exchange of shares or similar transaction with respect to the capital stock of the Company that affects the Subject Shares, the terms of this Agreement shall apply to the resulting securities. 

ARTICLE V 
 MISCELLANEOUS 

5.1    Notices. All notices and other communications hereunder shall be in writing and shall be deemed given
(a) when delivered personally by hand (with written confirmation of receipt), (b) when sent by email (provided that no “bounce-back” or similar notice is received by the electronic mail sender within two (2) hours thereafter
indicating that such electronic mail was undeliverable or otherwise not delivered)) or (c) one (1) Business Day following the day sent by an internationally recognized overnight courier (with written confirmation of receipt), in each case, at
the following addresses and email addresses (or to such other address or email address as a Party may have specified by notice given to the other Party under this provision): (i) if to the Company, in accordance with the provisions of the
Merger Agreement and (ii) if to Stockholder, to Stockholder’s address or e-mail address set forth on a signature page hereto, or to such other address or
e-mail address as Stockholder may hereafter specify in writing for the purpose by notice to the Company. 

5.2    Termination. This Agreement shall terminate automatically as to Stockholder and the Company, without any
notice or other action by any Person, upon the first to occur of (a) the valid termination of the Merger Agreement in accordance with its terms, (b) the Effective Time, (c) the date of any Prohibited Amendment that is effected without
Stockholder’s prior written consent, (d) the extension of the Outside Date, without the prior written consent of Stockholder, (e) delivery of a Common Stockholder Written Consent from the Record Holder, (f) the adoption of the
Merger Agreement by the holders of a majority of votes represented by the outstanding shares of Common Stock or (g) the written consent of Stockholder and the Company. Upon termination of this Agreement as to any Party, such Party shall not
have any further obligations or liabilities under this Agreement; provided, however, that the provisions of this Article V shall 

  
 4 

 
survive any termination of this Agreement. A “Prohibited Amendment” means any one or more amendments, modifications or waivers of any provision of the Merger Agreement (as
in effect on the date hereof) in a manner that reduces the amount of the Merger Consideration (including any change to the formula with respect thereto), changes the form of the Merger Consideration payable, imposes any material restrictions on or
additional material conditions on the payment of the Merger Consideration, modifies any of the provisions relating to the payment of dividends (including the Pre-Closing Common Dividend), Company Change in
Recommendation, SpinCo, the SpinCo Consideration, the Separation, the Company Termination Fee, the Parent Termination Fee or Antitrust Law, extends the Outside Date or otherwise adversely affects the Record Holder (in its capacity as such) in any
material respect. 
 5.3    Amendments and Waivers. Any provision of this Agreement may be amended or waived if
such amendment or waiver is in writing and is signed, in the case of an amendment, by each Party to this Agreement or, in the case of a waiver, by each Party against whom the waiver is to be effective. No failure or delay by any Party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

5.4    Expenses. All fees and expenses incurred in connection herewith and the transactions contemplated hereby
shall be paid the Party incurring such fees or expenses, whether or not the Merger is consummated. 
 5.5    Binding
Effect; Benefit; Assignment. Except as otherwise expressly provided herein, the Parties hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other Party, in accordance
with and subject to the terms of this Agreement, and this Agreement is not intended to, and does not, confer upon any Person (including, for the avoidance of doubt, Parent, Merger Sub, and their respective Affiliates and Representatives) other than
the Parties hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein, except as provided in Section 5.16 (which will be to the benefit of the Persons
referred to in such Section). Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the Parties (whether by operation of Law or otherwise) without the prior written consent of the other Party.
No assignment by any Party shall relieve such Party of any of its obligations hereunder. Subject to the limitations regarding assignment herein, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their
respective successors and permitted assigns. Any purported assignment not permitted under this Section 5.5 shall be null and void ab initio. 

