Document:

EX-10.10

 Exhibit 10.10 

 
  

 
 COLLATERAL CUSTODIAN AGREEMENT 

CARVANA AUTO RECEIVABLES TRUST 2022-P2, 

as Issuing Entity 
 and 

CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P2, 

as Grantor Trust 
 and 

CARVANA, LLC, 
 as Administrator

 and 
 BRIDGECREST CREDIT
COMPANY, LLC 
 as Servicer 

and 
 COMPUTERSHARE TRUST COMPANY,
NATIONAL ASSOCIATION 
 as Collateral Custodian and Indenture Trustee 

 
  

Dated as of May 25, 2022 
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS; CONSTRUCTION
	  	 	2	 
			
	 Section 1.1
	 	Definitions	  	 	2	 
			
	 Section 1.2
	 	Accounting Terms and Determinations	  	 	3	 
			
	 Section 1.3
	 	Computation of Time Periods	  	 	3	 
			
	 Section 1.4
	 	Interpretation	  	 	3	 
		
	 ARTICLE II THE COLLATERAL CUSTODIAN
	  	 	4	 
			
	 Section 2.1
	 	Appointment; Duties of the Collateral Custodian	  	 	4	 
			
	 Section 2.2
	 	Access to Receivable Files; Release of Receivable Files	  	 	7	 
			
	 Section 2.3
	 	Compensation and Indemnification of Collateral Custodian	  	 	9	 
			
	 Section 2.4
	 	Representations, Warranties and Covenants of the Collateral Custodian	  	 	10	 
			
	 Section 2.5
	 	Covenants of the Collateral Custodian	  	 	11	 
			
	 Section 2.6
	 	Liability of the Collateral Custodian	  	 	11	 
			
	 Section 2.7
	 	Certain Matters Affecting the Collateral Custodian	  	 	14	 
			
	 Section 2.8
	 	Merger, Conversion, Consolidation of, or Succession to Business of, the Collateral Custodian	  	 	16	 
			
	 Section 2.9
	 	Termination	  	 	17	 
			
	 Section 2.10
	 	Non-Reliance on Collateral Custodian	  	 	18	 
			
	 Section 2.11
	 	AML Law	  	 	18	 
		
	 ARTICLE III MUTUAL COVENANTS REGARDING CONFIDENTIALITY
	  	 	19	 
			
	 Section 3.1
	 	Other Confidential Information	  	 	19	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	19	 
			
	 Section 4.1
	 	Amendments and Waivers	  	 	19	 
			
	 Section 4.2
	 	Notices, Etc.	  	 	20	 
			
	 Section 4.3
	 	No Waiver, Rights and Remedies	  	 	20	 
			
	 Section 4.4
	 	Binding Effect	  	 	21	 
			
	 Section 4.5
	 	Term of this Agreement; Third Party Beneficiary	  	 	21	 
			
	 Section 4.6
	 	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE	  	 	21	 
			
	 Section 4.7
	 	WAIVER OF JURY TRIAL	  	 	21	 
			
	 Section 4.8
	 	Limitation on Consequential Damages	  	 	21	 

  

					
		 	-i-	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 4.9
	 	No Insolvency Proceedings	  	 	22	 
			
	 Section 4.10
	 	Recourse Against Certain Parties	  	 	22	 
			
	 Section 4.11
	 	Execution in Counterparts; Severability; Integration	  	 	22	 
			
	 Section 4.12
	 	Concerning the Owner Trustee	  	 	23	 
			
	 Section 4.13
	 	Information to be Provided by the Collateral Custodian	  	 	24	 

  

					
		 	-ii-	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 COLLATERAL CUSTODIAN AGREEMENT 

This Collateral Custodian Agreement, dated as of May 25, 2022 (this “Agreement”), is among CARVANA AUTO RECEIVABLES
TRUST 2022-P2, a Delaware statutory trust, as the issuing entity (the “Issuing Entity”), CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P2, a Delaware
statutory trust, as the grantor trust (the “Grantor Trust”), CARVANA, LLC, an Arizona limited liability company, as administrator (the “Administrator”), BRIDGECREST CREDIT COMPANY, LLC, an Arizona limited liability
company, as servicer (the “Servicer”), COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, acting through its document custody division (including, as applicable, any agents or affiliates utilized
thereby), as collateral custodian (in such capacity, the “Collateral Custodian”), and COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as indenture trustee (in such capacity, the “Indenture Trustee”). 

W I T N E S S E T H: 
 WHEREAS,
the Seller has and will from time to time originate and acquire certain receivables, including automobile retail installment sales contracts, and transfer certain of such receivables and related property to Carvana Receivables Depositor LLC (the
“Depositor”); 
 WHEREAS, the Depositor will sell certain of those receivables and related property to the Issuing Entity
and the Issuing Entity will contribute those receivables and related property to the Grantor Trust; 
 WHEREAS, the Issuing Entity, the
Grantor Trust and the Indenture Trustee have entered into that certain Indenture, dated as of May 25, 2022 (the “Indenture”), pursuant to which the Issuing Entity and the Grantor Trust will pledge the receivables, the Grantor
Trust Certificate and certain other property to the Indenture Trustee for the benefit of the Secured Parties; 
 WHEREAS, the Indenture
Trustee, Vervent Inc. (the “Backup Servicer”), the Issuing Entity, the Grantor Trust and the Servicer will enter into that certain Servicing Agreement, dated as of May 25, 2022 (the “Servicing Agreement”),
pursuant to which the Servicer will service such receivables and related property; and 
 WHEREAS, the Issuing Entity, the Grantor Trust and
the Indenture Trustee desire to have the Collateral Custodian maintain possession of certain documents with respect to such receivables, and the Collateral Custodian is willing to do so in accordance with the terms of this Agreement: 

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 

  

					
		 		  	 CRVNA 2022-P2 Collateral Custodian Agreement

 ARTICLE I 

Definitions; Construction 

Section 1.1 Definitions. 

Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the following meanings: 

Advisors: Accountants, attorneys, consultants, advisors and Persons similar to the foregoing and the respective directors, officers,
employees and managers of each of the foregoing. 
 Approved Exported Contract: A Contract (i) that is fully executed by the
parties through the E-Vault System, (ii) which Authoritative Copy has been electronically transferred to the Vault Partition on the E-Vault System or
(iii) which has been Exported by the Collateral Custodian and is held by the Collateral Custodian pursuant to this Agreement, together with the document history report prepared by the E-Vault Provider
related to such Contract. 
 Asset Addition Date: The date on which Receivables are to be added to and included in the Collateral.

 Collateral Custodian Fee: The fees set forth in this Agreement to be paid to the Collateral Custodian. 

Confidential Information: All information and material of any type, scope or subject matter whatsoever relating to the Indenture
Trustee, the Issuing Entity, the Grantor Trust, the Servicer or any of their subsidiaries, whether oral or written, and howsoever evidenced or embodied, which each Party, each Party’s representatives or agents (including any officers of any
Party or any of their subsidiaries) may furnish to the other, or to which either Party is afforded access by the other Party, either directly or indirectly for purposes of such Party’s participation in the transactions contemplated by this
Agreement. However, “Confidential Information” shall not include information or material of a Party which (i) becomes generally available to the public other than as a result of a disclosure by the receiving Party or its agents and
other representatives, (ii) was available to the receiving Party on a non-confidential basis prior to its disclosure by the disclosing Party, (iii) becomes available to the receiving Party on a non-confidential basis from a source other than the disclosing Party or the disclosing Party’s representatives or agents, provided that such source is not, to the receiving party’s knowledge, bound by a
confidentiality agreement or otherwise prohibited from transmitting the information to the Indenture Trustee, the Issuing Entity, the Grantor Trust, the Servicer, the Collateral Custodian or the Depositor by a contractual, legal or fiduciary
obligation or (iv) consists of the documents evidencing the consummation of the transactions contemplated by the Transaction Documents so long as all references to the other Party and all information specific to the assets sold or price paid
pursuant to the transactions are removed. 
 Insolvency Laws: The Bankruptcy Code and all other applicable liquidation,
conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities or similar debtor relief laws from time to time in effect affecting the
rights of creditors generally. 

  

					
		 	2	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Required Legend: A legend applied by the
E-Vault System to every page of a Contract which reads as follows: “Carvana Auto Receivables Grantor Trust 2022-P2, with Computershare Trust Company, National
Association, as Indenture Trustee on behalf of the Noteholders, as secured party.” 
 Review: As defined in
Section 2.1(c) of this Agreement. 
 System Description: The written description of the E-Vault Provider’s e-contract system attached hereto as Schedule A. 

Capitalized terms used but not defined herein are used with the meanings assigned to them in Part I of Appendix A of 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. 

Section 1.2 Accounting Terms and Determinations. 

Unless otherwise defined or specified herein, all accounting terms shall be construed herein, all accounting determinations hereunder shall be
made, all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP. 

Section 1.3 Computation of Time Periods. 

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

Section 1.4 Interpretation. 

When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) an accounting term
not otherwise defined has the meaning assigned to it in accordance with GAAP; (iii) “or” is not exclusive; (iv) “including” means including without limitation; (v) words in the singular include the plural and words in the
plural include the singular; (vi) any agreement, instrument defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (vii) any statute defined or referred to herein or in any instrument or certificate delivered in
connection herewith means such statute as from time to time amended, modified or supplemented and includes any successor statute and the rules and regulations issued pursuant to such statute; (viii) references to a Person are also to its
successors and permitted assigns; (ix) the words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision hereof; (x) references contained herein to Section, Schedule and Exhibit, as applicable, are references to Sections, Schedules and Exhibits in this Agreement unless otherwise specified; (xi) references to “writing”
include printing, typing, lithography and other means of reproducing words in a visible form; and (xii) the term “proceeds” has the meaning set forth in the applicable UCC. 

  

					
		 	3	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 ARTICLE II 

The Collateral Custodian 

Section 2.1 Appointment; Duties of the Collateral Custodian. 

(a) The Grantor Trust hereby appoints Computershare Trust Company, National Association, to act solely on behalf of the Indenture Trustee and
the Secured Parties as collateral custodian hereunder. Computershare Trust Company, National Association hereby accepts its appointment as Collateral Custodian hereunder, acknowledges that it is bound by the terms and conditions of this Agreement
and agrees that it shall hold all Receivable Files Delivered to it or otherwise in its possession pursuant to this Agreement for the benefit of the Indenture Trustee under the terms of this Agreement. The Collateral Custodian hereby agrees not to
assert (in its individual capacity or otherwise) any Liens or claims of any kind with respect to the Receivable Files held by it or the related Receivables or any other Collateral and hereby releases and waives any such Liens and claims. 

(b) The Administrator shall, on behalf of the Grantor Trust, Deliver or cause to be Delivered to the Collateral Custodian the applicable
Receivable Files (except that any such file may not include the Certificate of Title to the extent the Certificate of Title has not been received), together with the Schedule of Receivable relating to such Receivable File no later than the
Closing Date. 
 (c) The Collateral Custodian shall on or prior to the Closing Date, review all of the Receivable Files so Delivered to
verify the presence of each item listed in the definition of “Receivable File” with respect to each Receivable and deliver a Document Receipt to the Administrator, the Indenture Trustee and the Servicer. The Administrator shall ensure that
the Collateral Custodian is provided with electronic access to the records of the Title Intermediary concerning Certificates of Title that are maintained in electronic form. Wherever in this Agreement it states that the Collateral Custodian has
possession of Certificates of Title or Receivable Files, with respect to electronic Certificates of Title, it shall mean that the Collateral Custodian has received information sufficient to perform the verification set forth in this
Section 2.1. The Collateral Custodian will rely upon, but cannot be responsible for, verify or confirm, the content or accuracy of any information provided by the Title Intermediary or any other party pursuant to the
Transaction Documents (to the extent not explicitly required by the terms of the Transaction Documents). 
 The Grantor Trust, the
Administrator and the Issuing Entity hereby certify to the Collateral Custodian that, notwithstanding anything to the contrary in this Agreement, the review contemplated by this Section 2.1(c) (the
“Review”) is a review to be performed by the Collateral Custodian solely for the purpose of acknowledging receipt of Receivable Files by the Collateral Custodian from the Issuing Entity, the Grantor Trust or the Servicer. Any
Document Receipt related to such Review prepared by the Collateral Custodian and furnished to the Servicer or the Indenture Trustee is produced solely in connection with this purpose. None of the Administrator, the Issuing Entity and the Grantor
Trust engaged the Collateral Custodian to perform the Review, produce any Document Receipt or perform any of the services in this Agreement for the purpose of making findings with respect to the accuracy of the information or data regarding the
Contracts or Receivable Files provided to the Collateral Custodian by the Administrator, the Issuing Entity 

  

