Document:

Exhibit 10.1

 

FRANCESCA’S SERVICES CORPORATION

 

January 1, 2016

 

		Re:	Second Amended and Restated Employment Letter Agreement

 

Dear Kal:

 

This letter agreement
(this “Agreement”) hereby amends and restates in its entirety that certain Amended and Restated Employment Letter
Agreement entered into by and between you and Francesca’s Collections, Inc., a Texas corporation (“FCI”),
and certain of its affiliates. Francesca’s Services Corporation, a Delaware corporation (“FSC”), Francesca’s
Holdings Corporation, a Delaware corporation (“Parent”) and FCI are collectively referred to herein as the “Company.”

 

The Company desires
to provide for your continuing employment on the terms and conditions of this Agreement.

 

1.Employment; Compensation and Benefits.

 

(a)Position
and Duties. You shall serve as the Company’s Executive Vice President, Chief Administrative Officer and General Counsel,
reporting to the Company’s Chief Executive Officer. During your Period of Employment (as defined below) with the Company,
you agree to (i) devote substantially all of your business time, energy and skill to the performance of your duties for the
Company, (ii) perform such duties in a faithful, effective and efficient manner and (iii) hold no other employment.

 

(b)Period of
Employment. Your “Period of Employment” is for an indefinite term, until terminated as provided in Section
2(a).

 

(c)Base Salary.
Your base salary (the “Base Salary”) shall be at an annualized rate of Four Hundred Two Thousand Five Hundred
Dollars ($402,500.00) and shall be paid in accordance with the Company’s regular payroll practices in effect from time to
time.

 

(d)Annual Bonus.
You may be eligible for an annual incentive bonus based on the Company’s annual bonus plan that may exist from time to time.
Your target annual incentive bonus amount for a particular fiscal year of the Company during the Period of Employment shall equal
Fifty Percent (50%) of your Base Salary for that fiscal year.

 

(e)Retirement,
Welfare and Fringe Benefits. During the Period of Employment you shall be entitled to participate in all employee savings and
welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company to the Company’s
employees generally, in accordance with the eligibility and participation provisions of such plans and as such plans or programs
may be in effect from time to time. You will be eligible for 21-days of paid-time-off.

 

2.Termination and Severance.

 

(a)Termination.
Your employment by the Company may be terminated by the Company: (i) immediately upon notice, with Cause (as defined below),
or (ii) with no less than thirty (30) days’ advance written notice to you, without Cause, or (iii) immediately
in the event of your Disability (as defined below) or your death. In the event that you are provided with notice of termination
without Cause pursuant to clause (ii) above, the Company will have the option to place you on administrative leave during
the notice period. You may terminate your employment by the Company for any reason with no less than thirty (30) days’
advance written notice to the Company. Any termination of your employment (by you or by the Company) must be communicated by written
notice from the terminating party to the other party. Such notice of termination must be hand delivered (if to the Company, to
the Company’s Chief Executive Officer) and must indicate the specific provision(s) of this Agreement relied upon in effecting
the termination. The date your employment by the Company terminates is referred to herein as your “Severance Date.”

 

    	 

     

    

 

(b)Benefits
upon Termination. Regardless of the reason for the termination of your employment with the Company, in connection with such
termination the Company will pay you (on or within 30 days following your Severance Date) your accrued and unused vacation (if
any) and you will be entitled to any benefits that are due to you under the Company’s 401(k) plan in accordance with the
terms of that plan. If you hold any stock options or other equity or equity-based awards granted by the Company, the terms and
conditions applicable to those awards will control as to the consequences of a termination of your employment on those awards.
In addition to the foregoing, if your employment with the Company terminates as a result of a termination by the Company of your
employment without Cause (as defined below), you will (subject to the other conditions set forth in Section 2(c) below) be
entitled to the following benefits: the Company will pay you, subject to tax withholding and other authorized deductions, an aggregate
amount equal to one (1) times your Base Salary as in effect on the Severance Date (the “Severance Benefit”).
Subject to Section 5, the Company will pay this benefit to you in substantially equal installments (each in the applicable
fraction of the aggregate benefit) in accordance with the Company’s standard payroll practices over a period of twelve (12)
months, with the first installment payable in the month following the month in which your Separation from Service (as such term
is defined below) occurs.

