Browse EX-10 agreements

Exhibit 10.2

Execution Version

 

 

 

 

RECEIVABLES PURCHASE AGREEMENT

 

between

 

FORD MOTOR CREDIT COMPANY LLC, as Sponsor

 

and

 

FORD CREDIT AUTO RECEIVABLES TWO LLC, as Depositor

 

 

Dated as of June 1, 2026

 

 

 

 

 

 

TABLE OF CONTENTS

 

ARTICLE I USAGE AND DEFINITIONS

1

Section 1.1.

Usage and Definitions

1

ARTICLE II SALE AND PURCHASE OF PURCHASED PROPERTY

1

Section 2.1.

Sale of Purchased Property

1

Section 2.2.

Payment of Purchase Price

1

Section 2.3.

Acknowledgement of Further Assignments

2

Section 2.4.

Savings Clause

2

ARTICLE III REPRESENTATIONS AND WARRANTIES

2

Section 3.1.

Sponsor's Representations and Warranties

2

Section 3.2.

Sponsor's Representations and Warranties About Pool of Receivables

3

Section 3.3.

Sponsor's Representations and Warranties About Each Receivable

4

Section 3.4.

Sponsor's Repurchase of Receivables for Breach of Representations

6

Section 3.5.

Depositor's Representations and Warranties

7

ARTICLE IV SPONSOR'S AGREEMENTS

8

Section 4.1.

Financing Statements

8

Section 4.2.

…

Exhibit 10.6

Execution Version

 

 

 

 

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

 

among

 

 

FORD CREDIT AUTO OWNER TRUST 2026-B, as Issuer

 

 

FORD MOTOR CREDIT COMPANY LLC, as Servicer

 

 

and

 

 

CLAYTON FIXED INCOME SERVICES LLC, as Asset Representations Reviewer

 

 

Dated as of June 1, 2026

  

 

 

 

 

 

 

  

TABLE OF CONTENTS

 

ARTICLE I USAGE AND Definitions

1

Section 1.1.

Usage and Definitions

1

Section 1.2.

Additional Definitions

1

Section 1.3.

Review Materials and Test Definitions

2

ARTICLE II Engagement of ASSET REPRESENTATIONS REVIEWER

2

Section 2.1.

Engagement; Acceptance

2

Section 2.2.

Confirmation of Status

2

ARTICLE III Asset Representations Review PROCESS

2

Section 3.1.

Review Notices

2

Section 3.2.

Identification of Review Receivables

3

Section 3.3.

Review Materials

3

Section 3.4.

Performance of Reviews

3

Section 3.5.

Review Reports

4

Section 3.6.

Review Representatives

4

Section 3.7.

Dispute Resolution

5

Section 3.8.

Limitations on Review Obligations

5

…

Exhibit 10.1

Execution Version

 

 

 

AMENDED AND RESTATED TRUST AGREEMENT

 

between

 

FORD CREDIT AUTO RECEIVABLES TWO LLC, as Depositor

 

and

 

U.S. BANK TRUST NATIONAL ASSOCIATION, as Owner Trustee

 

for

 

FORD CREDIT AUTO OWNER TRUST 2026-B

 

Dated as of June 1, 2026

 

 

 

 

 

 

TABLE OF CONTENTS

 

ARTICLE I USAGE AND DEFINITIONS

1

Section 1.1.

Usage and Definitions

1

ARTICLE II ORGANIZATION OF TRUST

1

Section 2.1.

Name

1

Section 2.2.

Office

1

Section 2.3.

Purposes and Powers

1

Section 2.4.

Appointment of Owner Trustee

2

Section 2.5.

Contribution and Sale of Trust Property

2

Section 2.6.

Declaration of Trust

2

Section 2.7.

Limitations on Liability

2

Section 2.8.

Title to Trust Property

3

Section 2.9.

Location of Issuer

3

Section 2.10.

Depositor's Representations and Warranties

3

Section 2.11.

Tax Matters

4

ARTICLE III RESIDUAL INTEREST AND TRANSFER OF INTERESTS

6

Section 3.1.

Residual Interest

6

Section 3.2.

Registration of Residual Interest

7

Section 3.3.

Transfer of Residual Interest

7

…

Exhibit 10.5

Execution Version

 

 

 

 

ACCOUNT CONTROL AGREEMENT

 

 

among

 

 

FORD CREDIT AUTO OWNER TRUST 2026-B, as Grantor

 

 

THE BANK OF NEW YORK MELLON, as Secured Party

 

 

and

 

 

THE BANK OF NEW YORK MELLON, as Financial Institution

 

 

Dated as of June 1, 2026

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

ARTICLE I USAGE AND DEFINITIONS

1

Section 1.1.

Usage and Definitions

1

ARTICLE II ESTABLISHMENT OF COLLATERAL ACCOUNTS

1

Section 2.1.

Description of Accounts

1

Section 2.2.