					
		 	4	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 
or the Grantor Trust for the Review as contemplated by Rule 17g-10 under the Exchange Act. Given the purpose and scope of the Collateral Custodian’s
services (including the Review and the delivery of any Document Receipt) under this Agreement and given the Administrator’s, Issuing Entity’s, Grantor Trust’s, Servicer’s and Indenture Trustee’s treatment and use of the
Review and the Document Receipts, the Administrator, the Issuing Entity, the Grantor Trust, the Indenture Trustee and the Collateral Custodian agree that the Collateral Custodian’s Review is not understood to be “due diligence
services” for purposes of Rule 17g-10. None of the Administrator, the Issuing Entity or the Grantor Trust considers the Review or any Document Receipt to be “due diligence services” for purposes
of Rule 17g-10, and unless the Administrator, the Issuing Entity or the Grantor Trust notifies the Collateral Custodian to the contrary, none of the Administrator, the Issuing Entity or the Grantor Trust will
treat any Document Receipt as a “third party due diligence report” for purposes of Rule 15Ga-2 under the Exchange Act. The Administrator, the Issuing Entity, the Grantor Trust, each Noteholder, and
the Indenture Trustee hereby acknowledge that the Collateral Custodian is relying on this certification for purposes of determining that its Review does not constitute “due diligence services” as defined in Rule 17g-10. 
 (d) Subject to Section 2.2, the Collateral Custodian shall maintain
the tangible Receivable Files which are Delivered to it at the offices of the Collateral Custodian, located at ABS Custody Vault, 1055 10th Ave. SE, MAC N9401-011, Minneapolis, MN 55415, and the Collateral
Custodian shall notify the Servicer and the Indenture Trustee by written notice of any change in the location of the Receivable Files. 
 (e)
The parties agree that an Electronic Contract shall be “communicated” within the meaning of Section 9-105(3) of the UCC to the Collateral Custodian upon the transfer of the Authoritative Copy of
such Electronic Contract at the direction of the Seller, the Administrator, the Issuing Entity, or the Grantor Trust (or its respective custodian) from such Person’s electronic vault partition to the Vault Partition and acceptance by the
Collateral Custodian of such Authoritative Copy into the Vault Partition. The Collateral Custodian shall thereafter “maintain” as within the meaning of Section 9-105(3) of the UCC such
Authoritative Copy in the Vault Partition for the purpose of exercising control over the Contracts which are Electronic Contracts pursuant to the terms of this Agreement and shall maintain the Vault Partition so that the E-Vault System will place the Required Legend on each page of any perceivable copy of any Contract that is an Electronic Contract. The Collateral Custodian shall maintain the Vault Partition and each Receivable that
is an Electronic Contract such that (i) a watermark on all perceivable renderings of the Authoritative Copy thereof shall read “View of Authoritative Copy,” (ii) a watermark on any copy of a former Authoritative Copy thereof shall
read “View of Non-Authoritative Copy,” and (iii) the Required Legend is placed by the E-Vault System on each page of any perceivable rendering thereof.
The Collateral Custodian shall cause the Vault Partition to reflect the name of the Grantor Trust as the Owner of Record. Each of the parties hereto agrees that it will not initiate or consent to any revision to the Required Legend or any other
identification of the Indenture Trustee as the assignee of any Authoritative Copy without the consent of (A) the Indenture Trustee (acting at the written direction of the Requisite Noteholders), or (B) if the Notes (other than the
Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the written direction of the Majority Certificateholders). 

  

					
		 	5	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (f) The Collateral Custodian shall carry out such policies and procedures in accordance with
its customary actions with respect to the handling and custody of the Receivable Files so that the integrity and physical possession of the tangible Receivable Files will be maintained. The Collateral Custodian shall segregate the Receivable Files
on its inventory system and will not commingle the physical Receivable Files with any other files of the Collateral Custodian other than those relating to the Seller and its Affiliates and subsidiaries. 

(g) All of the Collateral Custodian’s records pertaining to the Receivable Files shall contain an indication that such records and the
Receivables which are the subject of such records are owned by the Grantor Trust and pledged by the Grantor Trust to the Indenture Trustee for the benefit of the Secured Parties. The Collateral Custodian hereby waives any and all rights of offset
with respect to any and all Receivable Files in the Collateral Custodian’s possession or under its “control,” whether such right of offset arises by contract, operation of law or otherwise. The Collateral Custodian shall hold any
tangible Receivable Files (or portions thereof) in its fire rated storage vault under its exclusive custody and control in accordance with customary standards for such custody. If any of the Secured Parties suffers or incurs costs, expenses, losses
or damages as a result of the destruction or loss of any of the Receivable Files or any instrument or document comprising part of a Receivable File, the Collateral Custodian shall, (i) at the request of the Indenture Trustee, make any
appropriate claim under any bond or insurance, and (ii) to the extent of such Secured Party’s costs, expenses, losses or damages, promptly pay the proceeds thereof to such Secured Party unless the Collateral Custodian has replaced the lost
or destroyed items or has otherwise reimbursed such Secured Party for such losses or damages. 
 (h) The Collateral Custodian shall not
deliver physical possession of, or otherwise transfer, assign, pledge, mortgage, convey or dispose of any Receivable Files in its possession or under its control to any Person except (i) as provided in Section 2.2 and
(ii) upon termination of duties as Collateral Custodian in accordance with Section 2.9. Notwithstanding the foregoing, at the written request of (A) the Indenture Trustee (acting at the written direction of the
Requisite Noteholders), or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the written direction of the Majority Certificateholders), the Collateral Custodian shall initiate the
Export process and retain copies of reports produced by the E-Vault System that set forth, in reasonable detail, the history, including, the original electronic execution as well as the previous alterations,
modification or amendments and the conversion to tangible chattel paper of any such Approved Exported Contract. The Collateral Custodian shall then confirm that it has in its possession a physical Contract for each Contract which was converted into
an Approved Exported Contract and confirm the same to the Indenture Trustee in writing, and maintain possession of such Approved Exported Contracts in accordance with the terms of this Agreement or, if (A) the Indenture Trustee (acting at the
written direction of the Requisite Noteholders), or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the written direction of the Majority Certificateholders) shall so instruct the
Collateral Custodian in writing, deliver such Approved Exported Contracts as directed by the Indenture Trustee. The reasonable and documented fees, costs and expenses related to such Exporting of the Electronic Contracts (other than any Exporting of
Contracts following the termination of the E-Vault Access Agreement either at the election of the Collateral Custodian or due to an event of default with respect to the Collateral Custodian) shall be the
obligation of the Issuing Entity and shall be paid in accordance with Section 2.7 of the Indenture. 

  

					
		 	6	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (i) The Collateral Custodian shall: 

(i) deliver to the Administrator on or before March 15 of each year, beginning March 15, 2023 (or, if such date is
not a Business Day, the next succeeding Business Day), a report, dated as of December 31 of the preceding calendar year, of its assessment of compliance with the Servicing Criteria specified in Exhibit D with respect to such calendar year (or,
in the case of the first year, since no later than the Closing Date), including disclosure of any material instance of non-compliance identified by the Collateral Custodian, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB under the Securities Act; and 

(ii) cause a firm of registered public accountants that is qualified and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Administrator on or before March 15 (or, if such date is not a Business Day, the next succeeding
Business Day) of each year, beginning March 15, 2023, an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange Act, as
applicable, of the assessment of compliance with Servicing Criteria with respect to the prior calendar year (or, in the case of the first year, since no later than the Closing Date). 

(j) The Collateral Custodian hereby acknowledges and agrees that in the event that the Collateral Custodian shall either be terminated or
resign pursuant to Section 2.9, the Collateral Custodian: 
 (i) shall deliver any Receivable Files
(or portions thereof) in possession of the Collateral Custodian to the successor Collateral Custodian appointed pursuant to the terms of this Agreement at such place as the successor Collateral Custodian may reasonably designate; 

(ii) shall maintain the Receivable Files and continue in the performance of its duties and the enjoyment of its rights under
this Agreement, until the due appointment of a successor Collateral Custodian and the orderly transfer of the Receivable Files to the successor Collateral Custodian; and 

(iii) shall maintain all information obtained by it regarding the Obligors and the Receivables, whether upon the exercise of
its rights under this Agreement or otherwise, in confidence and shall not disclose any such information to any other Person, unless such disclosure is reasonably incident to the performance of its duties and obligations under this Agreement or is
required under any Applicable Law. 
 Section 2.2 Access to Receivable Files; Release of Receivable
Files. 
 (a) The Collateral Custodian shall permit inspection at all reasonable times upon at least five (5) Business Days
prior notice during regular business hours by the Asset Representations Reviewer (if an Asset Representations Review Notice has been delivered), Indenture Trustee or the Servicer (or by such Person’s respective auditors when requested such
Person) of the Receivable Files and the records of the Collateral Custodian relating to this Agreement and any such party (or its auditors when requested by such party) shall be permitted to make copies of the Receivable Files and the records of the
Collateral Custodian relating to this Agreement. 

  

					
		 	7	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (b) From time to time and as appropriate for the enforcement or servicing of any of the
Receivables, the Collateral Custodian is hereby authorized, upon written receipt from the Servicer of a request for release of documents in the form annexed hereto as Exhibit A, to release to the Servicer the related Receivable File or the
documents set forth in such request to the Servicer. All documents so released to the Servicer shall be held by the Servicer in trust for the benefit of the Indenture Trustee in accordance with the terms of this Agreement. The Servicer shall return
to the Collateral Custodian the Receivable File or other such documents when the Servicer’s need therefor in connection with such foreclosure or servicing no longer exists, unless the Receivable shall be liquidated, in which case, upon receipt
of an additional request for release of documents certifying such liquidation from the Servicer to the Collateral Custodian in the form annexed hereto as Exhibit A, the related Receivable File referenced in the Servicer’s request
submitted pursuant to the first sentence of this subsection shall be released by the Collateral Custodian to the Servicer. 
 (c) Upon
receipt by the Collateral Custodian of the Servicer’s request for release of Receivable Files and other documents in the form annexed hereto as Exhibit A and in accordance with Section 2.2(b), the Collateral
Custodian shall promptly release the related Receivable File to the Servicer. 
 (d) The Issuing Entity, the Grantor Trust or the Servicer
may require that the Collateral Custodian return each Receivable File (i) delivered to the Collateral Custodian in error, (ii) as to which the Lien on the related Financed Vehicle has been so released, (iii) that has been released to
the Issuing Entity or the Grantor Trust or (iv) that is required to be redelivered to the Grantor Trust in connection with the termination of this Agreement, in each case by submitting to the Collateral Custodian and the Indenture Trustee a
written request in the form of Exhibit A (signed by the Issuing Entity, the Grantor Trust, or the Servicer, as applicable) specifying the Receivable Files to be so returned and reciting that the conditions to such release have been met (and
specifying the conditions being relied upon for such release). The Collateral Custodian shall upon its receipt of each such request for return executed by the Issuing Entity, the Grantor Trust, or the Servicer, as applicable, promptly, but in any
event within five (5) Business Days, return the Receivable Files so requested to the Issuing Entity, the Grantor Trust, or the Servicer, as applicable. 

(e) The Collateral Custodian shall promptly deliver to the Indenture Trustee or its designee any or all Receivables File and other items of
Collateral in the Collateral Custodian’s custody upon the written request of an Authorized Officer of the Indenture Trustee. The Indenture Trustee shall provide the Issuing Entity, the Grantor Trust and the Servicer with a copy of any such
request delivered to the Collateral Custodian. Written instructions as to the method of shipment and shipper(s) the Collateral Custodian is directed to utilize in connection with the delivery of Receivable Files in the performance of the Collateral
Custodian’s duties hereunder shall be delivered by the Servicer to the Collateral Custodian prior to any shipment of Receivable Files. The Indenture Trustee will arrange for the provision of such services at the Issuing Entity’s sole cost
and expense in accordance with Section 2.7 of the Indenture and will maintain such insurance against loss or damage to the Receivable Files as the Issuing Entity, the Grantor Trust and the Servicer reasonably deem appropriate. 

  

					
		 	8	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (f) The Collateral Custodian shall promptly deliver to the Asset Representations Reviewer
(if an Asset Representations Review Notice has been delivered) or its designee any or all Receivables File (or access to any Receivable Files stored in an electronic format) and other items of Collateral in the Collateral Custodian’s custody
upon the written request of an Authorized Officer of the Asset Representations Reviewer. The Asset Representations Reviewer shall provide the Issuing Entity, the Grantor Trust and the Servicer with a copy of any such request delivered to the
Collateral Custodian. 
 Section 2.3 Compensation and Indemnification of Collateral Custodian. 

(a) The Collateral Custodian shall be compensated for its activities hereunder by receiving the Collateral Custodian Fees as specified in
Exhibit C in accordance with Section 2.7 of the Indenture. 
 (b) The Issuing Entity shall indemnify the Collateral Custodian and
its officers, directors, employees and agents for, and hold them harmless against any claim, loss, liability, fee, cost, damage or expense incurred, including reasonable attorney’s fees, petitioning costs and disbursements (including, court
costs, expenses and any losses incurred in connection with a successful defense, in whole or in part, of any claim that the Collateral Custodian breached its standard of care), other than in connection with the willful misconduct, gross negligence
or bad faith on the part of the Collateral Custodian, arising out of or in connection with the performance of its obligations under and in accordance with this Agreement, including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties under this Agreement. All such amounts due and owing to the Collateral Custodian hereunder shall be paid in accordance with the payment priorities set forth in
Section 2.7 of the Indenture. The provisions of this Section shall survive the termination or assignment of this Agreement, or the resignation or removal of the Collateral Custodian. 

THE FOREGOING INDEMNIFICATION SHALL APPLY WHETHER OR NOT SUCH LIABILITIES AND COSTS ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART,
UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR NEGLIGENT OMISSION OF ANY KIND BY THE COLLATERAL CUSTODIAN. 

(c) To the extent any indemnification afforded to the Collateral Custodian (whether pursuant to this Section 2.3 or
otherwise) is limited by the gross negligence, willful misconduct or bad faith on the part of the Collateral Custodian, the Collateral Custodian shall be entitled to indemnification hereunder until such matters have been determined definitively by a
court of competent jurisdiction. Any indemnification afforded to the Collateral Custodian shall include reasonable and documented attorneys’ fees and expenses, including, any legal fees, costs, and expenses incurred in connection with any
enforcement (including any action, claim, or suit brought) by the Collateral Custodian of any indemnification or other obligation of the indemnifying party. Any indemnification amounts due and owing to the Collateral Custodian hereunder shall be
paid to the Collateral Custodian in accordance with the payment priorities set forth in Section 2.7 of the Indenture. 