5.6    Governing Law; Venue. This Agreement, and all actions and causes of action (whether in contract or in tort
or otherwise, or whether at law (including at common law or by statute) or in equity), that may be based on this Agreement, arise out of this Agreement or relate hereto or the negotiation, execution, performance or subject matter hereof, shall be
governed by the Laws of the State of Delaware applicable to agreements made and to be performed solely therein, without giving effect to principles of conflicts of law. For any Action or cause of action that may be based on this Agreement, arise out
of this Agreement or relate hereto or the negotiation, execution, performance or subject matter hereof, each Party hereto (a) irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Court of Chancery
of the State of Delaware or, to the extent such court does not have subject matter 

  
 5 

 
jurisdiction, the U.S. District Court for the District of Delaware or, to the extent such court does not have subject matter jurisdiction, the Superior Court of the State of Delaware,
(b) agrees that all such Actions and causes of action shall be heard and determined exclusively under the foregoing clause (a), (c) waives any objection to laying venue in any such Actions or cause of action in such courts, (d) waives any
objection that any such court is an inconvenient forum or does not have jurisdiction over any Party hereto and (e) agrees that service of process upon such Party in any such Action or cause of action shall be effective if such process is given
as a notice under Section 5.1. EACH PARTY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR CAUSE OF ACTION THAT MAY BE BASED ON THIS AGREEMENT, ARISE OUT OF THIS AGREEMENT OR RELATE HERETO OR THE
NEGOTIATION, EXECUTION, PERFORMANCE OR SUBJECT MATTER HEREOF. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT
(I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY HERETO WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER
AND CERTIFICATIONS IN THIS SECTION 5.6. 
 5.7    Enforcement of Agreement. The Company agrees that its
sole and exclusive remedy for any action or cause of action (whether in contract or in tort or otherwise, or whether at law (including at common law or by statute) or in equity), that may be based on this Agreement, arise out of this Agreement or
relate hereto or the negotiation, execution, performance or subject matter hereof, shall be an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof. It is accordingly agreed that
the Parties shall be entitled to an injunction or injunctions, or any other appropriate form of specific performance or equitable relief, to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and
provisions of this Agreement in any court to which the Parties have submitted under Section 5.6. 

5.8    Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an
original and all of which shall be one (1) and the same instrument. Delivery of an executed counterpart hereof by facsimile or other electronic transmission (including email or any electronic signature complying with the U.S. federal ESIGN Act
of 2000, e.g., www.docusign.com) shall be effective as delivery of an original counterpart hereof. 

5.9    Entire Agreement. This Agreement, together with the other documents and instruments referred to herein,
constitute the entire agreement, and supersede all prior agreements and understandings, both written and oral, among the Parties hereto and their Affiliates, or any of them, related to the subject matter hereof. 

  
 6 

 5.10    Severability. If any term or other provision of this
Agreement is determined by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule or law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force
and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as
closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible. 

5.11    Headings. The Section headings contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement. 
 5.12    Interpretation. Unless the context
otherwise requires, as used in this Agreement: (a) “or” is not exclusive; (b) “including” and its variants mean “including, without limitation” and its variants; (c) words defined in the singular have the parallel
meaning in the plural and vice versa; (d) words of one gender shall be construed to apply to each gender; and (e) the terms “Article,” “Section” and “Schedule” refer to the specified Article, Section or
Schedule of or to this Agreement; and (f) neither the Company nor any of its Subsidiaries shall be construed to be a Subsidiary or Affiliate of Stockholder. 

5.13    Capacity as Stockholder. Notwithstanding anything herein to the contrary, (a) Stockholder signs this
Agreement solely in Stockholder’s capacity as a beneficial owner of the Subject Shares, and not in any other capacity and this Agreement shall not limit or otherwise affect the actions of Stockholder, any Affiliate thereof or any of their
respective Representatives or designees in its capacity, if applicable, as an officer, director, employee or agent of the Company, and (b) nothing herein shall in any way restrict a director, officer, employee or agent of the Company in the
taking of any actions (or failure to act) in his or her capacity as such, or in the exercise of his or her fiduciary duties as a director or officer of the Company or otherwise, or prevent or be construed to create any obligation on the part of any
director, officer, employee or agent of the Company from taking any action in his or her capacity as such. 

