SEC Contract Filing

Filing Date: 2022-10-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>8
<FILENAME>exhibit10-3.htm
<DESCRIPTION>DEPOSIT ACCOUNT CONTROL AGREEMENT
<TEXT>
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 <div style="text-align: right; font-weight: bold;">Exhibit 10.3<br>
 <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Execution Version</div>
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 <div style="text-align: center; font-family: Arial; font-size: 12pt; font-weight: bold;">DEPOSIT ACCOUNT CONTROL AGREEMENT</div>
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 <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt;"><font style="font-size: 11pt; font-family: Arial; font-variant: small-caps; font-weight: bold;">(</font><font style="font-family: Arial; font-size: 11pt; font-weight: bold;">Access Restricted after Notice<font style="font-variant: small-caps;">)</font></font></div>
 <div style="font-family: Arial; font-size: 11pt; font-weight: bold;">&#160;</div>
 <div style="text-align: center; margin-left: 5.4pt; font-family: Arial; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Servicer</div>
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 <div style="font-family: Arial; font-size: 9pt;">This <font style="font-weight: bold;">Deposit Account Control Agreement</font> (the &#8220;Agreement&#8221;), dated as of the date specified on the page immediately before the initial signature page of this
 Agreement, is entered into by and among<font style="font-weight: bold;"> Exeter Automobile Receivables Trust 2022-5,</font> a Delaware statutory trust (&#8220;<u>Company</u>&#8221;), <font style="font-weight: bold;">Exeter Finance LLC</font>, a Delaware limited
 liability company (&#8220;<u>Servicer</u>&#8221;), <font style="font-weight: bold;">Citibank, N.A.</font>, as indenture trustee for the benefit of certain noteholders (in such capacity, &#8220;<u>Secured Party</u>&#8221;) under an indenture dated as of September 18, 2022
 (the "Indenture"), and <font style="font-weight: bold;">Wells Fargo Bank, National Association</font> (&#8220;<u>Bank</u>&#8221;), and sets forth the rights of Secured Party and the obligations of Bank with respect to the deposit accounts of Company at Bank
 identified at the end of this Agreement as the Collateral Accounts (each hereinafter referred to individually as a &#8220;<u>Collateral Account</u>&#8221; and collectively as the &#8220;<u>Collateral Accounts</u>&#8221;).&#160; Each account designated as a Collateral Account
 includes, for purposes of this Agreement, and without the necessity of separately listing subaccount numbers, all subaccounts presently existing or hereafter established for deposit reporting purposes and integrated with the Collateral Account by an
 arrangement in which deposits made through subaccounts are posted only to the Collateral Account.</div>
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 <div style="font-family: 'Times New Roman';"><font style="font-size: 9pt; font-family: Arial; font-weight: bold;">Secured Party&#8217;s Interest in Collateral Accounts.</font><font style="font-family: Arial; font-size: 9pt;">&#160; Secured Party
 represents that it is either (i) a lender who has extended credit to Company and has been granted a security interest in the Collateral Accounts or (ii) a trustee for a lender or noteholders and has been granted a security interest in the
 Collateral Accounts.&#160; Company hereby confirms the security interest granted by Company to Secured Party in all of Company&#8217;s right, title and interest in and to the Collateral Accounts and all sums now or hereafter on deposit in or payable
 or withdrawable from the Collateral Accounts (the &#8220;<u>Collateral Account Funds</u>&#8221;).&#160; In furtherance of the intentions of the parties hereto, this Agreement constitutes written notice by Secured Party to Bank of Secured Party's security
 interest in the Collateral Accounts.</font></div>
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 <td style="width: 36pt; vertical-align: top; font-family: Arial; font-size: 9pt; font-weight: bold;">2.</td>
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 <div style="font-family: 'Times New Roman';"><font style="font-size: 9pt; font-family: Arial; font-weight: bold;">Secured Party Control. </font><font style="font-family: Arial; font-size: 9pt;"> Bank, Secured Party, Company, and Servicer each
 agree that Bank will comply with instructions given to Bank by Secured Party directing disposition of funds in the Collateral Accounts (&#8220;<u>Disposition Instructions</u>&#8221;) without further consent by Company or Servicer.&#160; Except as otherwise
 required by law, Bank will not agree with any third party to comply with instructions for disposition of funds in the Collateral Accounts originated by such third party.</font></div>
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