 

(c)Conditions for Receipt of Severance
Benefit. Notwithstanding anything to the contrary herein, if the Severance Benefit is otherwise due to you and, at any time,
you breach any obligation under Section 6 of this Agreement, from and after the date of such breach and not in any way in
limitation of any right or remedy otherwise available to the Company, you will no longer be entitled to, and the Company will no
longer be obligated to pay, any remaining unpaid portion of the Severance Benefit. In addition, in order to receive any Severance
Benefit, you must, upon or promptly following (and in all events, within twenty-one (21) days of, unless a longer period of
time is required by applicable law) your Severance Date, provide the Company with a separation agreement which shall contain a
valid, executed general release agreement in a form acceptable to the Company, and such release shall have not been revoked. In
the event a period longer than twenty-one (21) days is required by applicable law, then the first installment of the Severance
Benefit shall remain payable in the month following the month in which your Separation from Service (as such term is defined below)
occurs, provided that if you fail to provide the Company with the executed general release agreement described above (or have otherwise
revoked the release), any further instalments of the Severance Benefit shall cease at such time and shall no longer be payable
to you. You agree and acknowledge that such separation agreement may contain additional restrictive covenants, including, without
limitation, non-solicitation covenants and non-disparagement covenants.

 

(d)Exclusive
Remedy. You agree that should your employment by the Company terminate for any reason, the payments and benefits contemplated
by this Agreement with respect to the circumstances of such termination shall constitute the exclusive and sole remedy for any
such termination of your employment and you agree not to assert or pursue any other remedies, at law or in equity, with respect
to any termination of employment. You agree that, in the event of a termination of your employment, you are not and will not be
entitled to severance benefits under any other agreement, plan, program, or policy of the Company.

 

    	 	 2	 

     

    

 

3.Certain Defined
Terms. As used in this Agreement, the following terms shall be defined as follows:

 

(a)“Cause”
shall mean that one or more of the following has occurred: (i) you have committed a felony (under the laws of the United States
or any relevant state, or a similar crime or offense under the applicable laws of any relevant foreign jurisdiction); (ii) you
have engaged in acts of fraud, dishonesty or other acts of material misconduct in the course of your duties; (iii) your abuse
of narcotics or alcohol that has or may reasonably harm the Company; (iv) any violation by you of the Company’s written
policies; (v) your failure to perform or uphold your duties and/or you fail to comply with reasonable directives of the Company’s
Chief Executive Officer or Board of Directors, as applicable; or (vi) any breach by you of any provision of Section 6,
or any material breach by you of this Agreement or any other contract you are a party to with the Company.

 

(b)“Disability”
shall mean a physical or mental impairment which renders you unable to perform the essential functions of your employment with
the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than 180 days in
any 12-month period, unless a longer period is required by federal or state law, in which case that longer period would apply.

 

(c)“Separation
from Service” occurs when you die, retire, or otherwise have a termination of employment with the Company that constitutes
a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h)(1), without regard to
the optional alternative definitions available thereunder.

 

4.Limitation
on Benefits. Notwithstanding anything contained in this Agreement to the contrary, to the extent that any payment, benefit
or distribution of any type to you or for your benefit by the Company or any of its affiliates, whether paid or payable, provided
or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the “Total
Payments”) would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as
amended (the “Code”), then the Total Payments shall be reduced (but not below zero) so that the maximum amount
of the Total Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Total Payments to
be subject to the excise tax imposed by Section 4999 of the Code. Unless you shall have given prior written notice to the
Company to effectuate a reduction in the Total Payments if such a reduction is required, any such notice consistent with the requirements
of Section 409A of the Code to avoid the imputation of any tax, penalty or interest thereunder, the Company shall reduce or
eliminate the Total Payments by first reducing or eliminating any cash severance benefits (with the payments to be made furthest
in the future being reduced first), then by reducing or eliminating any accelerated vesting of stock options or similar awards,
then by reducing or eliminating any accelerated vesting of restricted stock or similar awards, then by reducing or eliminating
any other remaining Total Payments. The preceding provisions of this Section 4 shall take precedence over the provisions of
any other plan, arrangement or agreement governing your rights and entitlements to any benefits or compensation.

