SEC Contract Filing

Filing Date: 2025-07-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>10
<FILENAME>exhibit10-5.htm
<DESCRIPTION>CUSTODIAN AGREEMENT
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 <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.5</font><br>
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 <div style="text-align: center; font-weight: bold;">FORM OF CUSTODIAN AGREEMENT<br>
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 among<br>
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 EXETER FINANCE LLC,<br>
 as Custodian,<br>
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 EXETER FINANCE LLC,<br>
 as Servicer,<br>
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 and<br>
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 CITIBANK, N.A.,<br>
 as Indenture Trustee<br>
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 Dated as of July 6, 2025</div>
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 <div style="text-align: justify; text-indent: 36pt;">THIS CUSTODIAN AGREEMENT, dated as of July 6, 2025, is made with respect to the issuance of Notes and Certificates by Exeter Select Automobile Receivables Trust 2025-2 (the &#8220;<u>Issuer</u>&#8221;), and is
 among EXETER FINANCE LLC, as custodian (in such capacity, the &#8220;<u>Custodian</u>&#8221;), EXETER FINANCE LLC, as servicer (in such capacity, the &#8220;<u>Servicer</u>&#8221;), and CITIBANK, N.A., a national banking association, as indenture trustee (in such capacity,
 the &#8220;<u>Indenture Trustee</u>&#8221;).&#160; Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and Servicing Agreement (as hereinafter defined).</div>
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 <div style="text-align: center;"><u>W I T N E S S E T H</u><u>:</u></div>
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 <div style="text-align: justify; text-indent: 36pt;">WHEREAS, Exeter Finance LLC (&#8220;<u>Exeter</u>&#8221;) and EFCAR, LLC (&#8220;<u>EFCAR</u>&#8221;) have entered into a Purchase Agreement dated as of July 6, 2025 (the &#8220;<u>Purchase Agreement</u>&#8221;), pursuant to which
 Exeter has sold, transferred and assigned to EFCAR all of Exeter&#8217;s right, title and interest in and to certain of the Receivables;</div>
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 <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Issuer, the Servicer, EFCAR, Exeter Select Holding Trust 2025-2 (the &#8220;<u>Holding Trust</u>&#8221;) and the Indenture Trustee and Backup Servicer, have entered into a Sale and Servicing
 Agreement, dated as of July 6, 2025 (the &#8220;<u>Sale and Servicing Agreement</u>&#8221;), pursuant to which EFCAR has sold, transferred and assigned to the Issuer all of EFCAR&#8217;s right, title and interest in and to the Receivables;</div>
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 <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Issuer, the Holding Trust and the Indenture Trustee have entered into an Indenture dated as of July 6, 2025 (the &#8220;<u>Indenture</u>&#8221;), pursuant to which (a) the Issuer has pledged to the
 Indenture Trustee for the benefit of the Noteholders, all of the Issuer&#8217;s right, title and interest in and to the Holding Trust Certificate and (b) the Holding Trust has pledged to the Indenture Trustee for the benefit of the Noteholders, all of the
 Holding Trust&#8217;s right, title and interest in and to the Receivables; and</div>
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 <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Indenture Trustee wishes to hereby appoint the Custodian to hold the Receivable Files as the custodian on behalf of the Holding Trust and the Indenture Trustee;</div>
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 <div style="text-align: justify; text-indent: 36pt;">NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties agree as
 follows:</div>
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 <div style="text-align: justify; text-indent: 36pt;">1.<u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> &#160;</font>Appointment of Custodian; Acknowledgement of Receipt</u>.&#160; Subject to the terms and conditions
 hereof, the Indenture Trustee hereby revocably appoints the Custodian, but shall not be responsible for the acts or omissions of the Custodian, and the Custodian hereby accepts such appointment, as custodian and bailee on behalf of the Holding Trust
 and the Indenture Trustee, to maintain exclusive custody of the Receivable Files relating to Receivables from time to time pledged to the Indenture Trustee as part of the Collateral.&#160; In performing its duties hereunder, the Custodian agrees to act
 with reasonable care, using that degree of skill and attention that a commercial bank acting in the capacity of a custodian would exercise with respect to files relating to comparable automotive or other receivables that it services or holds for
 others (the &#8220;<u>Standard of Care</u>&#8221;).&#160; The Custodian hereby, as of the Closing Date, acknowledges receipt of the Receivable File for each Receivable listed in the Schedule of Receivables attached as Schedule A to the Sale and Servicing Agreement
 subject to any exceptions noted on the Custodian&#8217;s Acknowledgement</div>
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