Account Changes

1

Section 2.3.

Account Types

2

Section 2.4.

Securities Accounts

2

ARTICLE III SECURED PARTY CONTROL

2

Section 3.1.

Control of Collateral Accounts

2

Section 3.2.

Investment Instructions

2

Section 3.3.

Conflicting Orders or Instructions

2

ARTICLE IV SUBORDINATION OF LIEN; WAIVER OF SET-OFF

3

Section 4.1.

Subordination

3

Section 4.2.

Set-off and Recoupment

3

ARTICLE V REPRESENTATIONS, WARRANTIES AND COVENANTS

3

Section 5.1.

Financial Institution's Representations and Warranties

3

Section 5.2.

…

Exhibit 10.3

Execution Version

 

 

 

SALE AND SERVICING AGREEMENT

 

 

among

 

 

FORD CREDIT AUTO OWNER TRUST 2026-B, as Issuer,

 

 

FORD CREDIT AUTO RECEIVABLES TWO LLC, as Depositor

 

 

and

 

 

FORD MOTOR CREDIT COMPANY LLC, as Servicer

 

 

Dated as of June 1, 2026

 

 

 

 

 

 

TABLE OF CONTENTS

 

ARTICLE I USAGE AND DEFINITIONS

1

Section 1.1.

Usage and Definitions

1

ARTICLE II SALE AND PURCHASE OF SOLD PROPERTY; REPRESENTATIONS AND WARRANTIES

1

Section 2.1.

Sale of Sold Property

1

Section 2.2.

Acknowledgement of Further Assignments

1

Section 2.3.

Savings Clause

1

Section 2.4.

Depositor's Representations and Warranties About Sold Property

2

Section 2.5.

Depositor's Repurchase of Receivables for Breach of Representations

4

Section 2.6.

Dispute Resolution

5

ARTICLE III SERVICING OF RECEIVABLES

8

Section 3.1.

Engagement

8

Section 3.2.

Servicing of Receivables

8

Section 3.3.

Servicer's Purchase of Receivables

10

Section 3.4.

Sale of Charged-Off Receivables

11

Section 3.5.

…

Exhibit 10.4

Execution Version

 

 

 

ADMINISTRATION AGREEMENT

 

between

 

FORD CREDIT AUTO OWNER TRUST 2026-B, as Issuer,

 

and

 

FORD MOTOR CREDIT COMPANY LLC, as Administrator

 

Dated as of June 1, 2026

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

ARTICLE I USAGE AND DEFINITIONS

1

Section 1.1.

Usage and Definitions

1

 

 

 

ARTICLE II ADMINISTRATION OF ISSUER

1

 

 

 

Section 2.1.

Engagement of Administrator

1

Section 2.2.

Administrator's Rights and Obligations

1

Section 2.3.

Limits on Administrator's Rights and Obligations

2

Section 2.4.

Power of Attorney

3

Section 2.5.

Access to Issuer Records

3

Section 2.6.

Review of Administrator's Records

3

Section 2.7.

Updating List of Responsible Persons

3

Section 2.8.

Administrator's Fees and Expenses

3

 

 

 

ARTICLE III ADMINISTRATOR

3

Section 3.1.

Administrator's Representations and Warranties

3

Section 3.2.

Liability of Administrator

4

Section 3.3.

Indemnities

5

Section 3.4.

Resignation and Removal of Administrator

6

Section 3.5.

Successor Administrator

7

…

Execution Version

ACCESSION AGREEMENT

Reference is hereby made to that certain Intercreditor Agreement, dated as of December 9, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), among (i) Exeter Finance LLC, as servicer, (ii) Citibank, N.A., as intercreditor agent, and (iii) each Other Party that becomes a party thereto pursuant to the terms thereof.  Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Agreement.

…

Execution Version

 

 

 

CUSTODIAN AGREEMENT

among

EXETER FINANCE LLC, as Custodian,

EXETER FINANCE LLC, as Servicer,

and

CITIBANK, N.A., as Indenture Trustee

Dated as of May 31, 2026

 

 

 

---

THIS CUSTODIAN AGREEMENT, dated as of May 31, 2026, is made with respect to the issuance of Notes and Certificates by Exeter Automobile Receivables Trust 2026-3 (the “Issuer”), and is among EXETER FINANCE LLC, as custodian (in such capacity, the “Custodian”), EXETER FINANCE LLC, as servicer (in such capacity, the “Servicer”), and CITIBANK, N.A., a national banking association, as indenture trustee (in such capacity, the “Indenture Trustee”).  Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and Servicing Agreement (as hereinafter defined).

 

W I T N E S S E T H:

…

Execution Version

 

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

among

 

EXETER AUTOMOBILE RECEIVABLES TRUST 2026-3, Issuer,

 

EXETER FINANCE LLC, Servicer,

 

and

 

CLAYTON FIXED INCOME SERVICES LLC, Asset Representations Reviewer

 

 

 

Dated as of May 31, 2026

 

 

 

 

 

---

TABLE OF CONTENTS

Page

ARTICLE I DEFINITIONS

1

 

 

 

Section 1.1.