 

    	 	 3	 

     

    

 

5.Section 409A.
It is intended that any amounts payable under this Agreement and the Company’s and your exercise of authority or discretion
hereunder shall comply with and avoid the imputation of any tax, penalty or interest under Section 409A of the Code. This
Agreement shall be construed and interpreted consistent with that intent. If you are a “specified employee” within
the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of your Separation from Service and you are entitled
to the Severance Benefit, you shall not be entitled to any payment or benefit pursuant to Section 2(b) until the earlier of
(i) the date which is six (6) months after your Separation from Service for any reason other than your death, or (ii) the
date of your death. The provisions of the preceding sentence shall only apply if, and to the extent, required to avoid the imputation
of any tax, penalty or interest pursuant to Section 409A of the Code. Any amounts otherwise payable to you upon or in the
six (6) month period following your Separation from Service that are not so paid by reason of such 6-month delay provision
shall be paid (without interest) as soon as practicable (and in all events within thirty (30) days) after the date that is
six (6) months after your Separation from Service (or, if earlier, as soon as practicable, and in all events within thirty (30)
days, after the date of your death).

 

6.Protective Covenants.

 

(a)Confidential Information.

 

(i)You
shall not disclose or use at any time, either during the Period of Employment or thereafter, any Trade Secrets and Confidential
Information (as defined below) of which you become aware, whether or not such information is developed by you, except to the extent
that such disclosure or use is directly related to and required by your performance in good faith of duties for the Company. You
will take all appropriate steps to safeguard Trade Secrets and Confidential Information in your possession and to protect it against
disclosure, misuse, espionage, loss and theft. You shall deliver to the Company at the termination of your employment, or at any
time the Company may request, all memoranda, notes, plans, records, reports, computer tapes and software and other documents and
data (and copies thereof) relating to the Trade Secrets and Confidential Information or the Work Product (as hereinafter defined)
of the business of the Company or any of its affiliates which you may then possess or have under your control. Notwithstanding
the foregoing, you may truthfully respond to a lawful and valid subpoena or other legal process, but shall give the Company the
earliest possible notice thereof.

 

(ii)For
purposes of this Agreement, “Trade Secrets and Confidential Information” means information that is not generally
known to the public and that is used, developed or obtained by the Company in connection with its business, including, but not
limited to, information, observations and data obtained by you while employed by the Company or any predecessors thereof concerning
(i) the business or affairs of the Company (or such predecessors), (ii) products or services, (iii) fees, costs
and pricing structures, (iv) designs, (v) analyses, (vi) drawings, photographs and reports, (vii) computer
software, including operating systems, applications and program listings, (viii) flow charts, manuals and documentation, (ix) data
bases, (x) accounting and business methods, (xi) inventions, devices, new developments, methods and processes, whether
patentable or unpatentable and whether or not reduced to practice, (xii) customers and clients and customer or client lists,
(xiii) other copyrightable works, (xiv) all production methods, processes, technology and trade secrets, and (xv) all
similar and related information in whatever form. Trade Secrets and Confidential Information will not include any information that
has been published (other than a disclosure by you in breach of this Agreement) in a form generally available to the public prior
to the date you propose to disclose or use such information. Trade Secrets and Confidential Information will not be deemed to have
been published merely because individual portions of the information have been separately published, but only if all material features
comprising such information have been published in combination.

 

    	 	 4	 

     

    

 

