Document:

EX-10.3

 EXHIBIT 10.3 

RECEIVABLES CONTRIBUTION AGREEMENT 

This RECEIVABLES CONTRIBUTION AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
“Agreement”), dated as of June 24, 2021, is by and between Carvana Auto Receivables Trust 2021-P2, a Delaware statutory trust (the “Issuing Entity”), and Carvana Auto Receivables Grantor Trust 2021-P2, a Delaware
statutory trust (the “Grantor Trust”). 
 AGREEMENTS 

WHEREAS, on the Closing Date, Carvana, LLC (the “Seller”) has sold automobile retail installment contracts and related rights
to Carvana Receivables Depositor LLC (the “Depositor”). 
 WHEREAS, the Depositor has sold such contracts and related
rights to the Issuing Entity pursuant to the Receivables Transfer Agreement; 
 WHEREAS, the Issuing Entity intends to contribute or
otherwise transfer such contracts and related rights, or interests therein, to the Grantor Trust pursuant to this Agreement in exchange for the Grantor Trust Certificate; 

WHEREAS, the Grantor Trust intends to pledge such contracts and related rights to Wells Fargo Bank, National Association, as indenture trustee
(the “Indenture Trustee”), and the Issuing Entity will issue notes backed by the Grantor Trust Certificate pursuant to the Indenture, dated as of the date hereof (as amended, modified or supplemented from time to time, the
“Indenture”), among the Issuing Entity, the Grantor Trust, and the Indenture Trustee; and 
 WHEREAS, Bridgecrest Credit
Company, LLC, an Arizona limited liability company (the “Servicer”), is willing to service such contracts in accordance with the terms of the Servicing Agreement, dated as of the date hereof, among the Issuing Entity, the Grantor
Trust, the Backup Servicer and the Servicer. 
 NOW, THEREFORE, in consideration of the mutual agreements and subject to the terms and
conditions herein contained, each party agrees as follows for the benefit of the other party: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions; Rules of Construction. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Part I of Appendix A to
the Receivables Purchase Agreement, dated as of the date hereof (the “Receivables Purchase Agreement”), among Carvana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. All references herein to
“the Agreement” or “this Agreement” are to this Receivables Contribution Agreement as it may be amended, supplemented or modified from time to time, the exhibits and schedules hereto and the capitalized terms used herein, which
are defined in Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to Articles, Sections or Subsections of this Agreement unless otherwise specified. The rules of construction set forth in
Part II of such Appendix A shall be applicable to this Agreement. 

 ARTICLE II 

CONVEYANCE OF RECEIVABLES 

Section 2.1 Conveyance of Receivables. 

(a) On the Closing Date, the Issuing Entity hereby agrees to sell, transfer, assign, set over and otherwise convey to the Grantor Trust and the
Grantor Trust hereby agrees to purchase from the Issuing Entity, without recourse, all right, title and interest of the Issuing Entity in, to and under the following property, whether now existing or hereafter created or acquired (all of the
property described in this Section 2.1(a) being collectively referred to herein as the “Third Step Transferred Property”): 

(i) the Receivables and all instruments and all monies due or to become due or received by any Person in payment of any of the foregoing on or
after the Cutoff Date; 
 (ii) the Financed Vehicles securing such Receivables (including any such Financed Vehicles that have been
repossessed), any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each Financed Vehicle; 

(iii) the Receivable Files and the Servicer Files related to such Receivables; 

(iv) all rights to payment under all Insurance Policies with respect to the Financed Vehicles or the Obligors, including any monies collected
from whatever source in connection with any default of an Obligor or with respect to any such Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy; 

(v) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of
whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise; 

(vi) all rights to payment under all service contracts and other contracts and agreements associated with such Receivables; 

(vii) all Liquidation Proceeds related to any such Receivable received on or after the Cutoff Date; 

(viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit accounts, monies, deposits, funds, accounts and
instruments relating to the foregoing (excluding payments or recoveries in respect of the Receivables received prior to the Cutoff Date); 

(ix) the Receivables Purchase Agreement and the Receivables Transfer Agreement, including the right of the Issuing Entity to cause the Seller
or the Depositor to repurchase Receivables under certain circumstances; 

  
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 (x) the proceeds of any and all of the foregoing; and 

(xi) all present and future claims, demands, causes of action and choses in action in respect of any of all of the foregoing and all payments
on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property; all accounts, general
intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of obligations; and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing. 

(b) In connection with the purchase and sale of the Third Step Transferred Property hereunder, the Issuing Entity agrees, at its own expense,
(i) to annotate and indicate on its books and records that the Receivables were sold and transferred to the Grantor Trust pursuant to this Agreement, (ii) to deliver to the Grantor Trust (or its designee) all Collections on the
Receivables, if any, received on or after the Cutoff Date, and (iii) to deliver to the Grantor Trust an assignment substantially in the form (or in such other form as shall be mutually acceptable to the Issuing Entity and the Grantor Trust)
attached hereto as Exhibit A (the “Third Step Receivables Assignment”). 
 (c) In consideration of
the sale of the Receivables from the Issuing Entity to the Grantor Trust as provided herein, the Grantor Trust shall deliver to, or upon the order of, the Issuing Entity the Grantor Trust Certificate (the “Purchase Price”). 

Section 2.2 Intent of the Parties. 

It is the intention of the parties that each conveyance hereunder of the Receivables and the other Third Step Transferred Property from the
Issuing Entity to the Grantor Trust as provided in Section 2.1 be, and be construed as, an absolute sale, without recourse, of the Receivables and other Third Step Transferred Property by the Issuing Entity to the Grantor
Trust. Furthermore, no such conveyance is intended to be a pledge of the Third Step Transferred Property by the Issuing Entity to the Grantor Trust to secure a debt or other obligation of the Grantor Trust. If, however, notwithstanding the intention
of the parties, the conveyance provided for in Section 2.1 is determined, for any reason, not to be an absolute sale, then the parties intend that this Agreement shall be deemed to be a “security agreement” within
the meaning of Article 9 of the UCC and the Issuing Entity hereby grants to the Grantor Trust a “security interest” within the meaning of Article 9 of the UCC in all of the Issuing Entity’s right, title and interest in and
to the Third Step Transferred Property, now existing and hereafter created or acquired, to secure a loan in an amount equal to Purchase Price and each of the Issuing Entity’s other payment obligations under this Agreement. 

  
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 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 3.1 Representations and Warranties of the Issuing Entity Regarding the Receivables. 