Definitions

1

Section 1.2.

Additional Definitions

1

 

 

 

ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

2

 

 

 

Section 2.1.

Engagement; Acceptance

2

Section 2.2.

Confirmation of Status

2

 

 

 

ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS

3

 

 

 

Section 3.1.

Asset Review Notices

3

Section 3.2.

Identification of Asset Review Receivables

3

Section 3.3.

Asset Review Materials.

3

Section 3.4.

Performance of Asset Reviews.

4

Section 3.5.

Asset Review Reports

4

Section 3.6.

Asset Review Representatives.

5

Section 3.7.

Dispute Resolution

5

Section 3.8.

Limitations on Asset Review Obligations.

5

 

 

 

ARTICLE IV ASSET REPRESENTATIONS REVIEWER

6

…

Execution Version

 

 

 

 

CONTRIBUTION AGREEMENT

 

 

between

 

 

EXETER HOLDINGS TRUST 2026-3 Transferee

 

 

and

 

 

EXETER AUTOMOBILE RECEIVABLES TRUST 2026-3 Transferor

 

 

 

 

 

 

Dated as of May 31, 2026

 

---

TABLE OF CONTENTS

 

Page

 

ARTICLE I      DEFINITIONS

1

 

 

SECTION 1.1 General

1

SECTION 1.2 Specific Terms

1

SECTION 1.3 Usage of Terms

2

SECTION 1.4 [Reserved].

2

SECTION 1.5 No Recourse

2

SECTION 1.6 Action by or Consent of Noteholders and Certificateholders

3

 

 

ARTICLE II     TRANSFER OF THE CONVEYED ASSETS

3

 

 

SECTION 2.1 Transfer of the Conveyed Assets.

3

 

 

ARTICLE III   REPRESENTATIONS AND WARRANTIES

4

 

 

SECTION 3.1 Representations and Warranties of Transferor

4

SECTION 3.2 Representations and Warranties of Transferee

6

 

 

ARTICLE IV   COVENANTS OF SELLER

8

 

 

SECTION 4.1 Protection of Title of Transferee.

8

SECTION 4.2 Other Liens or Interests

9

SECTION 4.3 Costs and Expenses

9

 

 

ARTICLE V     MISCELLANEOUS

9

 

 

SECTION 5.1 Liability of Transferor

9

…

Execution Version

 

PURCHASE AGREEMENT

 

between

 

EFCAR, LLC Purchaser

 

and

 

EXETER FINANCE LLC

Seller

Dated as of May 31, 2026

 

---

TABLE OF CONTENTS

 

Page

 

ARTICLE I.

DEFINITIONS

1

 

 

 

SECTION 1.1

General

1

SECTION 1.2

Specific Terms

1

SECTION 1.3

Usage of Terms

2

SECTION 1.4

[Reserved].

2

SECTION 1.5

No Recourse

2

SECTION 1.6

Action by or Consent of Noteholders and Certificateholders

2

 

 

 

ARTICLE II.

CONVEYANCE OF THE EFLLC RECEIVABLES AND THE EFLLC OTHER CONVEYED PROPERTY

3

 

 

 

SECTION 2.1

Conveyance of the EFLLC Receivables and the EFLLC Other Conveyed Property.

3

 

 

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

4

 

 

 

SECTION 3.1

Representations and Warranties of Seller

4

SECTION 3.2

Representations and Warranties of Purchaser

8

SECTION 3.3

Representations and Warranties of Seller as to each EFLLC Receivable

10

 

 

 

ARTICLE IV.

COVENANTS OF SELLER

10

 

 

 

SECTION 4.1

Protection of Title of Purchaser.

10

SECTION 4.2

Other Liens or Interests

12

SECTION 4.3

…

This              day of             2024

Between

 

ONG CARE SCAN SDN. BHD. (692430-W)

[Landlord]

 

And

 

DAMI STRATEGIES SDN. BHD. [202201010119 (1455816-T)]

[Tenant]

 

TENANCY AGREEMENT

 

Ong Care Scan Sdn Bhd

4th Floor, Wisma Life Care,

No.5, Jalan Kerinchi,

Bangsar South,

59200 Kuala Lumpur.

 

 

 

 

********** This page is intentionally left blank**********

 

2

 

 

TENANCY AGREEMENT

 

THIS TENANCY AGREEMENT made this

 

BETWEEN ONG CARE SCAN SDN BHD (Company No.: 692430-W) having its registered address at 4th Floor, Wisma Life Care, No.5, Jalan Kerinchi, 59200 Bangsar South, Kuala Lumpur (hereinafter referred to as “the Landlord”) which expression shall where the context so admits include its personal representative, successor in title and assign of the one part.

…