(iii)
For purposes of this Agreement, “Work Product” means all inventions, innovations, improvements, technical information,
systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and
all similar or related information (whether patentable or unpatentable, copyrightable, registerable as a trademark, reduced to
writing, or otherwise) which relates to the Company’s or any of its affiliates’ actual or anticipated business, research
and development or existing or future products or services and which are conceived, developed or made by you (whether or not during
usual business hours, whether or not by the use of the facilities of the Company or any of its affiliates, and whether or not alone
or in conjunction with any other person) while employed by the Company (including those conceived, developed or made prior to the
Effective Date) together with all patent applications, letters patent, trademark, trade name and service mark applications or registrations,
copyrights and reissues thereof that may be granted for or upon any of the foregoing. All Work Product that you may have discovered,
invented or originated during your employment by the Company or any of its affiliates prior to the date hereof, that you may discover,
invent or originate during your employment or at any time following the termination of your employment with the Company, shall
be the exclusive property of the Company and its affiliates, as applicable, and you hereby assign all of your right, title and
interest in and to such Work Product to the Company or its applicable affiliate, including all intellectual property rights therein.
You shall promptly disclose all Work Product to the Company, shall execute at the request of the Company any assignments or other
documents the Company may deem necessary to protect or perfect its (or any of its affiliates’, as applicable) rights therein,
and shall assist the Company, at the Company’s expense, in obtaining, defending and enforcing the Company’s (or any
of its affiliates’, as applicable) rights therein. You hereby appoint the Company as your attorney-in-fact to execute on
your behalf any assignments or other documents deemed necessary by the Company to protect or perfect the Company, the Company’s
(and any of its affiliates’, as applicable) rights to any Work Product.

 

(b)Restriction
on Competition. During your employment with the Company and twelve (12) months following the termination of your
employment with the Company (regardless of the reason for such termination and regardless of whether or not you are entitled to
the Severance Benefit) (the “Restricted Period”), you shall not directly or indirectly, individually or on behalf
of any other person or entity, manage, participate in, work for, consult with, render services for, or take an interest in (as
an owner, stockholder, partner or lender) any Competitor. For purposes of this Agreement, “Competitor” means
a Person anywhere in North America (the “Restricted Area”) that at any time during the period of time during
which you are employed by the Company, or any time during the Restricted Period engages in the business of operating retail stores
and/or websites for the sale of women’s apparel, jewelry, accessories, gifts, greeting cards, picture frames and related
items or any other business that the Company is engaged in, or reasonably anticipates becoming engaged in. The parties hereto agree
that the Company intends to engage in business throughout the Restricted Area, even if it does not currently do so, and therefore
its scope is reasonable. Nothing herein shall prohibit you from being a passive owner of not more than 2% of the outstanding stock
of any class of a corporation which is publicly traded, so long as you have no active participation in the business of such corporation.
The term “Person” as used in this Agreement shall be construed broadly and shall include, without limitation,
an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

    	 	 5	 

     

    

 

(c)Non-Solicitation
of Employees and Consultants. During your employment with the Company and during the Restricted Period, you will not, and should
be enjoined (if necessary) from being able to directly or indirectly through any other Person: (i) induce or attempt to induce
any employee or independent contractor of the Company or any affiliate of the Company to leave the employ or service, as applicable,
of the Company or such affiliate, or in any way interfere with the relationship between the Company or any such affiliate, on the
one hand, and any employee or independent contractor thereof, on the other hand, or (ii) hire any person who was an employee
of the Company or any affiliate of the Company until twelve (12) months after such individual’s employment relationship
with the Company or such affiliate has been terminated.

 

(d)Non-Solicitation
of Customers; Non-Disparagement. During your employment with the Company and during the Restricted Period, you will not, and
should be enjoined (if necessary) from being able to directly or indirectly through any other Person: (i) influence or attempt
to influence customers, vendors, suppliers, licensors, lessors, joint venturers, associates, consultants, agents, or partners of
the Company or any affiliate of the Company to divert their business away from the Company or such affiliate; and (ii) interfere
with, disrupt or attempt to disrupt the business relationships, contractual or otherwise, between the Company or any affiliate
of the Company, on the one hand, and any of its or their customers, suppliers, vendors, lessors, licensors, joint venturers, associates,
officers, employees, consultants, managers, partners, members or investors, on the other hand.

 

You agree that you will
not disparage, ridicule or criticize the Company or its affiliates and its and their present and former employees, directors and
officers, or make any remarks or statements that could reasonably be construed as disparaging, ridiculing or criticizing any of
them; provided, however, the foregoing shall not prohibit you from giving truthful testimony in any legal proceeding
pending before any agency or court of the United States or state government or in any arbitration proceeding relating to this Agreement.