The Issuing Entity makes the following representations and warranties to the Grantor Trust regarding each Receivable as of the Closing Date,
which shall survive the sale, transfer and assignment of the Receivables and on which representations and warranties the Grantor Trust shall rely in acquiring the Receivables. The Issuing Entity further acknowledges that the Grantor Trust and its
permitted assignees rely on the representations and warranties of the Issuing Entity under this Agreement, the Depositor under the Receivables Transfer Agreement and of the Seller under the Receivables Purchase Agreement in accepting the Receivables
and executing and delivering the Grantor Trust Certificate. 
 (a) Receivables. Pursuant to
Section 2.1(a)(ix), the Issuing Entity assigns to the Grantor Trust all of its right, title and interest in, to and under the Receivables Purchase Agreement and the Receivables Transfer Agreement. Such assigned right, title
and interest includes the benefit of the representations and warranties that the Depositor made to the Issuing Entity pursuant to Section 3.1(b) of the Receivables Transfer Agreement and the benefit of the representations and warranties that
the Seller made to the Depositor pursuant to Section 3.1(b) and Section 3.1(c) of the Receivables Purchase Agreement. The Issuing Entity hereby represents and warrants to the Grantor Trust that the Issuing Entity has taken no action which
would cause such representations and warranties of the Depositor or the Seller to be false in any material respect as of the Closing Date. 

(b) Good Title. 
 (i)
Immediately prior to the conveyance of each Receivable and the related Third Step Transferred Property to the Grantor Trust pursuant to this Agreement and the Third Step Receivables Assignment, the Issuing Entity had good and marketable title
thereto, free and clear of all Liens except for Permitted Liens. No effective financing statement or other instrument similar in effect covering any portion of the Third Step Transferred Property shall, on or after the Closing Date, be on file in
any recording office except such as may be filed in favor of (i) the Grantor Trust in connection with this Agreement or (ii) the Indenture Trustee in connection with the Indenture. 

(ii) Upon the conveyance of such Receivable and the other related Third Step Transferred Property to the Grantor Trust pursuant to this
Agreement and the Third Step Receivables Assignment, the Grantor Trust will be the sole owner of, and have good, indefeasible and marketable title to such Receivable and other related Third Step Transferred Property, free and clear of any Lien
(other than Liens created hereunder and Permitted Liens); and, to the extent the related Obligor has a contractual right to return the Financed Vehicle to the Seller for repurchase, the applicable repurchase period has expired. As of the Closing
Date, each Receivable and the related Financed Vehicle is free and clear of any Lien of any Person (other than Liens created hereunder and Permitted Liens) or those Liens that will be released simultaneously with the conveyance hereunder and is in
compliance with all Applicable Laws. 
 (c) All Filings Made. With respect to the sale and assignment of the Third Step Transferred
Property to the Grantor Trust, the Issuing Entity has taken all steps reasonably necessary to ensure that such sale and assignment has been perfected under the relevant UCC. With respect to the Third Step Transferred Property, the Issuing Entity has
taken all steps necessary to ensure that all filings (including UCC filings) necessary in any jurisdiction to give the Indenture Trustee a first priority perfected security interest in the Third Step Transferred Property have been made. 

  
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 (d) Value Given. The Grantor Trust shall have given reasonably equivalent value to
the Issuing Entity in consideration for the transfer by the Issuing Entity to the Grantor Trust of each of the Receivables and the related Third Step Transferred Property under this Agreement. 

Section 3.2 Repurchase of Receivables. 

(a) In the event of 

(A) a breach of any representation or warranty set forth in Section 3.1(b) or Section 3.1(c) of the Receivables
Purchase Agreement, Section 3.1(b) of the Receivables Transfer Agreement or Section 3.1(a) hereof which materially and adversely affects the interests of the Noteholders or the Certificateholders taken as a whole,
unless the breach shall have been cured within thirty (30) days following (i) discovery of the breach by the Issuing Entity or receipt of notice of such breach by the Issuing Entity from the Grantor Trust (which notice shall provide
sufficient detail so as to allow the Issuing Entity to reasonably investigate the breach), or (ii) in the case of the Grantor Trust Trustee or the Indenture Trustee, a Responsible Officer of such trustee has actual knowledge or receives written
notice of a breach of such representation or warranty, then 
 (B) the Issuing Entity shall (1) repurchase from the
Grantor Trust each Receivable related to such breach by remitting to the Collection Account an amount equal to the Purchase Amount of each such Receivable or (2) in the event of a breach of any representation or warranty set forth in
Section 3.1(b) of the Receivables Transfer Agreement, use reasonable efforts to enforce, at the direction of the Grantor Trust or any of it assigns, including the Indenture Trustee, the obligations of the Depositor under Section 3.1(c) of
the Receivables Transfer Agreement to repurchase each Receivable related to such breach by remitting to the Collection Account an amount equal to the Purchase Amount of each such Receivable. Any such breach will be deemed not to materially and
adversely affect the interests of the Noteholders or the Certificateholders taken as a whole, if such breach or failure does not affect the ability of the Issuing Entity (or its assignee) to receive and retain timely payment in full on such
Receivable. The Issuing Entity shall not interfere with or act to hinder the Grantor Trust’s or any assignee’s exercise of rights and remedies under this Section 3.2 or under Sections 3.1(c) or 4.13 of the
Receivables Transfer Agreement. 
 (b) It is understood and agreed that the obligation of the Issuing Entity to repurchase any Receivable as
to which a breach of a representation or warranty set forth in Section 3.1(a), which materially and adversely affects the interests of the Noteholders or the Certificateholders taken as a whole, has occurred and is
continuing, and the obligation of the Issuing Entity to enforce the Depositor’s obligation to repurchase such Receivables pursuant to the Receivables Transfer Agreement in connection with a breach of a representation or warranty set forth in
Section 3.1(b) of the Receivables Transfer Agreement and the Seller’s obligation to repurchase such Receivables pursuant to the Receivables Purchase Agreement in connection 

  
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with a breach of a representation or warranty set forth in Section 3.1(b) or Section 3.1(c) of the Receivables Purchase Agreement shall, if such obligations are fulfilled, constitute
the sole and exclusive remedy (other than any indemnities available pursuant to Section 4.13, Section 4.13 of the Receivables Transfer Agreement or Section 4.13 of the Receivables Purchase Agreement) against the Issuing Entity, the
Depositor or the Seller for such breach available to the Grantor Trust, the Financial Parties, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee. 

(c) Upon the receipt of the applicable Purchase Amount, the applicable Receivable and any and all related Third Step Transferred Property shall
be automatically and immediately assigned and re-conveyed by the Grantor Trust (or its applicable assign, as the case may be) to the Issuing Entity. 

(d) Upon discovery by the Issuing Entity or by the Grantor Trust of a breach of any of the foregoing representations and warranties set forth
in Section 3.1 hereof, Section 3.1(a), Section 3.1(b) or Section 3.1(c) of the Receivables Purchase Agreement or Section 3.1(a) or Section 3.1(b) of the Receivables Transfer Agreement (other than
with respect to Receivables that have been repurchased in accordance with the terms of this Agreement), the party discovering such breach shall give prompt written notice to the other party. 

Section 3.3 Representations and Warranties of the Issuing Entity. 