  

					
		 	9	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 2.4 Representations, Warranties and Covenants of the
Collateral Custodian. 
 The Collateral Custodian makes the following representations, warranties and covenants, and further agrees
that the Indenture Trustee, on behalf of the Secured Parties, the Issuing Entity, the Grantor Trust, the Administrator and the Servicer shall be deemed to have relied upon such representations, warranties and covenants in entering into this
Agreement: 
 (a) Organization and Good Standing. The Collateral Custodian is a national banking association duly organized, validly
existing and in good standing under the laws of the United States, and has full power, authority and legal right to own its properties and conduct its business as such properties are presently owned and such business is presently conducted, and to
execute, deliver and perform its obligations under the Transaction Documents to which it is a party. 
 (b) Due Authorization. The
execution, delivery, and performance of the Transaction Documents to which it is a party have been duly authorized by the Collateral Custodian by all necessary corporate action on the part of the Collateral Custodian. 

(c) Binding Obligation. Each of the Transaction Documents to which it is a party constitutes a legal, valid and binding obligation of
the Collateral Custodian, enforceable in accordance with its terms, except as enforceability may be limited by applicable Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a
proceeding at law or in equity). 
 (d) No Conflict. The execution and delivery of the Transaction Documents to which it is a party,
and the performance of the transactions contemplated thereby and the fulfillment of the terms thereof applicable to the Collateral Custodian, will not conflict with, violate, 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, any Applicable Law or any Contractual Obligation of the Collateral Custodian. 

(e) Proceedings. No proceeding of any kind, including litigation, arbitration, judicial or administrative, is pending or threatened
against or contemplated by the Collateral Custodian which would under any circumstance have a Material Adverse Effect on the execution, delivery, performance or enforceability of this Agreement by the Collateral Custodian or any other Transaction
Document to which the Collateral Custodian is a party. 
 (f) Control Status. The Collateral Custodian is not an Affiliate of either
the Issuing Entity, the Grantor Trust, the Administrator or the initial Servicer, and covenants and agrees that prior to any such affiliation in the future, the Collateral Custodian shall promptly notify the Indenture Trustee for further
distribution to the Noteholders. 

  

					
		 	10	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 2.5 Covenants of the Collateral Custodian.

 (a) Affirmative Covenants. From the date hereof until the date as of which the Grantor Trust has been dissolved: 

(i) Compliance with Law. The Collateral Custodian will comply in all material respects with all Applicable Laws and will
comply with all of its obligations hereunder. 
 (ii) Preservation of Existence. The Collateral Custodian will
preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain such existence, rights,
franchises, privileges and qualification has had, or would reasonably be expected to have, a Material Adverse Effect. 
 (b) Negative
Covenants. From the date hereof until the date as of which the Grantor Trust has been dissolved: 
 (i) Receivable
Files. The Collateral Custodian will not assign, transfer, convey, deliver or dispose of any Receivable Files or other document evidencing or relating to any of the Collateral or any of the Collateral except as contemplated by this Agreement.

 (ii) No Changes in Collateral Custodian Fee. The parties hereto will not make any changes to the Collateral
Custodian Fee without the prior written approval of (A) the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity
(acting at the direction of the Majority Certificateholders). 
 Section 2.6 Liability of the Collateral
Custodian. 
 (a) The Collateral Custodian shall be liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Collateral Custodian in such capacity herein. No implied covenants or obligations shall be read into this Agreement against the Collateral Custodian and, in the absence of bad faith on the part of the Collateral Custodian, the
Collateral Custodian may conclusively rely upon the truth of the statements and the correctness of the opinions expressed in any reports, certificates or opinions furnished to the Collateral Custodian pursuant to and conforming to the requirements
of this Agreement. 
 (b) The Collateral Custodian shall not be liable for: 

(i) an error of judgment made in good faith; or 

(ii) any action taken, suffered or omitted to be taken in good faith in accordance with or believed by it to be authorized or
within the discretion or rights or powers conferred, by this Agreement or at the direction of the Indenture Trustee relating to the exercise of any power conferred upon the Collateral Custodian under this Agreement, 

in each case, unless it shall be proved that the Collateral Custodian shall have been negligent in ascertaining the pertinent facts. 

  

					
		 	11	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (c) The Collateral Custodian shall not be charged with knowledge of any Default, Event of
Default, Servicer Termination Event or other event or information, or be required to act upon any such event or information (including the sending of any notice), and shall have no duty to take any action to determine whether any such event,
Default, Event of Default or Servicer Termination Event has occurred, unless an Authorized Officer of the Collateral Custodian obtains actual knowledge of such event or receives written notice of such event from the Issuing Entity, the Grantor
Trust, the Servicer, or the Indenture Trustee, as the case may be. Delivery of any reports, information and documents to the Collateral Custodian provided for herein is for informational purposes only and the Collateral Custodian’s receipt of
such information and any publicly-available information, shall not constitute actual or constructive knowledge of any information contained therein or determinable from information contained therein, including the Issuing Entity’s, the
Servicer’s or the Grantor Trust’s compliance with any of its representations, warranties or covenants hereunder (as to which the Collateral Custodian is entitled to rely exclusively upon Officers’ Certificates). 

(d) Without limiting the generality of this Section, the Collateral Custodian shall have no duty (i) to see to any recording, filing or
depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Receivables or the Financed Vehicles, or to see to the monitoring or maintenance of any such
recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or
discharge of any Tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Receivables, (iv) to recalculate, confirm or verify the contents of any
reports or certificates of the Servicer, the Issuing Entity or the Grantor Trust delivered to the Collateral Custodian pursuant to this Agreement believed by the Collateral Custodian to be genuine and to have been signed or presented by the proper
party or parties or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance or observance of any of the Issuing Entity’s, Grantor Trust’s, the Servicer’s or any other Person’s
representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Receivables under this Agreement. The Collateral Custodian makes no
representations as to (i) the validity, legality, perfection, priority, enforceability, recordability, ownership, title, sufficiency, due authorization or genuineness of any of the documents contained in any Receivable File or of any of the
Contracts or (ii) the collectability, insurability, effectiveness or suitability of any such Contract. 
 (e) The Collateral Custodian
shall not be required 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 there shall be reasonable ground for believing that
the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Collateral Custodian to perform, or be
responsible for the manner of performance of, any of the obligations of the Servicer or any other Person under this Agreement. 
 (f) The
Collateral Custodian may request and rely and shall be protected in acting or refraining from acting upon any resolution, officer’s certificate, any report, certificate of auditors or any other certificate, statement, instrument, opinion,
report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. The Collateral Custodian shall not be responsible for
the content or accuracy of any document provided to it. 

  

					
		 	12	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (g) The Collateral Custodian may consult with counsel of its choice and any advice or
opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it under this Agreement in good faith and in accordance with the advice or opinion of such counsel. 

(h) The Collateral Custodian shall be under no obligation to exercise any of the rights, powers or remedies vested in it by this Agreement
(except to comply with its obligations under this Agreement and any other transaction document to which it is a party) or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or
direction of the Issuing Entity, the Grantor Trust, the Indenture Trustee, the Requisite Noteholders, or if the Notes (other than the Class XS Notes) are no longer outstanding, the Majority Certificateholders pursuant to the provisions of this
Agreement, unless the Issuing Entity, the Grantor Trust, the Indenture Trustee the Requisite Noteholders, or if the Notes (other than the Class XS Notes) are no longer outstanding, the Majority Certificateholders, as applicable, on behalf of
the Secured Parties, shall have offered to the Collateral Custodian security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby. 

(i) The Collateral Custodian shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by the Indenture Trustee; provided, that if the payment within a reasonable time
to the Collateral Custodian of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Collateral Custodian, not reasonably assured by the Issuing Entity, the Grantor Trust
or the Servicer, the Collateral Custodian may require indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Issuing
Entity or, if paid by the Collateral Custodian, shall be reimbursed by the Issuing Entity upon demand. 
 (j) The Collateral Custodian may
execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through agents (including managers), Affiliates or attorneys or a custodian. 

(k) Knowledge of the Collateral Custodian shall not be attributed or imputed to Computershare Trust Company, National Association’s other
roles in the transaction and knowledge of the Indenture Trustee shall not be attributed or imputed to the Collateral Custodian (other than those where the roles are performed by the same group or division within Computershare Trust Company, National
Association or otherwise share the same authorized signatories), or any affiliate, line of business, or other division of Computershare Trust Company, National Association (and vice versa). 

  

					
		 	13	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (l) The Collateral Custodian shall not be responsible for the enforceability of the Notes or
the recitals set forth therein, or for any recitals, statements, representations or warranties of the Issuing Entity, the Grantor Trust, the Servicer, the Indenture Trustee or any other Party to the Transaction Documents contained in this Agreement
or any other Transaction Document. The Collateral Custodian shall be responsible only for the obligations, representations and warranties of the Collateral Custodian as set forth in the Transaction Documents to which it is a party. 

(m) The rights, privileges, protections, immunities and benefits given to the Collateral Custodian, including its right to be indemnified, are
extended to, and shall be enforceable by, the Collateral Custodian, in each of its capacities hereunder, and in connection with the performance of any of its duties or obligations under any of the other Transaction Documents. 

(n) For the avoidance of doubt, the Collateral Custodian shall not be responsible for determining whether any breach of representations or
warranty or document defect constitutes a breach or defect or a material breach or defect, or for the enforcement of any repurchase obligations under any Transaction Document. 

Section 2.7 Certain Matters Affecting the Collateral Custodian. 

(a) The Collateral Custodian shall have no duties or responsibilities except those that are specifically set forth herein, and no implied
covenants or obligations shall be read into this Agreement against the Collateral Custodian. The Collateral Custodian shall be under no responsibility or duty with respect to the disposition of any Receivable Files while such Receivable Files are
not in its possession or under its control. If the Collateral Custodian shall request instructions from the Indenture Trustee or the Servicer with respect to any act, action or failure to act in connection with and as set forth in this Agreement,
the Collateral Custodian shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Collateral Custodian shall have received written instructions from the Indenture Trustee or the Servicer, as
applicable without incurring any liability therefor to the Indenture Trustee, the Issuing Entity, the Grantor Trust, the Servicer or any other person. 

(b) The Collateral Custodian may act in reliance upon any written communication of the Issuing Entity concerning the delivery, possession or
“control” (within the meaning of Section 9-105 of the UCC) of the Receivable Files and other items of Collateral pursuant to this Agreement. The Collateral Custodian does not assume and shall
have no responsibility for, and makes no representation as to, monitoring the value of the Receivable Files and other Collateral. The Collateral Custodian shall not be liable for any action or omission to act hereunder, except for its own gross
negligence, bad faith or willful misconduct. In no event shall the Collateral Custodian have any responsibility to ascertain or take action with respect to the Receivable Files or other Collateral, except as expressly provided herein. 

THE FOREGOING PARAGRAPH SHALL APPLY WHETHER OR NOT SUCH LIABILITIES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM
OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR NEGLIGENT OMISSION OF ANY KIND BY THE COLLATERAL CUSTODIAN. 

  

					
		 	14	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (c) If the Collateral Custodian shall at any time receive conflicting instructions from the
Indenture Trustee and the Servicer or any other party to this Agreement and the conflict between such instructions cannot be resolved by reference to the terms of this Agreement, the Collateral Custodian shall be entitled to rely upon the
instructions of the Indenture Trustee. In the absence of bad faith, gross negligence or willful misconduct on the part of the Collateral Custodian, the Collateral Custodian may rely and shall be protected in acting or refraining from acting upon any
resolution, officer’s certificate, certificate of auditors, or any other certificate, statement, instrument, opinion, report, notice request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or parties. The Collateral Custodian may rely upon the validity of any documents delivered to it, without investigation as to their authenticity or legal effectiveness, and the parties to this Agreement
(other than the Servicer) will hold the Collateral Custodian harmless from any claims that may arise or be asserted against the Collateral Custodian because of the invalidity of any such documents delivered by such party or their failure to fulfill
their intended purpose. The Collateral Custodian shall not be bound to ascertain or inquire as to the performance or observance of any of the terms of this Agreement or any other agreement on the part of any party, except as may otherwise be
specifically set forth herein. The Collateral Custodian may consult with counsel of its choice 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 Collateral Custodian in good faith in accordance therewith. 

(d) If the Collateral Custodian loses or misplaces any Receivable File or portion thereof, or if any such instruments, documents, or
certificates are destroyed or damaged while in the possession of the Collateral Custodian, then, in addition to any other liability the Collateral Custodian may have in respect thereof pursuant to the terms of this Agreement or otherwise, the
Collateral Custodian agrees to execute and deliver to the Indenture Trustee, upon the Indenture Trustee’s written request, an affidavit stating that such instrument, document, or certificate has been lost or destroyed, as applicable, and, if
necessary, such other affidavits or certificates as maybe reasonably necessary to obtain replacement certificates of title. 
 (e) The
Collateral Custodian is authorized, in its sole discretion, to disregard any and all notices or instructions given by any other party hereto or by any other person, firm or corporation, except only such notices or instructions as are herein provided
for and orders or process of any court entered or issued with or without jurisdiction. If any property subject hereto is at any time attached, garnished or levied upon under any court order or in case the payment, assignment, transfer, conveyance or
delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made or entered by any court affecting such property or any part hereof, then and in any of such events the Collateral
Custodian is authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree with which it is advised by legal counsel of its own choosing is binding upon it, and if it complies with any such order, writ,
judgment or decree it shall not be liable to any other party hereto or to any other person, firm or corporation by reason of such compliance even though such order, writ, judgment or decree maybe subsequently reversed, modified, annulled, set aside,
vacated or found to have been entered without competent jurisdiction. 