 

(e)Understanding
of Covenants. You acknowledge and agree that the Company would not have entered into this Agreement, providing for severance
protections to you on the terms and conditions set forth herein, but for your agreements herein. You agree that the foregoing covenants
set forth in this Section 6 (the “Restrictive Covenants”) are reasonable, including in temporal and geographical
scope, and in all other respects, and necessary to protect the Company’s and its affiliates’ Trade Secrets and Confidential
Information, good will, stable workforce, and customer relations. The parties hereto intend that Restrictive Covenants shall be
deemed to be a series of separate covenants, one for each county or province of each and every state or jurisdiction within the
Restricted Area and one for each month of the Restricted Period. You understand that the Restrictive Covenants may limit your ability
to earn a livelihood in a business similar to the business of the Company and any of its affiliates, but you nevertheless believe
that you have received and will receive sufficient consideration and other benefits as an employee of the Company and as otherwise
provided hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event (given your
education, skills and ability), you do not believe would prevent you from otherwise earning a living. You agree that the Restrictive
Covenants do not confer a benefit upon the Company disproportionate to your detriment.

 

    	 	 6	 

     

    

 

(f)Enforcement.
You agree that a breach by you of any of the covenants in this Section 6 would cause immediate and irreparable harm to the
Company that would be difficult or impossible to measure, and that damages to the Company for any such injury would therefore be
an inadequate remedy for any such breach. Therefore, you agree that in the event of any breach or threatened breach of any provision
of this Section 6, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company
may have under this Agreement, at law or otherwise, to obtain specific performance, injunctive relief and/or other appropriate
relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions of this Section 6,
or require you to account for and pay over to the Company all compensation, profits, moneys, accruals, increments or other benefits
derived from or received as a result of any transactions constituting a breach of this Section 6, if and when final judgment
of a court of competent jurisdiction is so entered against you.

 

7.Withholding
Taxes. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as
the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income,
employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

8.Successors
and Assigns. This Agreement is personal to you and without the prior written consent of the Company shall not be assignable
by you otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable
by your legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors
and assigns.

 

9.Governing
Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING
EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF TEXAS OR ANY OTHER JURISDICTION) THAT
WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF TEXAS TO BE APPLIED.

 

10.Severability.
If any provision of this Agreement is found by any court of competent jurisdiction to be invalid or unenforceable for any reason,
such finding shall not affect, impair or invalidate the remainder of this Agreement. If any aspect of any restriction herein is
too broad or restrictive to permit enforcement to its fullest extent, you and the Company agree that any court of competent jurisdiction
shall modify such restriction to the minimum extent necessary to make it enforceable and then enforce the provision as modified.

 

11.Entire Agreement,
Amendment and Waiver. This Agreement constitutes the entire agreement between you and the Company with respect to the subject
matter hereof and supersedes any and all prior or contemporaneous oral or written communications respecting such subject matter.
This Agreement shall not be modified, amended or in any way altered except by written instrument signed by you and the Company’s
Chief Executive Officer. A waiver by either party hereto of any rights or remedies hereunder on any occasion shall not be a bar
to the exercise of the same right or remedy on any subsequent occasion or of any other right or remedy at any time.

 

    	 	 7	 

     

    

 

12.Waiver of
Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

13.Remedies.
Each of the parties to this Agreement and any such person or entity granted rights hereunder whether or not such person or entity
is a signatory hereto shall be entitled to enforce its rights under this Agreement specifically to recover damages and costs for
any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree
and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that each
party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance, injunctive
relief and/or other appropriate equitable relief (without posting any bond or deposit) in order to enforce or prevent any violations
of the provisions of this Agreement. Each party shall be responsible for paying its own attorneys’ fees, costs and other
expenses pertaining to any such legal proceeding and enforcement regardless of whether an award or finding or any judgment or verdict
thereon is entered against either party.

 

14.Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose
signature appears thereon, and all of which together shall constitute one and the same instrument.

 

[Signature page follows]

 

    	 	 8	 

     

    

 

IN WITNESS WHEREOF,
you and the Company have executed this Agreement as of January 1, 2016.