The Issuing Entity makes the following representations and warranties to the Grantor Trust as of the date of this Agreement, which shall
survive delivery of the Third Step Transferred Property, and on which representations and warranties the Grantor Trust shall rely in issuing the Grantor Trust Certificate. 

(a) Organization and Good Standing. The Issuing Entity has been duly organized, and is validly existing as a statutory trust and in good
standing under the laws of the state of its formation, with all requisite power and authority to own or lease its properties and to conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant
to this Agreement. 
 (b) Power and Authority; Due Authorization. The Issuing Entity (i) has the power and authority to
(A) execute and deliver this Agreement and the other Transaction Documents to which it is a party and (B) carry out the terms of this Agreement and the other Transaction Documents to which it is a party and (ii) has duly authorized by
all necessary action on its part the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. 

(c) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Issuing Entity enforceable against the
Issuing Entity in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by
general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

  
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 (d) No Violation. The consummation of the transactions contemplated by this Agreement
and the fulfillment of the terms hereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Issuing Entity’s Formation
Documents or any Contractual Obligation of the Issuing Entity, (ii) result in the creation or imposition of any Lien upon any of the Issuing Entity’s properties, other than Liens permitted or created pursuant to the Transaction Documents,
or (iii) violate any Applicable Law, in each case, except where such failure to comply could not reasonably be expected to have a Material Adverse Effect with respect to the Issuing Entity. 

(e) No Proceedings. There are no proceedings or investigations pending or, to the knowledge of the Issuing Entity, threatened against
the Issuing Entity, before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, (iii) challenging the
enforceability of a material portion of the Receivables or (iv) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect with respect to the Issuing Entity. 

(f) No Consents. All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority (if
any) required for the due execution, delivery and performance by the Issuing Entity of this Agreement have been obtained. 

Section 3.4 Covenants of the Issuing Entity. The Issuing Entity hereby covenants as to the Receivables the Issuing Entity has
contributed to the Grantor Trust hereby that: 
 (a) Delivery of Payments. The Issuing Entity shall within two (2) Business Days
after the Closing Date, transfer all Collections received by it on or after the Cutoff Date with respect to any Receivable or related Third Step Transferred Property to, or at the direction of, the Grantor Trust. 

(b) Security Interests. The Issuing Entity will not sell, pledge, assign or transfer to any other Person, or grant, create, incur,
assume or suffer to exist any Lien (other than Permitted Liens) on any portion of the Receivables or other Third Step Transferred Property, whether now existing or hereafter transferred hereunder, or any interest therein, and the Issuing Entity will
not sell, pledge, assign or suffer to exist any Lien on its interest, if any, hereunder. The Issuing Entity will promptly notify the Grantor Trust of the existence of any Lien (other than Permitted Liens) on any portion of the Receivables or other
Third Step Transferred Property and the Issuing Entity shall defend the right, title and interest of the Grantor Trust (and the permitted assignees) in, to and under such Receivables and other Third Step Transferred Property, against all claims of
third parties; provided, however, that nothing in this subsection shall prevent or be deemed to prohibit the Issuing Entity from suffering to exist Permitted Liens upon any portion of the Third Step Transferred Property. 

Section 3.5 Representations and Warranties of the Grantor Trust. 

The Grantor Trust makes the following representations and warranties to the Issuing Entity as of the date of this Agreement, and on which
representations and warranties the Issuing Entity shall rely in contributing the Receivables. 

  
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 (a) Organization and Good Standing. The Grantor Trust has been duly organized, and is
validly existing as a statutory trust and in good standing under the laws of the state of its formation, with all requisite power and authority to own or lease its properties and to conduct its business as such business is presently conducted and to
enter into and perform its obligations pursuant to this Agreement. 
 (b) Power and Authority; Due Authorization. The Grantor Trust
(i) has the power and authority to (A) execute and deliver this Agreement and the other Transaction Documents to which it is a party and (B) carry out the terms of this Agreement and the other Transaction Documents to which it is a
party and (ii) has duly authorized by all necessary action on its part the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. 

(c) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Grantor Trust enforceable against the
Grantor Trust in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by
general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (d) No
Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time or both) a default under, the Grantor Trust’s Formation Documents or any Contractual Obligation of the Grantor Trust, (ii) result in the creation or imposition of any Lien upon any of the Grantor Trust’s
properties, other than Liens permitted or created pursuant to the Transaction Documents, or (iii) violate any Applicable Law, in each case, except where such failure to comply could not reasonably be expected to have a Material Adverse Effect
with respect to the Grantor Trust. 
 (e) No Proceedings. There are no proceedings or investigations pending or, to the knowledge of
the Grantor Trust, threatened against the Grantor Trust, before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement,
(iii) challenging the enforceability of a material portion of the Receivables or (iv) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect with respect to the Grantor Trust. 

(f) No Consents. All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority (if
any) required for the due execution, delivery and performance by the Grantor Trust of this Agreement have been obtained. 

  
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 ARTICLE IV 

MISCELLANEOUS PROVISIONS 

Section 4.1 Amendment. 

(a) This Agreement may be amended, waived, supplemented or modified by a written amendment duly executed and delivered by the Issuing Entity
and the Grantor Trust, without the consent of the Depositor, the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, any of the Noteholders, any of the Certificateholders, or any other Person (i) to cure any ambiguity, (ii) to
correct or supplement any provision in this Agreement that may be defective or inconsistent with any other provision in this Agreement or any other Transaction Document or with any description thereof in the Prospectus, (iii) to add to the
covenants, restrictions or obligations of the Seller, (iv) to add, change or eliminate any other provision of this Agreement in any manner that shall not, as evidenced by an Opinion of Counsel, materially and adversely the interests of the
Noteholders or Unaffiliated Certificateholders, or (v) if the Rating Agency Condition is satisfied with respect to such amendment and the Depositor or the Issuing Entity notifies the Indenture Trustee in writing that the Rating Agency Condition
is satisfied with respect to such amendment. 
 (b) This Agreement may be amended, waived, supplemented or modified by a written amendment
duly executed and delivered by the Issuing Entity, the Grantor Trust and the Indenture Trustee with the consent of the Certificateholders to add or supplement any credit enhancement for the benefit of the Noteholders of any class or the
Certificateholders (provided that if any such addition shall affect any class of Noteholders differently from any other class of Noteholders, then such addition shall not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any class of Noteholders). 
 (c) This Agreement may be amended, waived, supplemented or modified by a written
amendment duly executed and delivered by the Issuing Entity, the Grantor Trust and the Indenture Trustee with the consent of the Required Noteholders as of the close of business on the preceding Distribution Date, or if no Notes (other than the
Class XS Notes) are Outstanding, the Majority Certificateholders (which consent, whether given pursuant to this Section 4.1 or pursuant to any other provision of this Agreement, shall be conclusive and binding on such
Person and on all future holders of such Notes or Certificates and of any Notes or Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon any Notes or
Certificates) 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 Certificateholders; provided,
however, that no such amendment shall reduce the aforesaid percentage of Noteholders or Certificateholders required to consent to any such amendment, without the consent of the holders of all Notes or Certificates then outstanding, as the
case may be. 
 (d) It will not be necessary for the consent of Noteholders or Certificateholders pursuant to
Section 4.1(b) or (c) to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any
other consents of Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture
Trustee and Owner Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (e) No
amendment, waiver or other modification which adversely affects the rights, privileges, indemnities, duties or obligations of the Owner Trustee or the Grantor Trust Trustee under this Agreement shall be effective without such entity’s prior
written consent. 