  

					
		 	15	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (f) Before the Collateral Custodian acts or refrains from taking any action under or in
relation to this Agreement that is not expressly contemplated by the terms and provisions hereof or thereof, it may require an officer’s certificate or an Opinion of Counsel from the party requesting that the Collateral Custodian act or refrain
from acting in form and substance acceptable to the Collateral Custodian, the costs of which (including the Collateral Custodian’s reasonable attorney’s fees and expenses) shall be paid by the party requesting that the Collateral Custodian
act or refrain from acting. The Collateral Custodian shall not be liable for any action it takes or omits to take in good faith in reliance on such officer’s certificates or opinions of counsel. 

(g) In no event shall the Collateral Custodian be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, any change in Applicable Law that precludes or restricts performance by the Collateral Custodian or any force majeure event, including provisions of any present or future law or
regulation or act of any governmental authority, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, natural disaster, disease, epidemic or pandemic,
quarantine, national emergency, power outages, loss or malfunctions of utilities, communications or computer (software and hardware) services, malware or ransomware attack, communications system failure, unavailability of the Federal Reserve Bank
wire or telex system or other applicable wire or funds transfer system or unavailability of any securities clearing system, inability to access the E-Vault System or other circumstances beyond its control.
Notwithstanding anything to the contrary in this Agreement, the Collateral Custodian shall not be required to take any action that is not in accordance with Applicable Law. The right of the Collateral Custodian to perform any permissive or
discretionary act enumerated in this Agreement or any related document shall not be construed as a duty. 
 (h) The Collateral Custodian
shall not be responsible for the acts or omissions of the Servicer, the Issuing Entity, the Grantor Trust, the Indenture Trustee, the E-Vault Provider, or any other Person, and may assume compliance by such
parties with their obligations under this Agreement or any related agreements, unless an Authorized Officer of the Collateral Custodian shall have received written notice to the contrary. The parties acknowledge and agree that in making statements
herein regarding “control” of the Contracts which are Electronic Contracts, the Collateral Custodian is relying on, and shall be entitled to conclusively rely on, representations and covenants from the
E-Vault Provider regarding the E-Vault System and the various criteria constituting “control” (within the meaning of
Section 9-105 of the UCC). 
 Section 2.8 Merger, Conversion,
Consolidation of, or Succession to Business of, the Collateral Custodian. 
 The Collateral Custodian may merge with any Person;
provided that any Person into which the Collateral Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which to Collateral Custodian shall be a
party, or any Person succeeding to all or substantially all of the corporate trust business of the Collateral Custodian, shall be the successor of the Collateral Custodian under this Agreement, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. The Collateral Custodian and/or its parent shall at all times have a combined capital and surplus of at least fifty million dollars ($50,000,000)
and shall be a bank or trust company with corporate trust powers organized under the laws of the United States or any state thereof which is a member of the Federal Reserve System and whose long-term unsecured debt rating is in a category of at
least investment grade by any nationally recognized rating agency providing such rating for the Collateral Custodian. 

  

					
		 	16	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 2.9 Termination. 

(a) The Collateral Custodian may: 

(i) terminate its obligations as Collateral Custodian under this Agreement (subject to Section 2.9(b)
and Section 2.9(c)) upon at least sixty (60) days’ prior written notice to the Issuing Entity, the Grantor Trust, the Servicer and the Indenture Trustee; provided, however, that, without the consent
of (A) the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority
Certificateholders), such resignation shall not be effective until a successor Collateral Custodian shall have accepted appointment as Collateral Custodian, pursuant to Section 2.9(b) and shall have agreed to be bound by
the terms of this Agreement; or 
 (ii) be removed at any time for cause in relation to any material breach by the Collateral
Custodian of any of its duties or obligations under this Agreement by written notice from (A) the Indenture Trustee (acting at the direction of the Requisite Noteholders), or for any other reason upon sixty (60) days’ prior written
notice from the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority
Certificateholders), or for any other reason upon sixty (60) days’ prior written notice from the Issuing Entity (acting at the direction of the Majority Certificateholders), with such notice in each case delivered to the Collateral
Custodian, the Issuing Entity, the Grantor Trust and the Servicer. 
 In the event of such termination or removal, (A) the Indenture
Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority Certificateholders) shall appoint a
successor Collateral Custodian. If, however, a successor Collateral Custodian is not appointed by (A) the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are
no longer outstanding, the Issuing Entity (acting at the direction of the Majority Certificateholders) within ninety (90) days after the giving of notice of resignation or removal, the Collateral Custodian may petition a court of competent
jurisdiction for the appointment of a successor Collateral Custodian. 
 (b) Upon the effectiveness of any such resignation or termination,
the Collateral Custodian shall promptly transfer to the successor custodian, as directed by the Indenture Trustee, all Receivable Files and other items of Collateral being held by the Collateral Custodian under this Agreement. 

(c) Any successor Collateral Custodian appointed pursuant to Section 2.9(a) shall (i) execute, acknowledge, and
deliver to the Servicer, the Indenture Trustee and to the predecessor Collateral Custodian an instrument accepting such appointment under this Agreement and (ii) be an Eligible Institution and shall have been approved by (A) the Indenture
Trustee (acting at the direction of the Requisite Noteholders), or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority Certificateholders). Thereupon, the
resignation or removal of the predecessor 

  

					
		 	17	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 
Collateral Custodian shall become effective and such successor Collateral Custodian, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties,
and obligations of its predecessor as Collateral Custodian under this Agreement, with like effect as if originally named as Collateral Custodian. The predecessor Collateral Custodian shall upon payment of its fees and expenses (including
attorneys’ fees or expenses incurred in connection with a petition contemplated by Section 2.9(a) hereof) deliver to the successor Collateral Custodian all documents and statements and monies held by it under this
Agreement; and the Servicer, the Indenture Trustee and the predecessor Collateral Custodian shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the
successor Collateral Custodian all such rights, powers, duties, and obligations. 
 (d) In the event the Collateral Custodian’s
appointment hereunder is terminated without cause, the Issuing Entity shall reimburse the Collateral Custodian for the reasonable and documented expenses, fees and costs (including attorneys’ fees or expenses) of the Collateral Custodian
incurred in transferring the Receivable Files to the successor Collateral Custodian set forth in accordance with Section 2.3(a) hereof and Section 2.7 of the Indenture. 

Section 2.10 Non-Reliance on Collateral Custodian. 

Except for notices, reports and other documents expressly required to be furnished or forwarded by the Collateral Custodian hereunder, the
Collateral Custodian shall not have any duty or responsibility to provide the Indenture Trustee or any Noteholder or Certificateholder with any other information concerning the transactions contemplated hereby, the Collateral, the Issuing Entity,
the Grantor Trust, the Servicer or any other parties to this Agreement or to any other Transaction Documents which may come into the possession of the Collateral Custodian or any of its officers, directors, employees, agents, representatives or attorneys-in-fact. 
 Section 2.11 AML Law.

 The parties hereto acknowledge that in accordance with laws, regulations and executive orders of the United States or any state or
political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities and money laundering, including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Assets Control (collectively, “AML Law”), the Collateral Custodian is required to obtain, verify, and record information relating to individuals
and entities that establish a business relationship or open an account with the Collateral Custodian. Each party hereby agrees that it shall provide the Collateral Custodian with such identifying information and documentation as the Collateral
Custodian may request in writing from time to time in order to enable the Collateral Custodian to comply with all applicable requirements of AML Law. 

  

					
		 	18	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 ARTICLE III 

Mutual Covenants Regarding Confidentiality 

Section 3.1 Other Confidential Information. The Collateral Custodian acknowledges and understands that
information it receives in connection with the performance of its duties hereunder may be “nonpublic personal information” as that term is defined in Section 6809(4) of the Gramm-Leach-Bliley Act (the “Act”), and the
Collateral Custodian hereto agrees to maintain such nonpublic personal information received hereunder in accordance with the Act and other applicable federal and state privacy laws. The Collateral Custodian shall, and shall direct its employees,
agents and Affiliates directly involved in the transaction contemplated by this Agreement and its respective Advisors (except (i) to a court of competent jurisdiction pursuant to a subpoena or valid court order or (ii) to its regulators
and an authorized governmental agency in connection with any audit or regulatory examination) to (i) not disclose such nonpublic personal information to any third party, that is not a party to this Agreement, including third party service
providers, without the prior written consent of the Issuing Entity; (ii) agree not to use nonpublic personal information for any purpose not reasonably contemplated by its role in the transactions contemplated by this Agreement;
(iii) protect against any unauthorized access to or use of such nonpublic personal information; (iv) in the event of any actual or apparent theft, unauthorized use or disclosure of such nonpublic personal information, immediately commence
all reasonable efforts to investigate and correct the causes and remediate the results thereof; and (v) as soon as practicable following its having actual knowledge or receipt of written notice of any event described in clause
(iv) hereof, provide notice thereof to the Issuing Entity, the Grantor Trust, the Servicer and the Indenture Trustee, and such further information and assistance as may be reasonably requested by the Issuing Entity, the Grantor Trust, the
Servicer or the Indenture Trustee in relation thereto. 
 ARTICLE IV 

Miscellaneous 

Section 4.1 Amendments and Waivers. 

(a) This Agreement may be amended, waived, supplemented or modified by a written amendment duly executed and delivered by the parties hereto
without the consent of the Noteholders or Certificateholders (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, the Class N Notes Confidential Offering Memorandum or the Certificate Private Placement Memorandum, (iii) to add to the covenants, restrictions or obligations of
the Administrator, the Servicer, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee, (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 affect 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 Servicer 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 parties hereto with the consent of Requisite Noteholders as of the close of the preceding Distribution Date and, if any Person other than the Depositor or an
Affiliate of the Depositor holds any Certificates, the Majority Certificateholders as of the close of the preceding Distribution Date (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 

  

					
		 	19	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 
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. It will not be necessary for the consent of Noteholders or Certificateholders 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. Prior to the execution of any amendment pursuant to this Section 4.1(b), the Administrator 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 Administrator shall furnish a copy of such amendment to each Rating Agency, the Grantor Trust Trustee, the Owner Trustee and the Indenture Trustee. 

(c) Prior to the execution of any amendment to this Agreement, the Collateral Custodian shall be entitled to receive and conclusively rely upon
an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate of the Administrator that all conditions precedent to the execution and delivery of such amendment have
been satisfied. The Collateral Custodian may, but shall not be obligated to, enter into any such amendment which affects the Collateral Custodian’s own rights, privileges, indemnities, duties or obligations under this Agreement or otherwise.

 (d) No amendment 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 its prior written consent. 
 (e) Notwithstanding anything to the contrary
herein, an Opinion of Counsel shall be delivered 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 Notices, Etc. 

All demands, notices and communications provided hereunder shall be delivered as specified in Part III of Appendix A to the
Receivables Purchase Agreement. 
 Section 4.3 No Waiver, Rights and Remedies. 

No failure on the part of the any Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any
rights and remedies provided by law. 

  

					
		 	20	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 4.4 Binding Effect. 

This Agreement shall be binding upon and inure to the benefit of the Issuing Entity, the Grantor Trust, the Collateral Custodian, the Indenture
Trustee, the Secured Parties and their respective successors and permitted assigns. 
 Section 4.5 Term of
this Agreement; Third Party Beneficiary. 
 This Agreement shall remain in full force and effect until the dissolution of the Grantor
Trust; provided, however, that the rights and remedies with respect to any breach of any representation or warranty made or deemed made and the indemnification provisions by the Collateral Custodian, the confidentiality provisions of
Article III, the provisions of Section 4.10 and any other provision of this Agreement expressly stated to survive, shall be continuing and shall survive any termination or assignment of this Agreement, or the
resignation or removal of any party. 
 Section 4.6 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF
OBJECTION TO VENUE. 
 THIS AGREEMENT 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 NON-EXCLUSIVE 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 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 4.7 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 4.8
Limitation on Consequential Damages. 
 In no event will the Collateral Custodian or any of their officers, directors,
employees or agents be liable for any consequential, indirect, punitive or special damages regardless of the form of action and regardless of whether the Collateral Custodian or any of their officers, directors, employees or agents were warned of
the possibility thereof in advance. 

  

					
		 	21	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 4.9 No Insolvency Proceedings. 

Notwithstanding any prior termination of this Agreement, no Party hereto shall, prior to the date which is one year and one day after the final
payment of the Notes, petition or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining a Proceeding against the Issuing Entity or the Grantor Trust under any United States federal or State Insolvency
Laws or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuing Entity or the Grantor Trust or any substantial part of its property or ordering the winding up or liquidation of the
affairs of the Issuing Entity or the Grantor Trust. 
 Section 4.10 Recourse Against Certain
Parties. 
 (a) No recourse under or with respect to any obligation, covenant or agreement (including the payment of any fees or any
other obligations) of the Indenture Trustee as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any manager or administrator of such Person
or any incorporator, affiliate, stockholder, officer, employee or director of such Person or of any such manager or administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or
otherwise; it being expressly agreed and understood that the agreements of the Indenture Trustee contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith are,
in each case, solely the corporate obligations of such Person, and that no personal liability whatsoever shall attach to or be incurred by any administrator of any such Person or any incorporator, stockholder, affiliate, officer, employee or
director of such Person or of any such administrator, as such, or any other of them, under or by reason of any of the obligations, covenants or agreements of such Person contained in this Agreement or in any other such instruments, documents or
agreements, or that are implied therefrom, and that any and all personal liability of every such administrator of such Person and each incorporator, stockholder, affiliate, officer, employee or director of such Person or of any such administrator,
or any of them, for breaches by such Person of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in
consideration for the execution of this Agreement. 
 (b) Notwithstanding anything in this Agreement to the contrary, all amounts owed by the
Issuing Entity or the Grantor Trust on, under or in respect of its obligations and liabilities under this Agreement shall be recoverable only from and to the extent of the Collateral and upon final realization of collections thereon and in
accordance with Section 2.7 of the Indenture, the Issuing Entity and the Grantor Trust shall have no further liability and all claims in respect of amounts owed but still unpaid shall be extinguished. 