 

	 	Francesca’s Services Corporation	 
	 	a Delaware corporation	 
	 	Francesca’s Collections, Inc.	 
	 	a Texas corporation	 
	 	Francesca’s Holdings Corporation	 
	 	a Delaware corporation	 
	 	 	 	 
	 	By: 	/s/ Mike Barnes	 
	 	 	Mike Barnes	 
	 	 	Chairman President & CEO	 
	 	 	 	 
	 	 	 	 
	 	AGREED BY:	 
	 	 	/s/ Kal Malik	 
	 	 	Kal Malik	 

  

    	 	 9Exhibit 10.1

 

AMERICAN HONDA
FINANCE CORPORATION,

as RPA Seller,

 

 

and

 

 

AMERICAN HONDA
RECEIVABLES LLC,

as Purchaser

 

 

FORM OF

 

RECEIVABLES
PURCHASE AGREEMENT

 

Dated [_____]

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE One	DEFINITIONS	 	1
	 	 	 	 
	Section 1.01	Definitions	 	1
	Section 1.02	Other Definitional Provisions	 	1
	 	 	 	 
	ARTICLE Two	CONVEYANCE OF RECEIVABLES	 	1
	 	 	 	 
	Section 2.01	Conveyance of Receivables	 	1
	Section 2.02	Representations and Warranties of the RPA Seller and the Purchaser	 	2
	Section 2.03	Representations and Warranties as to the Receivables	 	5
	Section 2.04	Covenants of the RPA Seller	 	8
	 	 	 	 
	ARTICLE Three	PAYMENT OF RECEIVABLES PURCHASE PRICE	 	8
	 	 	 	 
	Section 3.01	Payment of Receivables Purchase Price	 	8
	 	 	 	 
	ARTICLE Four	TERMINATION	 	9
	 	 	 	 
	Section 4.01	Termination	 	9
	 	 	 	 
	ARTICLE Five	MISCELLANEOUS PROVISIONS	 	9
	 	 	 	 
	Section 5.01	Amendment	 	9
	Section 5.02	Protection of Right, Title and Interest to Receivables	 	9
	Section 5.03	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	 	10
	Section 5.04	Notices	 	10
	Section 5.05	Severability of Provisions	 	10
	Section 5.06	Assignment	 	11
	Section 5.07	Further Assurances	 	11
	Section 5.08	No Waiver; Cumulative Remedies	 	11
	Section 5.09	Counterparts	 	11
	Section 5.10	Third-Party Beneficiaries	 	11
	Section 5.11	Headings	 	11
	Section 5.12	RPA Seller Indemnification	 	11
	Section 5.13	Merger, Consolidation or Assumption of the Obligations of the RPA Seller	 	12
	Section 5.14	Dispute Resolution	 	13
	 	 	 	 
	EXHIBIT	 	 	 
	Exhibit A - Representations and Warranties as to the Receivables	 	A-2

 

    	 	ii	 

     

    

  

This Receivables Purchase Agreement (the “Agreement”),
dated [______], is between American Honda Finance Corporation, a California corporation, as seller (the “RPA Seller”),
and American Honda Receivables LLC, a Delaware limited liability company, as purchaser (the “Purchaser”).

 

In consideration of the premises and mutual
agreements herein contained, each party agrees as follows for the benefit of the other party and for the benefit of the Owner Trustee:

 

ARTICLE
One

DEFINITIONS

 

Section 1.01         Definitions.
Terms not defined in this Agreement shall have the meanings assigned thereto in the Sale and Servicing Agreement.

 

Section 1.02         Other
Definitional Provisions. 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 of this Agreement;
the words Section, subsection and Schedule references contained in this Agreement are references to Sections, subsections and Schedules
in or to this Agreement unless otherwise specified; the term “proceeds” shall have the meaning set forth in the applicable
UCC; and the word “including” means including without limitation.

 

ARTICLE
Two

CONVEYANCE OF RECEIVABLES

 

Section 2.01         Conveyance
of Receivables.