5.14    No Agreement Until Executed. This Agreement shall not be effective unless and until (a) the Merger
Agreement is executed by all parties thereto, and (b) this Agreement is executed by all Parties hereto. 

5.15    No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in the Company or any
other Person any direct or indirect ownership or incidence of ownership of or with respect to the Subject Shares. All rights, ownership and economic benefits of and relating to the Subject Shares shall remain vested in and belong to Stockholder, and
the Company shall not exercise any power or authority to direct Stockholder in the voting of any of the Subject Shares, except as otherwise expressly provided herein. 

5.16    Non-Recourse. Notwithstanding anything that may be expressed or
implied in this Agreement, or any document, certificate or instrument delivered in connection herewith or otherwise (together, the “Transaction Documents”), the Company acknowledges and agrees, on behalf of itself and its
respective Related Persons (as defined below), that all Proceedings that may be based upon, in respect of, arise under, out of, by reason of, be connected with, or relate in any 

  
 7 

 
manner to (a) this Agreement or any Transaction Document or the Transactions, (b) the negotiation, execution or performance of this Agreement or any other Transaction Document
(including any representation or warranty made in, in connection with, or as an inducement to, any of the foregoing documents), (c) any breach or violation of this Agreement or any other Transaction Document or (d) the failure of the
Transactions to be consummated, in each case may be made only against (and are those solely of) the Persons that are expressly identified Parties hereto. In furtherance and not in limitation of the foregoing, the Company acknowledges and agrees, on
behalf of itself and its respective Related Persons, that no recourse under this Agreement or any other Transaction Document or in connection with any Transactions shall be sought or had against any such other Person and no such other Person shall
have any liabilities (whether in contract or in tort, in law or in equity or otherwise, or granted by statute or otherwise, whether by or through attempted piercing of the corporate, partnership, limited partnership or limited liability company veil
or any other theory or doctrine) of any nature whatsoever arising under, out of, in connection with or related in any manner to the items in the preceding clauses (a) through (d), it being expressly agreed and acknowledged that no liabilities
whatsoever shall attach to, be imposed on or otherwise be incurred by any direct or indirect, past, present or future shareholder, equity holder, controlling person, member, partner (limited or general), manager, director, officer, employee, lender,
financing source, Affiliate, agent or other representative of Stockholder or any Affiliate of Stockholder (collectively, with such Person’s assignees, successors and assigns, the “Related Persons”), through the Company,
its Subsidiaries or otherwise, whether by or through attempted piercing of the corporate, partnership, limited partnership or limited liability company veil, by or through a claim by or on behalf of any party hereto, as applicable, by the
enforcement of any assessment or by any legal or equitable actions, suits, claims, investigations or proceedings, by virtue of any Law, or otherwise. The Parties acknowledge and agree that the Related Persons are intended third-party beneficiaries
of this Section 5.16. Nothing in this Agreement precludes the Parties or any Related Persons from exercising any rights under the Merger Agreement or any other agreement to which they are specifically a party or an express
third-party beneficiary thereof, and nothing in this Agreement shall limit the liability or obligations of any Related Person under any other agreement to which they are specifically a party. 

[Signature Page Follows] 

  
 8 

 IN WITNESS WHEREOF, each of the undersigned Parties has executed this Agreement on the date
set forth in the introductory clause above. 
  

			
	 ALBERTSONS COMPANIES, INC.

		
	 By:
	 	 /s/ Juliette Pryor

	 Name:
	 	 Juliette Pryor

	 Title:
	 	 EVP and General Counsel

  

			
	 CERBERUS ALBERTSONS INCENTIVE LLC

		
	 By:
	 	 CERBERUS CAPITAL

		 	 MANAGEMENT, L.P., its

		 	 Managing Member

	
	 By: /s/ Alexander D. Benjamin

	
	 Alexander D. Benjamin

	Name
	
	 Authorized Signatory

	Title

  
 [SIGNATURE
PAGE TO VOTING AGREEMENT]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]