Section 4.11 Execution in Counterparts; Severability; Integration. 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original 

  

					
		 	22	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 
and all of which when taken together shall constitute one and the same agreement. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement contains the final
and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior
oral or written understandings other than any fee letter contemplated hereby. 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 4.12 Concerning the Owner Trustee and the Grantor Trust Trustee.

 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 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 the 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 the 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 the 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
the Issuing Entity or Grantor Trust, as applicable under this Agreement. 

  

					
		 	23	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 4.13 Information to be Provided by the Collateral Custodian. 

(a) The Collateral Custodian agrees to reasonably cooperate in good faith with any reasonable request by the Depositor for information
regarding the Collateral Custodian which is required in order to enable the Depositor to comply with the provisions of Items 1117 and 1119 of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates
to the Collateral Custodian or to the Collateral Custodian’s obligations under this Agreement. 
 (b) Except to the extent disclosed by
the Collateral Custodian in subsection (c) below, the Collateral Custodian shall (i) on or before the fifth Business Day of each month, notify the Depositor, in writing, of any Form 10-D Disclosure
Item of which a Responsible Officer of the Collateral Custodian has actual knowledge together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the
Depositor; provided, however, that the Collateral Custodian shall not be required to provide such information in the event that there has been no change to the information previously provided by the Collateral Custodian to Depositor, and
(ii) as promptly as practicable following notice to or actual knowledge by a Responsible Officer of the Collateral Custodian of any changes to such information, provide to the Depositor, in writing, such updated information. 

(c) The Collateral Custodian shall, as promptly as practicable following written notice to, or actual knowledge of, a Responsible Officer of
the Collateral Custodian of any changes to any information regarding the Collateral Custodian as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to the Depositor, in writing, such updated information. 

(d) The Collateral Custodian shall notify the Depositor in writing on or before March 15 (or, if such date is not a Business Day, the next
succeeding Business Day) of each year, beginning with March 15, 2023, of any Form 10-D Disclosure Item of which a Responsible Officer of the Collateral Custodian has actual knowledge together with a
description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Depositor; provided, however, that the Collateral Custodian shall not be required to provide such
information in the event that there has been no change to the information previously provided by the Collateral Custodian to Depositor. 

(e) The Collateral Custodian shall notify the Depositor in writing on or before March 15 (or, if such date is not a Business Day, the next
succeeding Business Day) of each year, beginning with March 15, 2023, of any affiliation between the Collateral Custodian and any of the following parties to this securitization transaction, as such parties are identified to the Collateral
Custodian by the Depositor in writing in advance of this securitization transaction: 
  

	 	(i)	 the Depositor; 

  

	 	(ii)	 Carvana, LLC, as sponsor; 

 

	 	(iii)	 the Issuing Entity; 

  

	 	(iv)	 the Grantor Trust; 

  

	 	(v)	 the Servicer; 

  

					
		 	24	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (vi) the Backup Servicer; 

(vii) the Indenture Trustee; 

(viii) the Owner Trustee; 
 (ix)
the Grantor Trust Trustee; 
 (x) the Asset Representations Reviewer; and 

(xi) any other material transaction party. 

(f) In connection with the parties listed in clauses (i) through (xi) above, the Collateral Custodian shall include a
description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the
asset backed securities issued in this securitization transaction. 
 (g) The Collateral Custodian shall provide the Depositor with
notification, as soon as practicable and in any event within five (5) Business Days, of all demands delivered in writing to a Responsible Officer of the Collateral Custodian for the repurchase or replacement of any Receivable pursuant to any
Transaction Document. Subject to this Section 4.13, the Collateral Custodian shall have no obligation to take any other action with respect to any demand. In no event shall the Collateral Custodian have (i) any
responsibility or liability in connection with any filing to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise
to assume any additional duties or responsibilities except as expressly set forth in this Section 4.13. 

[signatures appear on the following pages] 

  

					
		 	25	  	 CRVNA 2022-P2 Collateral Custodian Agreement

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

 

			
	 CARVANA, LLC,
 as the
Administrator

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CARVANA AUTO RECEIVABLES TRUST 2022-P2,
	as the Issuing Entity
		
	By:	 	BNY MELLON TRUST OF DELAWARE,
	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P2,
	as the Grantor Trust
		
	By:	 	BNY MELLON TRUST OF DELAWARE,
	not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BRIDGECREST CREDIT COMPANY, LLC,
	as the Servicer
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature page to Collateral Custodian Agreement] 

 
			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as the Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as the Collateral Custodian
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature page to Collateral Custodian Agreement] 

 
			
	Acknowledged, Accepted and Agreed To By:
	
	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee of the Issuing Entity
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Acknowledged, Accepted and Agreed To By:
	
	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Grantor Trust Trustee of the Grantor Trust
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature page to Collateral Custodian Agreement] 

 SCHEDULE A 

SYSTEM DESCRIPTION 
 [To be
attached]. 

  

					
		 	Sch. A -1	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 EXHIBIT A 

FORM OF RELEASE OF DOCUMENTS 

__________ __. 20__ 
 Computershare Trust
Company, National Association, 
 as Collateral Custodian 
 1055
10th Ave, SE 
 Minneapolis, Minnesota 55415 
 Attention: Vault
Manager 
 abs.custody.vault@wellsfargo.com 
 Re: Carvana Auto
Receivables Trust 2022-P2 – Collateral Custodian Agreement 
 Ladies and Gentlemen: 

Reference is made to the Collateral Custodian Agreement, dated as of May 25, 2022 (as amended, restated, supplemented or otherwise
modified from time to time, the “Collateral Custodian Agreement”), among Carvana Auto Receivables Trust 2022-P2, as the issuing entity (the
“Issuing Entity”), Carvana Auto Receivables Grantor Trust 2022-P2, as the grantor trust (the “Grantor Trust”), Carvana, LLC, Computershare Trust Company, National Association,
as indenture trustee (in such capacity, the “Indenture Trustee”), Computershare Trust Company, National Association, as collateral custodian (in such capacity, the “Collateral Custodian”), and Bridgecrest Credit
Company, LLC, as servicer (the “Servicer”). 
 The undersigned, in its capacity as [Servicer] [Issuing Entity] [Grantor
Trust] [Administrator], hereby requests (check one): 
 1.
                 that the Collateral Custodian release to the Servicer the Receivable Files or other documents set forth on
Schedule A to this Release of Documents. All documents so released to the Servicer shall be held by the Servicer in trust for the benefit of the Indenture Trustee in accordance with the terms of the Collateral Custodian
Agreement and the Servicer agrees to return to the Collateral Custodian the Receivable File or such other documents when the Servicer’s need therefor no longer exists. 

2.                  that the Collateral Custodian
permanently release to the Servicer the Receivable Files or other documents set forth on Schedule B to this Release of Documents and the Servicer certifies with respect to such Receivable Files that the related Receivables
have been liquidated, prepaid or repaid in accordance with the Transaction Documents. 
 The undersigned hereby certifies that all
conditions precedent set forth in Section 2.2 of the Collateral Custodian Agreement have been satisfied in respect of the above requested release. 

Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in the Collateral Custodian Agreement.

  

					
		 	Exh. A- 1	  	 CRVNA 2022-P2 Collateral Custodian Agreement

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

  

			
	 [BRIDGECREST CREDIT COMPANY, LLC,

as Servicer]

	
	 [CARVANA AUTO RECEIVABLES TRUST 2022-P2,

as Issuing Entity]

	
	 [CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P2,

as Grantor Trust]
  

[CARVANA, LLC,
 as Administrator]

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
		 	Exh. A- 2	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Schedule A 

To Release of Documents 

  

					
		 	Exh. A- 3	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Schedule B 

To Release of Documents 

  

					
		 	Exh. A- 4	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 EXHIBIT B 

FORM OF DOCUMENT RECEIPT 

__________ __. 20__ 
 Computershare Trust
Company, National Association, 
 as Indenture Trustee 
 MAC N9300-070 
 600 S. 4th Street 

Minneapolis, MN 55415 
 Attn: Corporate Trust Services –
Asset-Backed Administration 
 Bridgecrest Credit Company, LLC, 

as Servicer 
 7300 E Hampton Avenue 

Mesa, Arizona, 85209 
 Attention: Secretary 

Carvana, LLC, 
 as Administrator 

1930 W. Rio Salado Parkway 
 Tempe, Arizona 85281 

Attention: ABS-Transactions 

Email: abs-transactions@carvana.com 
  

	 	Re:	 Carvana Auto Receivables Trust 2022-P2 – Collateral Custodian
Agreement 

 Ladies and Gentlemen: 

Reference is made to the Collateral Custodian Agreement, dated as of May 25, 2022 (as amended, restated, supplemented or otherwise
modified from time to time, the “Collateral Custodian Agreement”), among Carvana Auto Receivables Trust 2022-P2, as the issuing entity (the
“Issuing Entity”), Carvana Auto Receivables Grantor Trust 2022-P2, as the grantor trust (the “Grantor Trust”), Carvana, LLC, Computershare Trust Company, National Association,
as indenture trustee (in such capacity, the “Indenture Trustee”), Computershare Trust Company, National Association, as collateral custodian (in such capacity, the “Collateral Custodian”), and Bridgecrest Credit
Company, LLC, as servicer (the “Servicer”). 
 The undersigned, on behalf of Computershare Trust Company, National
Association, in its capacity as Collateral Custodian under the Collateral Custodian Agreement, hereby acknowledges (i) Delivery of each item listed in the definition of “Receivable File” with respect to the Contracts set forth on
Schedule 1 hereto, evidencing the related Receivables and (ii) that each item listed in the definition of “Receivable File” with respect to the Contracts set forth on Schedule 2 hereto has not been Delivered to the
Collateral Custodian or is mutilated or damaged. Receivable File means, with respect to each receivable, (i) the original contract and (ii) the certificate of title or evidence that such certificate of title has been applied for. 

  

					
		 	Exh. B - 1	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Computershare Trust Company, National Association, as Collateral Custodian, makes no
representations as to (i) the validity, legality, enforceability, sufficiency, due authorization or genuineness of any of the Receivable Files, or (ii) the collectibility, insurability, effectiveness or suitability of any such Receivable
Files. 
 Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in the Collateral Custodian
Agreement. 
  

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,

 
			
	as Collateral Custodian

 
			
		
	By:	 	
                     

 
			
	Name:	 	  

 
			
	Title:	 	  

  

					
		 	Exh. B - 2	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Schedule 1 

To Document Receipt 

  

					
		 	Exh. B - 3	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Schedule 2 

To Document Receipt 

  

					
		 	Exh. B - 4	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 EXHIBIT C 

COLLATERAL CUSTODIAN FEE SCHEDULE 

[To be attached]. 

  

					
		 	Exh. C - 1	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 EXHIBIT D 

SERVICING CRITERIA TO BE ADDRESSED IN 

COLLATERAL CUSTODIAN’S ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by the Collateral Custodian shall address, at a minimum, the criteria identified as below as “Applicable
Servicing Criteria”: 
  

					
	 Reference
	  	 Criteria
	  	 CTC (CC)

		  	General Servicing Considerations	  	
			
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	
			
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  	
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  	
			
	1122(d)(1)(v)	  	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	  	
			
		  	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction
agreements.	  	
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  	
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  	
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to
a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	
			
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations: (A) are mathematically
accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who prepared
the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	  	
			
		  	Investor Remittances and Reporting	  	

  

					
		 	Exh. D - 1	  	 CRVNA 2022-P2 Collateral Custodian Agreement

					
	 Reference
	  	 Criteria
	  	 CTC (CC)

	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in
accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by
its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer.	  	
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	
			
		  	Pool Asset Administration	  	
			
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	  	X
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements.	  	X
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s obligor records maintained no more than two business days after receipt, or such
other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	  	
			
	1122(d)(4)(v)	  	The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with
the transaction agreements and related pool asset documents.	  	
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.	  	
			
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).	  	
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related receivables documents.	  	