 

(a)          In
consideration of the payment by the Purchaser to the RPA Seller of the Receivables Purchase Price as set forth in Section 3.01,
the RPA Seller hereby sells, transfers, assigns and otherwise conveys to the Purchaser, and the Purchaser hereby purchases from
the RPA Seller, without recourse (subject to the RPA Seller’s obligations hereunder), all of the right, title and interest
of the RPA Seller in, to and under the following:

 

(i)          the
Receivables listed in the Schedule of Receivables delivered to [________] on the Closing Date at the address listed on Schedule
A to the Sale and Servicing Agreement and all monies paid thereunder or in respect thereof (including proceeds of the repurchase
of Receivables by the RPA Seller pursuant to Section 2.03(c)) on or after the Cutoff Date;

 

(ii)         the
security interests in the Financed Vehicles;

 

(iii)        any
proceeds of any physical damage insurance policies covering the Financed Vehicles and in any proceeds of any credit life or credit
disability insurance policies relating to the Receivables or the Obligors;

 

(iv)        any
proceeds of Dealer Recourse;

 

     

     

    

  

(v)         the
right to realize upon any property (including the right to receive future Liquidation Proceeds) that shall have secured a Receivable
and have been repossessed by or on behalf of the Issuer; and

 

(vi)        the
proceeds of any and all of the foregoing.

 

(b)          In
connection with the foregoing conveyance, the RPA Seller agrees to record and file, at its own expense, one or more financing statements
with respect to the Receivables now existing and hereafter created for the sale of chattel paper (as defined in Section 9-102 of
the UCC as in effect in the State of California) meeting the requirements of applicable state law in such manner as is necessary
to perfect the sale of the Receivables to the Purchaser, and the proceeds thereof (and any continuation statements as are required
by applicable state law), and to deliver a file-stamped copy to the Indenture Trustee of each such financing statement (or continuation
statement) or other evidence of such filings (which may, for purposes of this Section, consist of telephone confirmation of such
filings with the file stamped copy of each such filings to be provided to the Purchaser in due course), as soon as is practicable
after receipt by the RPA Seller thereof.

 

In connection with the foregoing conveyance,
the RPA Seller further agrees, at its own expense, on or prior to the Closing Date (i) to annotate and indicate in its computer
files that the Receivables have been transferred to the Purchaser pursuant to this Agreement, (ii) to create a Schedule of Receivables
containing a true and complete list of all such Receivables, identified by account number and by the Principal Balance of each
Receivable as of the Cutoff Date, which file or list shall be kept on file at the offices of the Servicer and (iii) to deliver
the Receivable Files to or upon the order of the Purchaser.

 

The parties hereto intend that the conveyance
hereunder be a sale. In the event that the conveyance hereunder is not for any reason considered a sale, the RPA Seller hereby
grants to the Purchaser a first priority perfected security interest in all of its right, title and interest in, to and under the
Receivables, and all other property conveyed hereunder and listed in this Section and all proceeds of any of the foregoing, and
intends that this Agreement constitute a security agreement under applicable law. Such grant is made to secure the payment of all
amounts payable hereunder, including, without limitation, the Receivables Purchase Price.

 

Section 2.02         Representations
and Warranties of the RPA Seller and the Purchaser.

 

(a)          The
RPA Seller hereby represents and warrants to the Purchaser as of the date of this Agreement and the Closing Date that:

 

(i)          Organization
and Good Standing. The RPA Seller is a corporation duly organized, validly existing and in good standing under the laws of
the State of California, and had at all relevant times, and has, power, authority and legal right to acquire, own and sell the
Receivables and to perform its obligations under and consummate the transactions contemplated by the Basic Documents.

 

(ii)         Due
Qualification. The RPA Seller is duly qualified to do business as a foreign corporation in good standing, and has obtained
all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the
RPA Seller’s ability to perform its obligations under and consummate the transactions contemplated by the Basic Documents.

 

    	 	2	 

     

    

  

(iii)        Power
and Authority. The RPA Seller shall have the power and authority to execute and deliver this Agreement and to carry out its
terms, and the execution, delivery and performance of this Agreement shall have been duly authorized by the RPA Seller by all necessary
corporate action.