  
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 (f) Prior to the execution of any amendment pursuant to
Section 4.1(b) or (c), the Depositor shall provide written notification of the substance of such amendment or consent to each Rating Agency and the Indenture Trustee; and promptly after the execution of any such
amendment, the Depositor shall furnish a copy of such amendment to each Rating Agency, the Grantor Trust Trustee, the Owner Trustee and the Indenture Trustee. 

(g) In executing any amendment permitted by Section 4.1(b) or (c), the Indenture Trustee shall be entitled to
receive, and subject to Sections 6.1 and 6.2 of the Indenture, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s
Certificate stating that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such amendment that affects the Indenture Trustee’s
own privileges, indemnities, duties or obligations under this Agreement or otherwise. 
 (h) Notwithstanding anything to the contrary herein,
an Opinion of Counsel shall be delivered to the Depositor, the Grantor Trust Trustee and the Owner Trustee to the effect that such amendment would not cause the Issuing Entity or the Grantor Trust to fail to qualify as a grantor trust for United
States federal income tax purposes. 
 Section 4.2 Protection of Right, Title and Interest in and to Receivables. 

(a) The Issuing Entity, at its expense, shall cause all financing statements and continuation statements, amendments, assignments and any other
necessary documents and notices, covering or evidencing the Grantor Trust’s right, title and interest in and to the Receivables and other Third Step Transferred Property to be promptly recorded, registered and filed, and at all times to be kept
recorded, registered and filed, and take such other action, all in such manner and in such places as may be required by law, fully to preserve and protect the right, title and interest of the Grantor Trust hereunder in and to all of the Receivables
and such other Third Step Transferred Property. The Issuing Entity shall deliver to the Grantor Trust file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such
recording, registration or filing. The Issuing Entity shall cooperate fully with the Grantor Trust in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this
subsection. 
 (b) Name Change. The Issuing Entity shall not change its State of organization or its name, identity or entity
structure in any manner that would, could or might make any financing statement or continuation statement filed by the Issuing Entity, the Grantor Trust, or the Grantor Trust’s assigns seriously misleading within the meaning of the UCC, unless
it shall give the Grantor Trust written notice thereof at least five (5) Business Days prior to such change. 
 (c) Executive Office;
Maintenance of Offices. The Issuing Entity shall give the Grantor Trust written notice at least ten (10) Business Days prior to any relocation of its principal executive office 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. The Issuing Entity shall at all times maintain its principal executive office within the United
States. 

  
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 (d) New Debtor. In the event that the Issuing Entity shall change the jurisdiction in
which it is formed or otherwise enter into any transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Issuing Entity hereunder, the Issuing Entity shall comply fully with the
obligations of Section 4.2(a). 
 Section 4.3 Governing Law; Consent to Jurisdiction; Waiver of Objection
to Venue. THIS AGREEMENT AND THE THIRD STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN
§§ 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)). EACH OF THE PARTIES HERETO HEREBY AGREES TO THE JURISDICTION OF THE COURTS
OF THE STATE OF NEW YORK, LOCATED IN THE BOROUGH OF MANHATTAN AND THE FEDERAL COURTS LOCATED WITHIN THE STATE OF NEW YORK IN THE BOROUGH OF MANHATTAN. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY
OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER OR UNDER THE THIRD STEP RECEIVABLES ASSIGNMENT IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 

Section 4.4 Waiver of Jury Trial. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

Section 4.5 Notices. All demands, notices and communications upon or to the Issuing Entity or the Grantor Trust under this
Agreement shall be delivered as specified in Part III of Appendix A to the Receivables Purchase Agreement. 
 Section 4.6
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable
from the remaining covenants, agreements, provisions and terms of this Agreement and shall in no way affect the validity or enforceability of the other covenants, agreements, provisions or terms of this Agreement. 

  
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 Section 4.7 Closing; Assignment; Conveyance of Receivables and Third Step
Transferred Property to the Issuing Entity. The transfer of the Receivables contemplated by this Agreement shall take place at Carvana Headquarters, on the date hereof. This Agreement may not be assigned by the Issuing Entity or the Grantor
Trust except as contemplated by this Section 4.7. The Issuing Entity acknowledges that the Grantor Trust (or any permitted assign) may make further assignments, conveyances and pledges of the Receivables and the other Third
Step Transferred Property together with its rights under this Agreement to other Persons pursuant to the Indenture. The Issuing Entity acknowledges and consents to such assignments and pledges and waives any further notice thereof. Additionally, the
Grantor Trust may assign the representations and warrants set forth in Section 3.1 to any Third-Party Purchaser with respect to the sale of Charged-Off Receivables pursuant to a
Forward Commitment Transfer. 
 Section 4.8 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising,
on the part of the Grantor Trust or the Issuing Entity, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law.

 Section 4.9 Counterparts. This Agreement may be executed in two (2) or more counterparts (and by different parties on
separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by email or facsimile shall be effective as delivery of a
manually executed counterpart of this Agreement. 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. 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. 

Section 4.10 Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto and the
Indenture Trustee and, to the extent expressly referenced herein, shall inure to the benefit of the Noteholders and the Certificateholders, who shall be considered to be a third party beneficiary hereof. Except as otherwise provided in this
Agreement, no other Person will have any right or obligation hereunder. 
 Section 4.11 Merger and Integration. Except as
specifically stated otherwise herein, this Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived or supplemented except as provided herein. 

  
 12 

 Section 4.12 Headings. The headings herein are for purposes of references only
and shall not otherwise affect the meaning or interpretation of any provision hereof. 
 Section 4.13 Indemnification. The
Issuing Entity shall indemnify and hold harmless the Grantor Trust and its agents and assignees (each, an “Indemnified Person”) from and against any loss, liability, expense (including reasonable and documented out of pocket
external attorneys’ fees and costs) or damage suffered or sustained by reason of third party claims which may be asserted against or incurred by the Grantor Trust or any of the permitted assignees (collectively, “Losses”) as a
result of the breach of the Issuing Entity’s representations and warranties contained herein and any failure by the Issuing Entity to comply with its obligations under Section 4.2 or
Section 3.4(b); provided that the Issuing Entity’s repurchase obligation for a breach of representations and warranties set forth in Section 3.1(a) hereof is the sole remedy
therefor, except with respect to matters set forth in (i) above. Notwithstanding the foregoing, such indemnity shall not be available to an Indemnified Person to the extent that such Losses (A) have resulted from the gross negligence, bad
faith, fraud or willful misconduct of such Indemnified Person or (B) arise primarily due to the deterioration in the credit quality or market value of the Receivables, Financed Vehicles or other Third Step Transferred Property (or the
underlying Obligors thereunder) or otherwise constituting credit recourse for the failure of an Obligor to pay any amount owing with respect to any Third Step Transferred Property. 