  

					
		 	Exh. D - 2	  	 CRVNA 2022-P2 Collateral Custodian Agreement

					
	 Reference
	  	 Criteria
	  	 CTC (CC)

	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool assets documents, on at least an annual basis, or such other period specified
in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full
repayment of the related pool asset, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  	
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  

					
		 	Exh. D - 3	  	 CRVNA 2022-P2 Collateral Custodian AgreementExhibit 10.1
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​
EMPLOYMENT AGREEMENT
​
THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made effective as of May 19, 2022 (the “Effective Date”) by and between FULL HOUSE RESORTS, INC., a Delaware corporation (“Company”), and LEWIS A. FANGER, an individual (“Executive”), with respect to the following facts and circumstances:
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RECITALS
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Company desires to retain Executive as Senior Vice President, Chief Financial Officer and Treasurer of Company on the terms and conditions set forth herein. Executive desires to be retained by Company in such capacity, on the terms and conditions and for the consideration set forth below.
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NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth herein, the parties hereto agree as follows:
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ARTICLE 1
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EMPLOYMENT AND TERM
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1.1Employment; Position. Company agrees to engage Executive in the capacity as Senior Vice President, Chief Financial Officer and Treasurer of Company, and Executive hereby accepts such engagement by Company upon the terms and conditions specified below.
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1.2Term. The term of this Agreement shall commence on the date hereof and shall continue in force until May 19, 2025 or such earlier date that Executive’s employment is terminated under Article 6 below (such period referred to herein as the “Term”). Executive’s employment hereunder is terminable at will by Company or by Executive at any time (for any reason or for no reason), subject to the provisions of Article 6 below.
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1

ARTICLE 2
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DUTIES OF EXECUTIVE
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2.1Duties. Executive shall perform all the duties and obligations generally associated with the position of Senior Vice President, Chief Financial Officer and Treasurer, as chief financial officer with responsibility for supervision of the financial, financial reporting and accounting functions of the Company and its subsidiaries and any affiliates thereof, subject to the control and supervision of the Chief Executive Officer, and such other executive duties consistent with the foregoing as may be assigned to him from time to time by the Chief Executive Officer of Company. Executive shall report to the Chief Executive Officer and shall be appointed by the Board of Directors (“Board”) as a corporate officer of the Company at all times during the Term. Effective as of February 16, 2022, the Board nominated Executive to stand for election at the 2022 annual stockholder meeting and until his successor has been duly elected and qualified.  Subject to Executive continuing to meet the qualifications and other criteria as determined by the Nominating & Corporate Governance Committee and/or the Board, from time to time required to be a director, and compliance with all fiduciary duties, the Company agrees to cause Executive to be nominated to stand for election to the Board at any meeting of the stockholders of the Company during which any such election is held during the Term and Executive’s term as director will immediately expire if he is not re-elected.  Executive hereby agrees to serve as a member of the Board without additional compensation.  Executive hereby irrevocably covenants and agrees that in the event Executive is no longer employed by the Company for any reason whatsoever, Executive shall resign from the Board should the Board request such resignation, effective the same day as Executive’s last day of employment. Executive shall perform the services contemplated herein faithfully, diligently, to the best of his ability and in the best interests of Company. Executive shall devote all his business time and efforts to the rendition of such services, subject to and as provided in Section 2.3 below. Executive shall, at all times, perform such services in compliance with, and to the extent of his authority, shall to the best of his ability cause Company to be in compliance with, any and all laws, rules and regulations applicable to Company of which Executive is aware. Executive may rely on Company’s inside counsel and outside lawyers, other executives and other professional advisors in connection with such matters. Executive shall, at all times during the Term, in all material respects adhere to and obey any and all written internal rules and regulations governing the conduct of Company’s employees, as established or modified from time to time; provided, however, in the event of any conflict between the provisions of this Agreement and any such rules or regulations, the provisions of this Agreement shall control.
​
2.2Location of Services. Executive’s principal place of employment shall be at Company’s headquarters at such location as Executive and the Chief Executive Officer shall agree upon. Executive understands he will be required to travel to Company’s various operations as part of his employment.  Such locations include but are not limited to Cripple Creek, Colorado; Rising Sun, Indiana; Waukegan, Illinois; Bay St. Louis, Mississippi; Fallon, Nevada; and Incline Village, Nevada.
​
2.3Exclusive Service. Except as otherwise expressly provided herein, Executive shall devote his entire business time, attention, energies, skills, learning and best efforts to the business of Company. Executive may participate in social, civic, charitable, religious, business, educational or professional associations and serve on the boards of directors of companies, so long as such participation does not materially interfere with the duties and obligations of Executive hereunder. This Section 2.3, however, shall not be construed to prevent Executive from making passive outside investments so long as such investments do not require material time of Executive or otherwise interfere with the performance of Executive’s duties and obligations hereunder. Executive shall not make any investment in an enterprise that competes with Company without the prior written approval of the Company after full disclosure of the facts and circumstances; provided, however, that this sentence shall not preclude Executive from owning up to one percent (1%) of any class of the securities of a publicly-traded entity (a “Permissible Investment”). During the Term, Executive shall not directly or indirectly work for or provide services to or, except as permitted above, own an equity interest in any person, firm or entity engaged in the casino gaming, card club or horse racing business. In this regard, Executive acknowledges that the gaming industry is national in scope and that accordingly this covenant shall apply throughout the United States.
​
2.4Licensing. Executive shall apply for all applicable gaming licenses within the time periods required by the applicable gaming regulatory bodies governing the jurisdictions in which the Company and its subsidiaries do business. Executive shall comply with all licensing requirements and Company policies governing the same. Company shall bear all expenses incurred in connection with such applications and licenses.

2

​
ARTICLE 3
​
COMPENSATION
​
3.1Salary. In consideration for Executive’s services hereunder, Company shall pay Executive an annual base salary (the “Base Salary”) at the rate of four-hundred-twenty-five-thousand dollars ($425,000.00) per year, payable in accordance with Company’s regular payroll schedule from time to time, but no less often than monthly (and less any deductions required for Social Security, state, federal and local withholding taxes, and any other authorized or mandated withholdings). During the Term, Executive may be eligible for annual review and merit increase of Executive’s Base Salary; however, such merit increase of Base Salary is not guaranteed and should the Company determine that Executive shall not receive a merit increase for such applicable year, such decision shall not constitute a material breach by the Company.
​
3.1.5Salary True Up. The Company recognizes Executive’s previous employment agreement expired on May 17, 2022. In recognition of the delay in entering into this Agreement, the Company hereby agrees to pay Executive a one-time lump sum payment (less any deductions required for Social Security, state, federal and local withholding taxes, and any other authorized or mandated withholdings) of the incremental difference between Executive’s salary in effect at the time of entering this Agreement and the new salary of $425,000 provided herein in Section 3.1, pro-rated for the period of time between the expiration of the prior employment agreement and the effective date of this Agreement.
​
3.2Bonus. Executive may be eligible to earn cash bonuses with respect to each year of the Term during which Executive is employed under this Agreement (an “Annual Bonus”), in an amount determined at the discretion of its Board of Directors or its Compensation Committee, in consultation with the Chief Executive Officer, as applicable, based on the performance of Company and Executive. The Board or its Compensation Committee may take into consideration in determining such Annual Bonus some or all of the following: Company’s overall profitability and such profitability relative to its peers; the management of Company’s balance sheet, both in its flexibility and the cost of capital; the strategic planning for Company and the progress in executing such plans; the sales, profitability, relative performance and maintenance of each of Company’s properties and their market position; Company’s return on invested capital and return on equity; relationships with Company’s lenders and investors; relationships with regulators, employees and the communities in which Company operates; execution of construction or refurbishment projects, if any, in terms of the resultant improvements to the business and the timing and cost of such projects; the succession planning and organizational development of its executives and employees; Executive’s overall compensation relative to his peers; and any other factors that the Board or its Compensation Committee determines to be appropriate.  Subject to Section 6.5.3(b) hereof, payment of any Annual Bonus(es), to the extent any Annual Bonus(es) become payable, will be contingent upon Executive’s continued employment through the applicable payment date, which shall occur on the date on which Annual Bonuses are paid generally to Company’s senior executives (provided that such bonuses shall in any event be paid no later than March 15 of the year following the year in which the Annual Bonus was earned).
​
3.2.5Long-term Incentives. Annually, on the date that the Company’s senior executives are issued equity-based awards, the Company will issue long-term incentive awards to the Executive, which may consist of a mix of stock options, restricted stock grants, or other equity-based awards. The annual long-term incentive grant is expected to approximate 125% of Executive’s Base Salary then in effect (including, in the case of options, as determined by a Black-Scholes valuation), though the Committee retains discretion to adjust such percentage based on the advice of its compensation consultant and for circumstances applicable to the Company and the Executive.
​
3.3Clawback Provision.  Any amounts payable under this Agreement are subject to any policy (whether in existence as of the Effective Date or later adopted) established by the Company providing for clawback or recovery of amounts that were paid to the Executive. The Company will make any determination for clawback or recovery in its sole discretion and in accordance with any applicable law or regulation.
​
​

3

ARTICLE 4
​
EXECUTIVE BENEFITS
​
4.1Vacation. Executive shall be entitled to four (4) weeks’ vacation each calendar year, without reduction in compensation.  In the year of termination or expiration of the contract, Executive shall be entitled to the same four (4) weeks of vacation per year on a pro rata basis.
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4.2Company Employee Benefits. Executive shall be eligible to participate in all employment benefits, including all group insurance for medical, dental, vision, life, disability and pension plan benefits and any other benefits on the same basis as they are available generally to other senior executives of Company under Company personnel policies in effect from time to time.  In the event Company’s group health plan does not cover the annual physical examination of Executive and Executive’s spouse at the clinic of Executive’s choice, Company shall bear the cost of such examinations. Additionally, the Company shall bear reasonable travel costs, at a clinic of Executive’s choice.
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4.2.5Life and Disability Insurance. Subject to Executive satisfying any medical underwriting requirements (including any required physical examinations), Company shall use its reasonable business efforts to obtain and maintain in full force and effect during the Term, term life insurance issued by an insurance company(s) covering the life of Executive for the benefit of his designated beneficiary(s) in the amount of $425,000 and long-term disability insurance providing for a single sum disability payment in an amount equal to $425,000 (collectively, the “Insurance Policies”). In the event Executive desires to maintain Insurance Policies in amounts in excess of $425,000 for each policy provided by the Company, Executive may reimburse the Company for any difference in premium for the increase in said policy.
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4.3[Reserved].
​
4.4Indemnification. Executive shall have the benefit of indemnification to the fullest extent permitted by applicable law, which indemnification shall continue after the termination of this Agreement (for any reason) for such period as may be necessary to continue to indemnify Executive for his acts during the term hereof. Company shall defend Executive in connection with any such claims and shall reimburse Executive’s directly incurred defense costs. Company shall cause Executive to be covered by the current policies of director and officer liability insurance covering directors and officers of Company, copies of which have been provided to Executive, in accordance with their terms, to the maximum extent of the coverage available for any director or officer of Company. Company shall use commercially reasonable efforts to cause the current policies of directors and officers liability insurance covering directors and officers of Company to be maintained throughout the Term and for such period thereafter as may be necessary to continue to cover acts of Executive during the term of his employment (provided that Company may substitute therefor, or allow to be substituted therefor, policies of at least the same coverage and amounts containing terms and conditions which are, in the aggregate, no less advantageous to the insured in any material respect).
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ARTICLE 5
​
REIMBURSEMENT FOR EXPENSES
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5.1Executive shall be reimbursed by Company for all ordinary and necessary expenses incurred by Executive in the performance of his duties or otherwise in furtherance of the business of Company in accordance with the policies of Company in effect from time to time. Executive shall keep accurate and complete records of all such expenses, including but not limited to, proof of payment and purpose.
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4

ARTICLE 6
​
TERMINATION
​
6.1Termination for Cause or without Cause. Company shall have the right to terminate Executive’s employment for Cause or without Cause. Each of the following events shall constitute Cause.
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6.1.1Failure to Perform Duties. If Executive neglects to perform the material duties of his employment under this Agreement in a professional and businesslike manner after having received written notice specifying such failure to perform and after the expiration following such notice of a period providing a reasonable opportunity to perform such duties (or as soon thereafter as practicable so long as Executive commences effectuation of such remedy within such time period and diligently pursues such remedy to completion as soon as possible).
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6.1.2Willful Breach. If Executive willfully commits a material breach of this Agreement or a material willful breach of his fiduciary duty to Company.
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6.1.3Wrongful Acts. If Executive is convicted of a felony involving acts of moral turpitude or commits fraud, misrepresentation, embezzlement or other acts of material misconduct against Company (including violating or condoning the violation of any material rules or regulations of gaming authorities which could have a material adverse effect on Company) that would make the continuance of his employment by Company materially detrimental to Company.
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6.1.4Disability. If Executive is physically or mentally disabled from the performance of a major portion of his duties for a continuous period of 120 days or greater, which determination shall be made in the reasonable exercise of Company’s judgment, provided, however, if Executive’s disability is the result of a serious health condition as defined by the federal Family and Medical Leave Act or any equivalent, applicable state law (“FMLA”), Executive’s employment shall not be terminated due to such disability at any time during or after any period of FMLA-qualified leave except as permitted by FMLA. If there should be a dispute between Company and Executive as to Executive’s physical or mental disability for purposes of this Agreement, the question shall be settled by the opinion of an impartial reputable physician or psychiatrist agreed upon by the parties or their representatives, or if the parties cannot agree within ten days after a request for designation of such party, then a physician or psychiatrist designated by the Clark County Medical Association. The certification of such physician or psychiatrist as to the questioned dispute shall be final and binding upon the parties hereto.
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6.1.5Failure To Be Licensed. If Executive fails to be licensed in all jurisdictions in which Company or its subsidiaries has gaming facilities within the date required by any gaming regulatory body in such jurisdiction, or if any of such licenses shall be revoked or suspended at any time during the Term, then Company may by written notice to Executive terminate the Agreement for Cause.
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6.1.6Executive dies.
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6.2[Reserved].
​
6.3Termination by Executive. Executive shall have the right to terminate Executive’s employment under this Agreement at any time without Good Reason by giving notice of such termination to Company. In addition, Executive may terminate his employment under this Agreement on thirty (30) days prior notice to Company for Good Reason.  For purposes of this Agreement, “Good Reason” shall mean and be limited to a material breach of this Agreement by Company (including without limitation any material reduction in the compensation, authority or duties of Executive in which Executive is no longer the Senior Vice President, Chief Financial Officer and Treasurer of a publicly-held company), or any relocation of his or its principal place of business outside the greater Las Vegas metropolitan areas (without Executive’s consent) and the failure of Company to remedy such breach within thirty (30) days after written notice (or as soon thereafter as practicable so long as it commences effectuation of such remedy within such time period and diligently pursues such remedy to completion as soon as possible).
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5

6.4Effectiveness on Notice. Any termination under this Section 6 (other than death) shall be effective upon receipt of notice by Executive or Company, as the case may be, of such termination or upon such other later date as may be provided herein or specified by Company or Executive in the notice, except as otherwise provided in this Section 6.
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6.5Effect of Termination.
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6.5.1Payment of Salary and Expenses Upon Termination. If Executive’s employment with Company terminates for any reason, the Term shall terminate concurrently therewith, and Company shall pay or cause to be paid to Executive all earned but unpaid salary and benefits (if any) through the Termination Date (as defined below), payable within thirty (30) days following the Termination Date, or such earlier date as required by applicable law. In addition, promptly upon submission by Executive of his unpaid expenses incurred prior to the Termination Date and owing to Executive pursuant to Article 5, reimbursement for such expenses shall be made. In addition, Company shall make all payments and fulfill its obligations provided in Section 4.4.
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6.5.2Termination for Cause. If Executive’s employment and the Term of this Agreement are terminated for “Cause,” Executive shall not be entitled to receive any payments other than as specified in Section 6.5.1; provided that Executive may exercise any vested options and receive any benefits described in Section 6.5.2(a).

