SEC Contract Filing

Filing Date: 2022-04-04

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>7
<FILENAME>d213410dex103.htm
<DESCRIPTION>EX-10.3
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<TITLE>EX-10.3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECEIVABLES CONTRIBUTION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This RECEIVABLES CONTRIBUTION AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
&#147;<U>Agreement</U>&#148;), dated as of March 30, 2022, is by and between Carvana Auto Receivables Trust 2022-P1, a Delaware statutory trust (the &#147;<U>Issuing Entity</U>&#148;), and Carvana Auto Receivables Grantor Trust 2022-P1, a Delaware
statutory trust (the &#147;<U>Grantor Trust</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AGREEMENTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, on the Closing Date, Carvana, LLC (the &#147;<U>Seller</U>&#148;) has sold automobile retail installment contracts and related rights
to Carvana Receivables Depositor LLC (the &#147;<U>Depositor</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Depositor has sold such contracts and related
rights to the Issuing Entity pursuant to the Receivables Transfer Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Issuing Entity intends to contribute or
otherwise transfer such contracts and related rights, or interests therein, to the Grantor Trust pursuant to this Agreement in exchange for the Grantor Trust Certificate; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Grantor Trust intends to pledge such contracts and related rights to Computershare Trust Company, National Association, as
indenture trustee (the &#147;<U>Indenture Trustee</U>&#148;), and the Issuing Entity will issue notes backed by the Grantor Trust Certificate pursuant to the Indenture, dated as of the date hereof (as amended, modified or supplemented from time to
time, the &#147;<U>Indenture</U>&#148;), among the Issuing Entity, the Grantor Trust, and the Indenture Trustee; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Bridgecrest
Credit Company, LLC, an Arizona limited liability company (the &#147;<U>Servicer</U>&#148;), is willing to service such contracts in accordance with the terms of the Servicing Agreement, dated as of the date hereof, among the Issuing Entity, the
Grantor Trust, the Backup Servicer and the Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual agreements and subject to the terms
and conditions herein contained, each party agrees as follows for the benefit of the other party: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;I </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFINITIONS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.1
<U>Definitions; Rules of Construction</U>. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in <U>Part I</U> of <U>Appendix</U><U></U><U>&nbsp;A</U> to
the Receivables Purchase Agreement, dated as of the date hereof (the &#147;<U>Receivables Purchase </U><U>Agreement</U>&#148;), among Carvana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. All references herein to
&#147;the Agreement&#148; or &#147;this Agreement&#148; are to this Receivables Contribution Agreement as it may be amended, supplemented or modified from time to time, the exhibits and schedules hereto and the capitalized terms used herein, which
are defined in <U>Part </U>I of such <U>Appendix A</U>, and all references herein to Articles, Sections and Subsections are to Articles, Sections or Subsections of this Agreement unless otherwise specified. The rules of construction set forth in
<U>Part II</U> of such <U>Appendix A</U> shall be applicable to this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;II </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONVEYANCE OF RECEIVABLES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1 <U>Conveyance of Receivables</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) On the Closing Date, the Issuing Entity hereby agrees to sell, transfer, assign, set over and otherwise convey to the Grantor Trust and the
Grantor Trust hereby agrees to purchase from the Issuing Entity, without recourse, all right, title and interest of the Issuing Entity in, to and under the following property, whether now existing or hereafter created or acquired (all of the
property described in this <U>Section