Section 4.14 Survival. 

All representations, warranties, covenants, indemnities and other provisions made by the Issuing Entity herein or in connection herewith shall
be considered to have been relied upon by the Grantor Trust, and shall survive the execution and delivery of this Agreement. The terms of Section 4.13 shall survive the termination of this Agreement. 

Section 4.15 No Petition Covenant. 

Notwithstanding any prior termination of this Agreement, the Issuing Entity shall not, prior to the date which is one year and one day after
the final distribution with respect to the Notes (other than the Class XS Notes) to the Note Distribution Account or, with respect to the Certificates, to the Certificateholders or the Certificate Distribution Account, acquiesce, petition or
otherwise invoke or cause the Grantor Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Grantor 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 Grantor Trust or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the
Grantor Trust under any federal or State bankruptcy or insolvency proceeding. 
 Section 4.16 Limitation on Liability. 

It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by BNY Mellon Trust of
Delaware (“BNY Delaware”), not individually or personally but solely as Owner Trustee of the Issuing Entity and Grantor Trust Trustee of the Grantor Trust, in the exercise of the powers and authority conferred and vested in it,
(b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity or 

  
 13 

 
Grantor Trust, as applicable, is made and intended not as personal representations, undertakings and agreements by BNY Delaware but is made and intended for the purpose of binding only Issuing
Entity or Grantor Trust, as applicable, (c) nothing herein contained shall be construed as creating any liability on BNY Delaware, individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing
Entity or Grantor Trust, as applicable, 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) BNY Delaware has made no investigation as to the accuracy
or completeness of any representations and warranties made by Issuing Entity or Grantor Trust, as applicable, in this Agreement and (e) under no circumstances shall BNY Delaware be personally liable for the payment of any indebtedness or
expenses of Issuing Entity or Grantor Trust, as applicable, or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by Issuing Entity or Grantor Trust, as applicable, under this Agreement.

 [REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK] 

  
 14 

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

			
	CARVANA AUTO RECEIVABLES TRUST 2021-P2
		
	By	 	 BNY MELLON TRUST OF DELAWARE,

		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	 Kristine K. Gullo

	Title:	 	 Vice President

	
	CARVANA AUTO RECEIVABLES GRANTOR TRUST 2021-P2
		
	By:	 	BNY MELLON TRUST OF DELAWARE,
		 	not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	 Kristine K. Gullo

	Title:	 	 Vice President

 [Signature Page to Receivables Contribution Agreement]Exhibit 10.5

 

Equity Pledge Agreement

 

This Equity Pledge Agreement (this “Agreement”)
is executed by and among the following parties on December 24, 2020 in Shenzhen, the Peoples’ Republic of China (the “PRC’s
Republic of China” or “China”, which, for purpose of this Agreement, shall exclude the Hong Kong Special Administrative
Region of the PRC, the Macau Special Administrative Region and Taiwan) by and among:

 

Party A: Shenzhen
Weiyixin Technology Co., Ltd. (the “Pledgee”)

Address: Room
201, Building A, 1 Qianwan First Road, Shenzhen-Hong Kong cooperation zone, Shenzhen

 

Party B: (the
“Pledgor”)

Party B
(I): Sun Yadong

Identification
Card Number: []

Party B (II):
Yao Zhaohua

Identification
Number: 421122198207240060.

 

Party C:
Shenzhen Yitian Internet Technology Co., Ltd. (“VIE Co”)

Address: Room
507, Building C, Longjing High-Tech Jingu business incubator, Longjing Village, Taoyuan Street, Nanshan District, Shenzhen

 

(In this Agreement, each of Pledgee, Pledgor and
Party C shall be hereinafter referred to as a “Party” individually, and as the “Parties” collectively.)

 

WHEREAS:

 

		(1)	As of the execution date of this Agreement, Pledgor holds 100% of equity interests in Party C, representing
RMB20,000,000 in the registered capital of Party C. Party C is a limited liability company incorporated in the PRC, engaging in online
sales service of communication products, digital products, computer software, network products, gifts, office supplies and technology
development service ofthe communication products, digital products, computer software and hardware, network equipment, gifts, office supplies
and technology development service for network communication. Party C acknowledges the respectiverights and obligations of Pledgor and
Pledgee under this Agreement, and intends to provide any necessary assistance in registering the Pledge;

 

		(2)	Pledgee is a wholly foreign-owned enterpriseregistered in PRC. Pledgee and Party C have executed an Exclusive
Business Cooperation Agreement (as defined below); Party C, Pledgee, Pledgor and Party C have executed an Exclusive Option Agreement (as
defined below); Pledgee and Pledgor have executed a Loan Agreement (as defined below); Pledgor has executed a Power of Attorney (as defined
below) in favor of Pledgee;

 

		(3)	To ensure that Party C and Pledgor fully perform their obligations under the Exclusive Business Cooperation
Agreement, the Exclusive Option Agreement, the Loan Contract and the Power of Attorney, Pledgor hereby pledges to the Pledgee all of the
equity interest that Pledgor holds in Party C as security for Party C’s and Pledgor’s obligations under the Exclusive Business
Cooperation Agreement, the Exclusive Option Agreement, the Loan Contract and the Power of Attorney.

 

     

     

    

 

To perform the provisions of the Transaction Documents
(as defined below), the Parties have mutually agreed to execute this Agreement upon the following terms.

 

		1	Definitions

 

Unless otherwise
provided herein, the terms below shall have the following meanings:

 

		1.1	Pledge: shall refer to the security interest granted by Pledgor to Pledgee pursuant to Section 2 of this
Agreement, i.e., the right of Pledgee to be paid in priority with the Equity Interest based on the monetary valuation that such Equity
Interests converted into or from the proceeds from auction or sale of the Equity Interest.

 

		1.2	Equity Interest: shall refer to 100% Equity Interests in Party C currently held by Pledgor, representing
RMB 20 million in the registered capital of Party C, and all of the equity interest lawfully now held and hereafter acquired by Pledgor
in Party C.

 

		1.3	Term of Pledge: shall refer to the term set forth in Section 3 of this Agreement.

 

		1.4	Transaction Documents: shall refer to the Exclusive Business Cooperation Agreement executed by and between
Party C and Pledgee on _ _ _, 2021 (the “Exclusive Business Cooperation Agreement”), the loan agreement executed by and between
Pledgor and Pledgee on _ _ _, 2021 (the “Loan Agreement”), the Exclusive Option Agreement executed by and among Party C, Pledgor
and Pledgee on _ _ _ _, 2021 (the “Exclusive Option Agreement”), and Power of Attorney executed on _ _ _ _, 2021 by Pledgor
(the “Power of Attorney”) and any modification, amendment and restatement to the aforementioned documents.