(a)Termination for Disability or Death. In the event of a termination under Section 6.1.4 (for disability) or 6.1.6 (for death), Executive shall receive the benefits under the life and long term disability insurance policies which Company provides pursuant to Section 4.2.5.  Eligibility and benefits regarding either insurance program shall be governed by the provisions of the insurance program or policy and shall not be the responsibility of Company except that Company has the obligation to purchase such insurance and make payments such that the policies remain effective during the Term. In the event of a termination under Section 6.1.4, the “Covenant Not to Compete” set forth in Section 7.3 below shall not apply in any respect to Executive and the term of the “No Hire Away Policy” in Section 7.4 shall be limited to six months from the date of termination.  In addition to those already vested, each outstanding, unvested Company stock option, restricted stock, or other equity-based award held by Executive shall conditionally vest and become exercisable with respect to the number of shares underlying each such award that would have vested over the one-year period immediately following the Termination Date, had Executive remained employed by Company during such one-year period.
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6.5.3Termination Without Cause or Termination by Executive for Good Reason. If Company terminates Executive’s employment without Cause or Executive terminates his employment for Good Reason, then following Executive’s Separation from Service (as defined below) (such date, the “Termination Date”), in each case subject to and conditioned upon compliance with Section 6.8 below (in addition to amounts payable under Section 6.5.1 above):

6

(a)Cash Severance. Executive shall be entitled to receive an amount equal to the sum of (i) an amount equal to the average Annual Bonus earned by Executive with respect to two (2) years immediately preceding the calendar year in which the Termination Date occurs, adjusted pro rata for the portion of the year worked by Executive between the immediately preceding January 1 and the Termination Date, and (ii) one (1) year’s Base Salary (collectively, the “Severance”), payable in substantially equal installments in accordance with Company’s normal payroll procedures during the period commencing on the date of Executive’s “separation from service” from Company (within the meaning of Section 409A (as defined below) (a “Separation from Service”) and ending on the first anniversary of the Termination Date provided, that no Severance payments shall be made prior to the first payroll date occurring on or after the thirtieth (30th) day following the date of such Separation from Service (such payroll date, the “First Payroll Date”) (with amounts otherwise payable prior to the First Payroll Date paid on the First Payroll Date without interest thereon); provided, further, that if a Change in Control that constitutes a “change in control event” within the meaning of Section 409A occurs within six (6) months before the Termination Date, the amounts payable under this Section 6.5.3(a) shall be paid in a lump-sum on the First Payroll Date.

(b)Prior Year Bonus. Executive shall be entitled to receive any unpaid Annual Bonus to which Executive would have become entitled for the calendar year of Company that ends prior to the calendar year in which the Termination Date occurs had Executive remained employed through the payment date, payable in a single lump-sum payment on the date on which annual bonuses are paid to Company’s senior executives generally for such calendar year, but in no event later than March 15th of the calendar year immediately following the calendar year in which the Termination Date occurs, with the actual date within such period determined by Company in its sole discretion.
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(c)Benefits. Executive will also be entitled to receive health benefits coverage for Executive and his dependents, and life and disability insurance coverage for Executive, under the same or comparable plan(s) or arrangement(s) under which Executive was were covered immediately before his termination of employment. Such health benefits and insurance coverage shall be paid for by Company to the same extent as if Executive were still employed by Company, and Executive will be required to make such payments as Executive would be required to make if Executive were still employed by Company. The benefits provided under this Section 6.5.3(c) shall continue until the earlier of (1) the first anniversary of the Termination Date or (2) the date Executive becomes covered or is eligible to be covered under any other group health plan or group disability plan (as the case may be) not maintained by Company or any of its subsidiaries; provided, however, that if such other group health plan excludes any pre-existing condition that Executive or Executive’s dependents may have when coverage under such group health plan would otherwise begin, coverage under this Section 6.5.3(c) shall continue (but not beyond the period described in clause (1) of this sentence) with respect to such pre-existing condition until such exclusion under such other group health plan lapses or expires. In the event Executive is required to make an election under Sections 601 through 607 of the Employee Retirement Income Security Act of 1974, as amended (commonly known as COBRA) to qualify for the benefits described in this Section 6.5.3(c), the obligations of Company and its subsidiaries under this Section 6.5.3(c) shall be conditioned upon Executive’s timely making such an election. Notwithstanding anything to the contrary contained herein, if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5), or (ii) Company is otherwise unable to continue to cover Executive under its group health plans without incurring penalties (including without limitation, pursuant to Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments over the continuation coverage period (or the remaining portion thereof). In addition, Company shall continue to maintain each Insurance Policy until the first anniversary of the Termination Date.
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7

(d)Reserved.
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(e)The “Covenant Not to Compete” set forth in Section 7.3 below shall not apply in any respect to Executive (except as the same may affect his entitlement to payments under Section 6.5.3(a) hereof) and the term of the “No Hire Away Policy” in Section 7.4 shall be limited to six months from the Termination Date.
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Notwithstanding the foregoing, it shall be a condition to Executive’s right to receive the amounts provided for in Sections 6.5.3(a) – (c) hereof that Executive (or Executive’s estate or beneficiaries, if applicable) execute and deliver to Company an effective release of claims in substantially the form attached hereto as Exhibit A (the “Release”) within twenty-one (21) days (or, to the extent required by law, forty-five (45) days) following the Termination Date and that Executive (or Executive’s estate or beneficiaries, if applicable) not revoke such Release during any applicable revocation period. In addition, Company shall execute a general release of claims in substantially the form attached hereto as Exhibit B. Should Executive compete with Company or its subsidiaries prior to the end of first anniversary of the Termination Date in a manner that would have violated Section 7.3 but for the effect of Section 6.5.3(e), Executive shall not be entitled to receive any additional payments from Company under this Section 6.5.3 with respect to periods after the commencement of any such competitive activity or otherwise and all such remaining obligations shall be extinguished.
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6.6.Suspension. In lieu of terminating Executive’s employment hereunder for Cause under Section 6.1, Company shall have the right, at its sole election, to suspend the performance of duties by Executive under this Agreement during the continuance of events or circumstances under Section 6.1 for an aggregate of not more than 30 days during the Term (the “Default Period”) by giving Executive written notice of Company’s election to do so at any time during the Default Period. Company shall have the right to extend the Term beyond its normal expiration date by the period(s) of any suspension(s). Company’s exercise of its right to suspend the operation of this Agreement shall not preclude Company from subsequently terminating Executive’s employment hereunder. Executive shall not render services to any other person, firm or corporation in the casino business during any period of suspension. Executive shall be entitled to continued compensation and benefits pursuant to the provisions of this Agreement during the Default Period, including vesting of stock options and other equity-based awards.
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6.7Exercisability of Options. The stock option agreements shall provide that all vested options will terminate on the earlier of (a) the expiration of the ten (10) year term of such options, or (b) one (1) year after the termination of Executive’s employment with Company, regardless of the cause of such termination, except that, in the event of a termination for Cause or Executive’s termination without Good Reason, all vested options will terminate on the earlier of (I) the expiration of the ten (10) year term of such options, or (II) ninety (90) days after the termination of Executive’s employment with Company. The stock option agreements shall provide that unvested options will terminate on the termination of Executive’s employment with Company, except to the extent that such options become vested as a result of such termination under the terms of the governing stock option agreement or the terms of this Agreement.
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8

6.8Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation any severance payments or benefits payable under Section 6.5.3 hereof, shall be paid to Executive during the six (6)-month period following Executive’s Separation from Service if Company determines that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”). If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Section 409A without resulting in a prohibited distribution, including as a result of Executive’s death), Company shall pay Executive a lump-sum amount equal to the cumulative amount that would have otherwise been payable to Executive during such period.
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ARTICLE 7
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CONFIDENTIALITY
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7.1Nondisclosure of Confidential Material. In the performance of his duties, Executive may have access to confidential records, including, but not limited to, development, marketing, organizational, financial, legal matters, contractual agreements, managerial, administrative and sales information, data, specifications and processes presently owned or at any time hereafter developed or used by Company or its agents or consultants that is not otherwise part of the public domain (collectively, the “Confidential Material”); provided, however, that financial information shall not be considered Confidential Information after the expiration of one year following termination of Executive’s employment, and all other information shall not be considered Confidential Information after the expiration of two years following termination of Executive’s employment. All such Confidential Material is considered secret and is disclosed to Executive in confidence. Executive acknowledges that the Confidential Material constitutes proprietary information of Company which draws independent economic value, actual or potential, from not being generally known to the public or to other persons who could obtain economic value from its disclosure or use, and that Company has taken efforts reasonable under the circumstances, of which this Section 7.1 is an example, to maintain its secrecy. Except in the performance of his duties to Company or as required by a court order, Executive shall not, directly or indirectly for any reason whatsoever, disclose, divulge, communicate, use or otherwise disclose any such Confidential Material, unless such Confidential Material ceases to be confidential because it has become part of the public domain (not due to a breach by Executive of his obligations hereunder). Executive shall also take all reasonable actions appropriate to maintain the secrecy of all Confidential Information. All records, lists, memoranda, correspondence, reports, manuals, files, drawings, documents, equipment, and other tangible items (including computer software), wherever located, incorporating the Confidential Material, which Executive shall prepare, use or encounter, shall be and remain Company’s sole and exclusive property and shall be included in the Confidential Material. Upon termination of this Agreement, or whenever requested by Company or discovered by Executive, Executive shall promptly use his best efforts to deliver to Company any and all of the Confidential Material, not previously delivered to Company, that is in the possession or under the control of Executive. Provided that Executive returns all Confidential Materials as required by this provision, this provision shall not apply to the use by Executive of information that Executive knows or has learned in the course of his employment by Company and that Executive cannot avoid using in the course of his duties in any subsequent employment.
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9

7.2Assignment of Intellectual Property Rights. Any ideas, processes, know-how, copyrightable works, mask works, trade or service marks, trade secrets, inventions, developments, discoveries, improvements and other matters that may be protected by intellectual property rights, that relate to Company’s business and are the results of Executive’s efforts during the Term (collectively, the “Executive Work Product”), whether conceived or developed alone or with others, and whether or not conceived during the regular working hours of Company, shall be deemed works made for hire and are the property of Company. In the event that for whatever reason such Executive Work Product shall not be deemed a work made for hire, Executive agrees that such Executive Work Product shall become the sole and exclusive property of Company, and Executive hereby assigns to Company his entire right, title and interest in and to each and every patent, copyright, trade or service mark (including any attendant goodwill), trade secret or other intellectual property right embodied in Executive Work Product. Company shall also have the right, in its sole discretion to keep any and all of Executive Work Product as Company’s Confidential Material. The foregoing work made for hire and assignment provisions are and shall be in consideration of this agreement of employment by Company, and no further consideration is or shall be provided to Executive by Company with respect to these provisions. Executive agrees to execute any assignment documents Company may require confirming Company’s ownership of any of Executive Work Product. Executive also waives any and all moral rights with respect to any such works, including without limitation any and all rights of identification of authorship and/or rights of approval, restriction or limitation on use or subsequent modifications.
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7.3Covenant Not to Compete. In the event this Agreement is terminated by Company for Cause under Section 6.1 above, or by Executive without Good Reason, then for a period of one (1) year after the Termination Date, Executive shall not, directly or indirectly, work for or provide services to or own an equity interest (except for a Permissible Investment) in any person, firm or entity engaged in the casino gaming, card club or horse racing business which competes against Company in any “market” in which Company owns or operates a casino, card club or horse racing facility. For purposes of this Agreement, “market” shall be defined as the area within a seventy-five (75) mile radius (in a straight line) of any casino, card club or horse racing facility owned or operated by Company.  Design or development of a casino that does not operate during the non-compete period does not constitute competition.  Notwithstanding the foregoing, in the event (i) Company’s Chief Executive Officer as of this Effective Date, Mr. Daniel R. Lee’s, employment is terminated for any reason, and (ii) Executive remains employed for the three (3)-month period beginning on the effective date of the appointment of a new Chief Executive Officer (but not an interim Chief Executive Officer) of Company, and (iii) Executive terminates his employment hereunder following the conclusion of such three (3)-month period without Good Reason, the covenant not to compete as provided for in this Section shall not apply to Executive.
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7.4No Hire Away Policy. In the event this Agreement is terminated prior to the normal expiration of the Term, either by Company for Cause under Section 6.1 above, or by Executive without Good Reason, then for a period of one year after the Termination Date, Executive shall not, directly or indirectly, for himself or on behalf of any entity with which he is affiliated or employed, hire any person known to Executive to be an employee of Company or any of its subsidiaries (or any person known to Executive to have been such an employee within six months prior to such occurrence unless such employee was laid-off or terminated by Company). Executive shall not be deemed to hire any such person so long as he did not directly or indirectly engage in or encourage such hiring.
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7.5Non-Solicitation of Customers. During the Term and for a period of one year thereafter, or for a period of one year after the earlier termination of this Agreement prior to the expiration of the Term, and regardless of the reason for such termination (whether by Company or Executive), Executive shall not use customer lists or Confidential Material to solicit any customers of Company or its subsidiaries or any of their respective casinos or card clubs, or knowingly encourage any such customers to leave Company’s casinos or card clubs or knowingly encourage any such customers to use the facilities or services of any competitor of Company or its subsidiaries.
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7.6Irreparable Injury. The promised service of Executive under this Agreement and the other promises of this Article 7 are of special, unique, unusual, extraordinary, or intellectual character, which gives them peculiar value, the loss of which cannot be reasonably or adequately compensated in damages in an action at law.
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10