 

		1.5	Contract Obligations: shall refer to all the obligations of Pledgor under the Exclusive Option Agreement,
the Loan Contract, the Power of Attorney and this Agreement; all the obligations of Party C under the Exclusive Business Cooperation Agreement,
the Exclusive Option Agreement and this Agreement.

 

		1.6	Secured Indebtedness: shall refer to all the direct, indirect and derivative losses and losses of anticipated
profits, suffered by Pledgee, incurred as a resultof any Event of Default of Pledgor and/or Party C. The amount of such loss shall be
calculated in accordance with the reasonable business plan and profitforecast of Pledgee, the consulting and service fees payable to Pledgee
under the Exclusive Business Cooperation Agreement, the loan amount payable by Pledgor under the Loan Agreement andall the fees incurred
in enforcement by Pledgee of Pledgor’s and/or Party C’s Contractual Obligations hereunder.

 

		1.7	Event of Default: shall refer to any of the circumstances set forth in Article 7 of this Agreement.

 

		1.8	Notice of Default: shall refer to the notice issued by Pledgee in accordance with this Agreement declaring
an Event of Default.

 

		2	Pledge

 

		2.1	Pledgor agrees to pledge all the Equity Interest as security for performance of the Contract Obligations
and payment of the Secured Indebtedness under this Agreement. Party C hereby assents that Pledgor pledges the Equity Interest to the Pledgee
pursuant to this Agreement.

 

    2

     

    

 

		2.2	During the term of the Pledge, Pledgee is entitled to receive dividends distributed on the Equity Interest.
Pledgor may receive dividends distributed on the Equity Interest only with prior written consent of Pledgee. Dividends received by Pledgor
on Equity Interest after deduction of individual income tax paid by Pledgor shall be, as required by Pledgee, (1) deposited into an account
designated and supervised by Pledgeeand used to securethe Contract Obligations and pay the Secured Indebtedness prior and in preference
to make any other payment; or (2) unconditionally donated to Pledgee or any other person designated by Pledgee to the extent permitted
under applicable PRC laws.

 

		2.3	Pledgor may subscribe for capitalincrease in Party C only with prior written consent of Pledgee. Any equity
interest obtained by Pledgor as a result of Pledgor’s subscription of the increased registered capital of the Company shall also
be deemed as Equity Interest. The Parties shallenter into a further pledge agreement and complete registration of the increased equity
interest.

 

		2.4	In the event that Party C isrequired by PRC law to be liquidated or dissolved, any interest distributed
to Pledgor upon Party C’s dissolution or liquidation shall, upon the request of the Pledgee, be (1) deposited into an account designated
and supervised by Pledgee and used to securethe Contract Obligations and pay the Secured Indebtedness prior and in preference to make
any other payment; or (2) unconditionally donated to Pledgee or any other person designated by Pledgee to the extent permitted under applicable
PRC laws.

 

		3	Term of Pledge

 

		3.1	The Pledge shall become effective on such date when the pledge of the EquityInterest contemplated herein
is registered with relevant administration for industry and commerce (the “AIC”). The Pledge shall remain effective until
(1) all Contract Obligations have been fully performed and all Secured Indebtedness have been fully paid, or (2) to the extent permitted
under the PRC law, Pledgee and/or the Designee (s) have decided to purchase all the Equity Interest held by Pledgor in Party C according
to the Exclusive Option Agreement, and all Equity Interest in Party C has been lawfully transferred to Pledgee and/or the Designee (s)
can lawfully engage in the business of Party C. The Pledge shall be continuously valid until all payments due under the Business CooperationAgreement
have been fulfilled by Party C. Pledgor and Party C shall (1) register the Pledge in the shareholders’ register of Party C within
3 business days following the execution of this Agreement, and (2) submit an application to the AIC for the registration of the Pledge
of the Equity Interest contemplated herein within 30 business days following the execution of this Agreement. The parties covenant that
for the purpose of registration of the Pledge, the parties hereto and all other shareholdersof Party C shall submit to the AIC this Agreement
or an equityinterest pledge contract in the form required by the AIC at thelocation of Party C which shall truly reflect the information
of the Pledge hereunder (the “AIC Pledge Contract”) .For matters not specified in the AIC Pledge Contract, the parties shall
be bound by the provisions of this Agreement. Pledgor andParty C shall submit all necessary documents and complete all necessary procedures,
as required by the PRC laws and regulations and the relevant AIC, to ensure that the Pledge of the Equity Interest shall be registered
with the AIC as soon as possible after filing.

 

		3.2	During the Term of Pledge, in the event Pledgor and/or Party C fails to perform the Contract Obligations
or pay Secured Indebtedness, Pledgee shall have theright, but not the obligation, to exercise the Pledge in accordance with the provisions
of this Agreement.

 

    3

     

    

 

		4	Custody of Records for Equity Interest subject to Pledge

 

		4.1	During the Term of Pledge set forth in this Agreement, Pledgor shall deliver to Pledgee’s custody
the capital contribution certificate for the Equity Interest and the shareholders’ register containing the Pledge within one week
from the execution of this Agreement. Pledgee shall have custody of such original documents during the entire Term of Pledge set forth
in this Agreement.

 

		5	Representationsand Warranties of Pledgor and Party C

 

As of the execution date of
this Agreement, Pledgor and Party C hereby severally represent and warrant to Party A that:

 

		5.1	Pledgor is the sole legal and beneficial owner of the Equity Interest;

 

		5.2	Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with the provisions
set forth in this Agreement;

 

		5.3	Except for the Pledge, Pledgor has not placed any security interest or other encumbrance on the Equity
Interest;

 

		5.4	Pledgor and Party C have obtainedany and all approvals and consents from applicable government authorities
and third parties (if required) for execution, deliveryand performance of this Agreement.

 

		5.5	The execution, delivery and performance of this Agreement will not: (i) violate any relevant PRC laws;
(ii) conflict with Party C’s articles of association, bylaws or other constitutional documents; (iii) result in any breach of or
constitute any breach under any contract or instrument to which it is a party or by which it is otherwise bound; (iv) result in any violation
of any condition for the grant and/or maintenanceof any permit or approval granted to any Party; or (v) cause any permit or permit issued
to any Party to be suspended, cancelledor attached with additional conditions.

 

		6	Covenants of Pledgor and Party C

 

		6.1	During the term of this Agreement, Pledgor and Party C hereby jointly and severally covenant to the Pledgee:

 

		6.1.1	Pledgor shall not transfer the Equity Interest, place or permit the existence of any security interest
or other encumbrance on the Equity Interest or any portion thereof, without the prior written consent of Pledgee, except for the performance
of the Transaction Documents;

 

		6.1.2	Pledgor and Party C shall comply with the provisions of all laws and regulations applicable to the pledge
of rights, and within five (5) days of receipt of anynotice, order or recommendation issued or prepared by relevant competent authorities
regarding the Pledge, shall present the aforementioned notice, order or recommendation to Pledgee, and shall complywith the aforementioned
notice, order or recommendation or submit objections and representations with respect to the aforementioned matters upon Pledgee’s
reasonable request or upon consentof Pledgee;

 

		6.1.3	Pledgor and Party C shall promptly notify Pledgee of any event or notice received by Pledgor that may
have an impact on the Equity Interest or any portion thereof, as well as any event or notice received by Pledgor that may have an impact
on any guarantees and other obligations of Pledgor arisingout of this Agreement;

 

		6.1.4	Party C shall complete the registration procedures for extension of the term of operation within three
(3) months prior to the expiration of such term tomaintain the validity of this Agreement.

 

    4

     

    

 

		6.2	Pledgor agrees that the rights acquired by Pledgee in accordance with this Agreement with respect to the
Pledge shall not be interrupted or harmed by Pledgor or any heirs or representatives of Pledgor or any other persons through any legal
proceedings.

 

		6.3	To protect or perfect the security interest granted by this Agreement for the Contract Obligations and
Secured Indebtedness, Pledgor hereby undertakes to execute in good faith and to cause other parties who have an interest in the Pledge
to execute all certificates, agreements, deeds and/or covenants required by Pledgee. Pledgor also undertakes to perform and to cause other
parties who have an interest in the Pledge toperform actions required by Pledgee, to facilitate the exerciseby Pledgee of its rights and
authority granted thereto by this Agreement, and to enter intoall relevant documents regarding ownership of Equity Interest with Pledgee
ordesignee (s) of Pledgee (natural persons/legal persons). Pledgor undertakes to provide Pledgee within a reasonable time with all notices,
orders and decisions regarding the Pledge that are required by Pledgee.

 

		6.4	Pledgor hereby undertakes to comply with and perform all guarantees, promises, agreements, representations
and conditions under this Agreement. In the eventof failure or partial performance of its guarantees, promises, agreements, representations
and conditions, Pledgor shall indemnify Pledgee for all lossesresulting therefrom.

 

		7	Event of Breach

 

		7.1	The following circumstances shall be deemed Event of Default:

 

		7.1.1	Pledgor’s any breach to any obligations under the Transaction Documents and/or this Agreement.

 

		7.1.2	Party C’s any breach to any obligations under the Transaction Documents and/or this Agreement.

 

		7.2	Upon notice or discovery ofthe occurrence of any circumstances or event that may lead to the aforementioned
circumstances describedin Section 7.1, Pledgor and Party C shall immediately notify Pledgee in writing accordingly.

 

		7.3	Unlessan Event of Default setforth in this Section 7.1 has been successfully resolved to Pledgee’s
satisfaction within twenty (20) daysafter the Pledgee and/or Party C delivers a notice to the Pledgor requesting ratification of such
Event of Default, Pledgee may issue a Notice of Default to Pledgor in writing at any time thereafter, demanding the Pledgor to immediately
exercise the Pledge in accordance with the provisions of Section 8 of this Agreement.

 

		8	Exercise of Pledge

 

		8.1	Pledgee shall issue a written Notice of Default to Pledgor when it exercises the Pledge.

 

		8.2	Subjectto the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge at any time
after the issuance of the Notice of Default in accordance with Section 8.1. Once Pledgee elects to enforce the Pledge, Pledgor shall ceaseto
be entitled to any rights or interests associated with the Equity Interest.

 

    5

     

    

 

		8.3	After Pledgee issues a Noticeof Default to Pledgee in accordance with Section 8.1, Pledgee may exercise
any remedy measure under applicable PRC laws, the Transaction Documents and this Agreement, including but not limited to being paid in
priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted into or from the proceeds from
auction or sale of the Equity Interest. The Pledgeeshall not be liable for any loss incurred by its duly exercise of such rights and powers.

 

		8.4	The proceeds from exercise of the Pledge by Pledgee shall be used to pay for tax and expenses incurred
as result of disposing the Equity Interestand to perform Contract Obligations and pay the Secured Indebtedness to the Pledgee prior and
in preference to any other payment. After the payment of the aforementioned amounts, the remaining balance shall be returned to Pledgor
or any other person who haverights to such balance under applicable laws or be deposited to the local notary public office where Pledgor
resides, with allexpense incurred being borne by Pledgor. To the extent permitted under PRC laws, Pledgor shall unconditionally donatethe
aforementioned proceeds to Pledgee or any other person designated by Pledgee.

 

		8.5	Pledgee may exercise any remedy measure available simultaneously or in any order. Pledgee may exercise
the right to being paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted into
or from the proceeds from auction or sale of the EquityInterest under this Agreement, without exercising any other remedy measure first.

 

		8.6	Pledgee is entitled to designatean attorney or other power of attorney to exercise the Pledge, and Pledgor
or Party C shall not raise any objectionto such exercise.

 

		8.7	When Pledgee disposes of thePledge in accordance with this Agreement, Pledgor andParty C shall provide
necessary assistance to enable Pledgee to enforce thePledge in accordance with this Agreement.

 

		9	Liabilities for Breach

 

		9.1	If Pledgor or Party C conductsany material breach of any term of this Agreement, Pledgee shall have right
to terminate this Agreement and/or require Pledgor or Party C to indemnify all damages; this Section 9 shall not prejudice any other rights
of Pledgee herein;

 

		9.2	Pledgor or Party C shall not haveany right to terminate this Agreement in any event unless otherwise required
by applicable laws.

 

		10	Assignment

 

		10.1	Without Pledgee’s prior written consent, Pledgor and Party C shall not assign or delegate their
rights and obligations under this Agreement.

 

		10.2	This Agreement shall be bindingon Pledgor and his/her successors and permitted assigns, and shall be valid
with respect to Pledgee and each of his/her successors andassigns.

 

    6

     

    

 

		10.3	At any time, Pledgee may assign any and all of its rights and obligations under the Transaction Documents
and this Agreement to its designee (s), in which casethe assigns shall have the rights and obligations of Pledgee under the Transaction
Documents and this Agreement, as if it werethe original party to the Transaction Documents and this Agreement.

 

		10.4	In the event of a change in Pledgee due to an assignment, Pledgor and/or Party C shall, at the requestof
Pledgee, execute a new pledge agreement with the new pledgee on the sameterms and conditions as this Agreement, and register the same
with the relevant AIC.

 

		10.5	Pledgor and Party C shall strictly abide by the provisions of this Agreement and other contracts jointly
or separately executed by the Parties hereto or any of them, including the Transaction Documents, perform the obligations hereunder and
thereunder, and refrain from any action/omission thatmay affect the effectiveness and enforceability thereof. Any remaining rights of
Pledgor with respect to the Equity Interest pledged hereunder shall not be exercised by Pledgor except in accordance with the written
instructions of Pledgee.