7.7Remedies for Breach. Executive agrees that money damages will not be a sufficient remedy for any breach of the obligations under this Article 7 and Article 2 hereof and that Company shall be entitled to injunctive relief (which shall include, but not be limited to, restraining Executive from directly or indirectly working for or having an ownership interest (except for a Permissible Investment in any person engaged in the casino, gaming or horse racing businesses) which violates this Agreement) and to specific performance as remedies for any such breach. Executive agrees that Company shall be entitled to such relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of proving actual damages and without the necessity of posting a bond or making any undertaking in connection therewith. Any such requirement of a bond or undertaking is hereby waived by Executive and Executive acknowledges that in the absence of such a waiver, a bond or undertaking might otherwise be required by the court. Such remedies shall not be deemed to be the exclusive remedies for any breach of the obligations in this Article 7, but shall be in addition to all other remedies available at law or in equity.
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ARTICLE 8
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FEES AND COSTS
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8.1Fees and Costs. The prevailing party in any litigation which results from disagreements between Company and Executive regarding this Agreement, as determined by the courts, and in any enforcement or other court proceedings, shall be entitled, to the extent permitted by law, to reimbursement from the other party for all of the prevailing party’s costs, expenses, and attorneys’ fees. Such reimbursement, however, shall be limited to the lesser of the total amount expended by either party.
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ARTICLE 9
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MISCELLANEOUS
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9.1Representations. Executive hereby represents and warrants to Company that (a) Executive is entering into this Agreement voluntarily and that the performance of Executive’s obligations hereunder will not violate any agreement between Executive and any other person, firm, organization or other entity, and (b) Executive is not bound by the terms of any agreement with any previous employer or other party to refrain from competing, directly or indirectly, with the business of such previous employer or other party that would be violated by Executive’s entering into this Agreement and/or providing services to Company pursuant to the terms of this Agreement. Company represents that Company has all corporate authority and all actions have been taken for it to enter into this Agreement, that this Agreement will not violate the terms of any other material agreements to which it is a party, and that the signatory to this Agreement on Company’s behalf has all required corporate authority to bind Company to this Agreement.
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9.2Amendments. The provisions of this Agreement may not be waived, altered, amended or repealed in whole or in part except by the signed written consent of the parties sought to be bound by such waiver, alteration, amendment or repeal.
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9.3Entire Agreement. This Agreement constitutes the total and complete agreement of the parties and supersedes all prior and contemporaneous understandings and agreements heretofore made, and there are no other representations, understandings or agreements.
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9.4Counterparts. This Agreement may be executed in one of more counterparts, each of which shall be deemed an original, but all of which shall together constitute one and the same instrument. Signatures delivered on electronically transmitted documents shall be effective to bind the signatory as though such documents were delivered in physical form.
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11

9.5Severability. Each term, covenant, condition or provision of this Agreement shall be viewed as separate and distinct, and in the event that any such term, covenant, condition or provision shall be deemed by a court of competent jurisdiction to be invalid or unenforceable, the court finding such invalidity or unenforceability shall modify or reform this Agreement to give as much effect as possible to the terms and provisions of this Agreement. Any term or provision which cannot be so modified or reformed shall be deleted and the remaining terms and provisions shall continue in full force and effect.
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9.6Waiver or Delay. The failure or delay on the part of Company or Executive to exercise any right or remedy, power or privilege hereunder shall not operate as a waiver thereof. A waiver, to be effective, must be in writing and signed by the party making the waiver. A written waiver of default shall not operate as a waiver of any other default or of the same type of default on a future occasion.
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9.7Successors and Assigns. This Agreement shall be binding on and shall inure to the benefit of the parties to it and their respective heirs, legal representatives, successors and assigns, except as otherwise provided herein.
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9.8No Assignment or Transfer. Neither this Agreement nor any of the rights, benefits, obligations or duties hereunder may be assigned or transferred by Executive or by Company (except that Company may assign this Agreement to any affiliate of Company and this Agreement shall inure to the benefit of and be binding upon any successor of Company which may acquire, directly or indirectly, by merger, consolidation, purchase, or otherwise, all or substantially all of the assets of Company, and Executive may transfer his rights under Section 3.3 and the associated agreements for no consideration in connection with estate planning and in accordance with applicable law). Any prohibited, purported assignment or transfer by Executive shall be void.
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9.9Necessary Acts. Each party to this Agreement shall perform any further acts and execute and deliver any additional agreements, assignments or documents that may be reasonably necessary to carry out the provisions or to effectuate the purpose of this Agreement.
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9.10Governing Law. This Agreement and all subsequent agreements between the parties shall be governed by and interpreted, construed and enforced in accordance with the laws of the State of Nevada.
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12

9.11Notices. All notices, requests, demands and other communications to be given under this Agreement shall be in writing and shall be deemed to have been duly given on the date of service, if personally served on the party to whom notice is to be given, or 4 days after mailing, if mailed to the party to whom notice is to be given by certified or registered mail, return receipt requested, postage prepaid, and properly addressed to the party at his address set forth as follows or any other address that any party may designate by written notice to the other parties:
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To Executive:at Executive’s most recent address on the records of Company
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To Company:
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Full House Resorts, Inc.
Attn: General Counsel
One Summerlin
1980 Festival Plaza Drive
Suite 680
Las Vegas, Nevada 89135 
Telephone: 702. 221. 7800
Facsimile: 702. 221. 8101
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with copy to:
Michael Bonner
Greenberg Traurig, LLP
10845 Griffith Peak Drive
Suite 600 
Las Vegas, Nevada 89135
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9.12Sarbanes-Oxley Act of 2002. Notwithstanding anything herein to the contrary, if Company determines, in its good faith judgment, that any transfer or deemed transfer of funds hereunder is likely to be construed as a personal loan prohibited by Section 13(k) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”), then such transfer or deemed transfer shall not be made to the extent necessary or appropriate so as not to violate the Exchange Act and the rules and regulations promulgated thereunder.
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9.13Section 409A of the Code.
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9.13.1To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder (together, “Section 409A”). Notwithstanding any provision of this Agreement to the contrary, if Company determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, Company shall work in good faith with Executive to adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that Company determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, including without limitation, actions intended to (i) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (ii) comply with the requirements of Section 409A; provided, however, that this Section 9.13.1 shall not create an obligation on the part of Company to adopt any such amendment, policy or procedure or take any such other action, nor shall Company have any liability for failing to do so.
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9.13.2Any right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments. To the extent permitted under Section 409A, any separate payment or benefit under this Agreement or otherwise shall not be deemed “nonqualified deferred compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision of Section 409A.
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13

9.13.3To the extent that any payments or reimbursements provided to Executive under this Agreement are deemed to constitute compensation to Executive to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, such amounts shall be paid or reimbursed reasonably promptly, but not later than December 31 of the year following the year in which the expense was incurred. The amount of any such payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and Executive’s right to such payments or reimbursement of any such expenses shall not be subject to liquidation or exchange for any other benefit.
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9.14Headings and Captions. The headings and captions used herein are solely for the purpose of reference only and are not to be considered as construing or interpreting the provisions of this Agreement.
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9.15Construction. All terms and definitions contained herein shall be construed in such a manner that shall give effect to the fullest extent possible to the express or implied intent of the parties hereby.
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9.16Counsel. Executive has been advised by Company that he should consider seeking the advice of counsel in connection with the execution of this Agreement and Executive has had an opportunity to do so. Executive has read and understands this Agreement, and has sought the advice of counsel to the extent he has determined appropriate. Company shall reimburse Executive for the reasonable fees and expenses of Executive’s counsel in connection with this Agreement.
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9.17Withholding of Compensation. Executive hereby agrees that Company may deduct and withhold from the compensation or other amounts payable to Executive hereunder or otherwise in connection with Executive’s employment any amounts required to be deducted and withheld by Company under the provisions of any applicable Federal, state and local statute, law, regulation, ordinance or order.
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[SIGNATURE PAGE FOLLOWS]
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14

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the date first written above.
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	FULL HOUSE RESORTS, INC.,
a Delaware corporation

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	By:
	/s/ Daniel R. Lee

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	Name: Daniel R. Lee

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	Title:   President, Chief Executive Officer and Director

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	Date:   May 19, 2022

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	“EXECUTIVE”

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	By:
	/s/ Lewis A. Fanger

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	Name:  Lewis A. Fanger

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	Date:   May 19, 2022

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S-1

EXHIBIT A
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GENERAL RELEASE
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​
For valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever discharge the “Releasees” hereunder, consisting of Full House Resorts, Inc., a Delaware corporation (the “Company”) and each of its partners, subsidiaries, associates, affiliates, successors, heirs, assigns, agents, directors, officers, and employees, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called “Claims”), which the undersigned now has or may hereafter have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof. The Claims released herein include, without limiting the generality of the foregoing, any Claims in any way arising out of, based upon, or related to the employment or termination of employment of the undersigned by the Releasees, or any of them; any alleged breach of any express or implied contract of employment; any alleged torts or other alleged legal restrictions on Releasees’ right to terminate the employment of the undersigned; and any alleged violation of any federal, state or local statute or ordinance including, without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination In Employment Act, the Americans With Disabilities Act, and the Nevada Fair Employment Practices Act. Notwithstanding the foregoing, this general release (the “Release”) shall not operate to release any rights or claims of the undersigned (i) to payments or benefits under Sections 4.4, 5, 6, 8.1, and Article 9 of that certain Employment Agreement, effective as of May 19, 2022, between Full House, Inc. and the undersigned (the “Employment Agreement”), (ii) to payments or benefits under any equity award agreement between the undersigned and Company, (iii) with respect to Article V of the Employment Agreement, (iv) to accrued or vested benefits the undersigned may have, if any, as of the date hereof under any applicable plan, policy, practice, program, contract or agreement with Company, (v) to any Claims, including claims for indemnification and/or advancement of expenses, arising under any indemnification agreement between the undersigned and Company or under the bylaws, certificate of incorporation of other similar governing document of Company, or (vi) to any Claims which cannot be waived by an employee under applicable law.
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IN ACCORDANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990, THE UNDERSIGNED IS HEREBY ADVISED AS FOLLOWS:
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(A)EXECUTIVE HAS THE RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS RELEASE;
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(B)EXECUTIVE HAS TWENTY-ONE (21) DAYS TO CONSIDER THIS RELEASE BEFORE SIGNING IT; AND
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(C)EXECUTIVE HAS SEVEN (7) DAYS AFTER SIGNING THIS RELEASE TO REVOKE THIS RELEASE, AND THIS RELEASE WILL BECOME EFFECTIVE UPON THE EXPIRATION OF THAT REVOCATION PERIOD.
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The undersigned represents and warrants that there has been no assignment or other transfer of any interest in any Claim which Executive may have against Releasees, or any of them, and the undersigned agrees to indemnify and hold Releasees, and each of them, harmless from any liability, Claims, demands, damages, costs, expenses and attorneys’ fees incurred by Releasees, or any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer. It is the intention of the parties that this indemnity does not require payment as a condition precedent to recovery by the Releasees against the undersigned under this indemnity.
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A-1

The undersigned agrees that if Executive hereafter commences any suit arising out of, based upon, or relating to any of the Claims released hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then the undersigned agrees to pay to Releasees, and each of them, in addition to any other damages caused to Releasees thereby, all attorneys’ fees incurred by Releasees in defending or otherwise responding to said suit or Claim.
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The undersigned further understands and agrees that neither the payment of any sum of money nor the execution of this Release shall constitute or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever to the undersigned.
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IN WITNESS WHEREOF, the undersigned has executed this Release this _____ day of ______________, ____.
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	Lewis A. Fanger

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A-2

EXHIBIT B
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GENERAL RELEASE
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​
For valuable consideration, the receipt and adequacy of which are hereby acknowledged, which are set forth in that certain Employment Agreement, effective as of May 19, 2022 (the “Employment Agreement”) between Full House Resorts, Inc. (the “Company”) and Lewis A. Fanger (“Executive”), the Company, for itself and for (a) its subsidiaries, related and affiliated companies, (b) its predecessors, successors and assigns (c) its current and past officers and directors, and (d) its agents and employees, and in each case does hereby release and forever discharge the “Releasees” hereunder, consisting of Executive and his heirs and assigns, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, fixed or contingent that are known as of the date hereof (hereinafter called “Claims”), which the Company or any of its subsidiaries, related and affiliated companies, predecessors, successors, assigns, current and past officers and directors, agents and employees now have or may hereafter have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof. Notwithstanding the foregoing, this General Release shall not operate to release any Claims which the undersigned may have relating to or arising out of (i) Executive’s intentional, willful or reckless misconduct, (ii) Executive’s fraud or breach of fiduciary duty or (iii) claims the Company does not know or suspect to exist in its favor as of the date hereof (the “Unreleased Claims”).
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The Company represents and warrants that there has been no assignment or other transfer of any interest in any Claim (other than Unreleased Claims) which it may have against the Releasees, or any of them. The Company agrees that if it or any of its subsidiaries, related and affiliated companies, predecessors, successors, assigns, current and past officers and directors, agents and employees hereafter commences any suit arising out of, based upon, or relating to any of the Claims released hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then the Company agrees to pay to Releasees, and each of them, in addition to any other damages caused to Releasees thereby, all reasonable attorneys’ fees incurred by Releasees in defending or otherwise responding to said suit or Claim.
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The Company further understands and agrees that neither the payment of any sum of money nor the execution of this Release shall constitute or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever to the Company.
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IN WITNESS WHEREOF, the Company has executed this Release as of this _____ day of ______________, 20__.
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	FULL HOUSE RESORTS, INC.

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	By:
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	Its:
	President and Chief Executive Officer

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B-1

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