 

		11	Termination

 

		11.1	Upon the fulfillment of allContract Obligations and the full payment of all Secured Indebtedness by Pledgor
and Party C, Pledgee shall release the Pledgeunder this Agreement upon Pledgor’s request as soon as reasonably practicable and shall
assist Pledgor to de-register thePledge from the shareholders’ register of Party C and with relevant PRC local administration for
industry and commerce.

 

		11.2	The provisions under Sections9, 13, 14 and 11.2 herein of this Agreement shall survive the expiration
or termination of this Agreement.

 

		12	Handling Fees and Other Expenses

 

All feesand out of pocket expenses relating
to this Agreement, including but not limitedto legal costs, costs of production, stamp tax and any other taxes and fees, shall be borne
by Party C.

 

		13	Confidentiality

 

The Parties acknowledge that the existence
and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with the preparation and
performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential
information, and without obtaining the written consent of the other Party, itshall not disclose any relevant confidentialinformation to
any third parties, except for the information that: (a) is or will be in the public domain (otherthan through the receiving Party’s
unauthorized disclosure); (b) is under theobligation to be disclosed pursuant to the applicable laws or regulations, rulesof any stock
exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders,
directors, employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders,
directors, employees, legal counsels orfinancial advisors shall be bound by the confidentiality obligationssimilar to those set forth
in this Section. Disclosure of any confidential information by the shareholders, director, employees of or agencies engaged by any Party
shall be deemed disclosure of such confidential information by such Party and such Party shall be held liable for breach of this Agreement.

 

    7

     

    

 

		14	Governing Law and Resolution of Disputes

 

		14.1	The execution, effectiveness, construction, performance, amendment and terminationof this Agreement and
the resolution of disputes hereunder shall be governed bythe laws of PRC.

 

		14.2	Any dispute arising from the performance of this Agreement or in connection with this Agreement shall
have the right to submit the dispute to Shenzhen International Arbitration Court for arbitration in accordance with its then-effective
arbitration procedures and rules. The arbitration tribunal shall consist of three arbitrators appointed in accordance with arbitration
rules. The claimant shall appoint one arbitrator, and the respondent shall appoint one arbitrator. The third arbitrator shall be appointed
by the above two arbitrators through consultation or by Shenzhen International Arbitration Court. The arbitration shall be conducted confidentially
and the language of the arbitration shall be Chinese. The arbitration award shall be final and binding on both Parties. The arbitration
tribunal or arbitrators may, if appropriate, award damages, injunctive relief (including, but not limited to, necessary for the conduct
of the business or compulsory transfer of assets) with respect to the equity interests, assets, property interests orland assets of the
Parties, or propose winding up ofthe Parties, pursuant to the dispute resolution clause and/or applicable PRC laws. Furthermore, whilst
the arbitration tribunal is constituted, the Parties shall have the right to grant interim remedies to any court of competent jurisdiction
(including HK, the place of incorporation of VIE Co (i.e. Shenzhen, PRC), Cayman court and court of the place where the main assets of
VIE Co are located).

 

		14.3	During the course of arbitration, the Parties shall continue to have their other rights hereunder and
perform their obligations hereunder, except for the parts under arbitration under the dispute of the Parties.

 

		15	Notices

 

		15.1	All notices and other communications required or permitted to be given pursuant to this Agreement shall
be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission. A confirmation
copy of each notice shall also be sent by email. The dates on which notices shall be deemed to have been effectively given shall be determined
as follows:

 

		15.1.1	Notices given by personal delivery (including express courier),
shall be deemed effectively given on the date of signature;

 

		15.1.2	Notices given by registered mail, shall be deemed effectively
given on the 15th day after the date indicated on the return receipt of the registered mail;

 

		15.1.3	Notices given by facsimile transmission shall be deemed to
have bereceived on the date shown on the facsimile, provided that if such facsimile is sent after 5.00 p.m. or on a non- working day
in the place of delivery, the notice shall be deemed received on the next working day shown on the date of delivery.

 

    8

     

    

 

		15.2	For the purpose of notices, the addresses of the Parties are as follows:

 

Party A: Shenzhen
Weiyixin Technology Co., Ltd.

Address: []

Attn: []

Facsimile: []

E-mail: []

 

Party B:

Address: []

Attn: []

Facsimile: []

E-mail: []

 

Party C: Shenzhen
Yitian Internet Technology Co., Ltd.

Address: []

Attn: []

Facsimile: []

E-mail: []

 

		15.3	Any Party may change its address for notices by a notice delivered to the other Party in the manner set
forth herein.

 

		16	Severability

 

In the event that one or several of the
provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws orregulations,
the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect.
The Parties shall strive in good faith to replace such invalid, illegal orunenforceable provisions with effective provisions that accomplish
to thegreatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be
as close as possible tothe economic effect of those invalid, illegal or unenforceable provisions.

 

		17	Attachments

 

The attachments set forth herein shall
be an integral part of this Agreement.

 

		18	Effectiveness

 

		18.1	This Agreement shall become effective upon execution by the Parties.

 

		18.2	Any amendments, changes and supplements to this Agreement shall be in writing andshall become effective
upon completion of the governmental filing procedures (if applicable) after the affixation of the signatures or seals of the Parties.

 

		19	Counterparts

 

This Agreement is executed in four
counterparts. Pledgee, Pledgor and Party C shall hold one counterpart respectively, and theremaining counterpart shall be forregistration.

 

(The remainder of this page
is intentionally left blank; signature page to follow)

 

    9

     

    

 

INWITNESS WHEREOF, the Parties
have caused their authorized representatives toexecute this Share Interest Pledge Agreement as of the date first abovewritten.

 

	Shenzhen Weiyixin Technology Co., Ltd. (Seal)	 
	 	 	 
	By: 	                                       	 
	Name:	 	 
	Title:	 	 

 

     

     

    

 

IN WITNESS WHEREOF, the Parties
have caused their authorized representatives to execute this Share Pledge Agreement as of the date first above written.

 

	(Signature) Yadong Sun	 
	 	 	 
	By: 	 	 
	 	                               	 
	(Signature) Zhaohua Yao	 
	 	 	 
	By: 	 	 

 

     

     

    

 

IN WITNESS WHEREOF, the Parties
have caused their authorized representatives to execute this Share Pledge Agreement as of the date first above written.

 

	Shenzhen Yitian Internet Technology Co., Ltd. (Seal)	 
	 	 	 
	By: 	                                	 
	Name:	 	 
	Title:	 	 

 

     

     

    

 

Attachments:

 

		1.	Shareholders’ Register of Party C;

 

		2.	The Capital Contribution Certificate for Party C;

 

		3.	Exclusive Business Cooperation Agreement;

 

		4.	Exclusive Option Agreement;

 

		5.	Loan Agreement;

 

		6.	Power of Attorney

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]