 

(iv)        Valid
Sale; Binding Obligation. This Agreement evidences a valid sale, transfer and assignment of the Receivables, enforceable against
creditors of and purchasers from the RPA Seller, and constitutes a legal, valid and binding obligation of the RPA Seller enforceable
in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity,
regardless of whether such enforceability shall be considered in a proceeding in equity or at law

 

(v)         No
Violation. The execution, delivery and performance by the RPA Seller of this Agreement and the consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof shall not conflict with, result in any breach of any of
the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the articles of incorporation
or bylaws of the RPA Seller, or conflict with or breach any of the material terms or provisions of, or constitute (with or without
notice or lapse of time) a default under, any indenture, agreement or other instrument to which the RPA Seller is a party or by
which it may be bound or any of its properties are subject; nor result in the creation or imposition of any lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other instrument (other than this Agreement); nor violate
any law or, to the knowledge of the RPA Seller, any order, rule or regulation applicable to it or its properties of any court or
of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the
RPA Seller or any of its properties, in each case which conflict, breach, default, lien or violation would reasonably be expected
to have a material adverse effect on the RPA Seller’s ability to perform its obligations under this Agreement.

 

(vi)        No
Proceedings. To the RPA Seller’s knowledge, there are no proceedings or investigations pending or, to the knowledge of
the RPA Seller, threatened against the RPA Seller, before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any
of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that, in the reasonable judgment
of the RPA Seller, would materially and adversely affect the performance by the RPA Seller of its obligations under this Agreement.

 

(vii)       Schedule
of Receivables. The information set forth in the Schedule of Receivables shall be true and correct in all material respects
as of the opening of business on the Cutoff Date.

 

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(viii)      All
Filings Made. Both the RPA Seller and the Issuer, respectively, have caused or will have caused, or have taken or will take,
within ten (10) days of the Closing Date, all steps necessary, including the filing of all appropriate financing statements (including
UCC filings) necessary in the appropriate jurisdictions under the applicable law, to give the Issuer a first priority perfected
security interest in the Receivables (other than the Related Security with respect thereto, to the extent that an ownership interest
therein cannot be perfected by the filing of a financing statement), and to give the Indenture Trustee a first priority perfected
security interest therein.

 

(b)          The
Purchaser hereby represents and warrants to the RPA Seller as of the date of this Agreement and the Closing Date that:

 

(i)          Organization
and Good Standing. The Purchaser is a limited liability company duly organized, validly existing and in good standing under
the laws of the State of Delaware, and had at all relevant times, and shall have, power, authority and legal right to acquire,
own and sell the Receivables and to perform its obligations under and consummate the transactions contemplated by the Basic Documents.

 

(ii)         Due
Qualification. The Purchaser is duly qualified to do business as a foreign limited liability company in good standing, and
has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely
affect the Purchaser’s ability to perform its obligations under and consummate the transactions contemplated by the Basic
Documents.

 

(iii)        Power
and Authority. The Purchaser shall have the power and authority to execute and deliver this Agreement and to carry out its
terms; and the execution, delivery and performance of this Agreement shall have been duly authorized by the Purchaser by all necessary
corporate action.

 

(iv)        Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of the Purchaser, enforceable against it in accordance
with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation
or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless
of whether such enforceability shall be considered in a proceeding in equity or at law.

 

(v)         No
Violation. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
by this Agreement and the fulfillment of the terms hereof shall not conflict with, result in any breach of any of the terms and
provisions of, nor constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited
liability company agreement of the Purchaser, or conflict with or breach any of the material terms or provisions of, or constitute
(with or without notice or lapse of time) a default under, any indenture, agreement or other instrument to which the Purchaser
is a party or by which it may be bound or any of its properties are subject; nor result in the creation or imposition of any lien
upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than this Agreement);
nor, to the knowledge of the Purchaser, violate any law or any order, rule or regulation applicable to it or its properties of
any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Purchaser or any of its properties, , in each case which conflict, breach, default, lien or violation would reasonably
be expected to have a material adverse effect on the Purchaser’s ability to perform its obligations under this Agreement.

 

    	 	4	 

     

    

  

(vi)        No
Proceedings. To the Purchaser’s knowledge, there are no proceedings or investigations pending or, to the knowledge of
the Purchaser, threatened against the Purchaser, before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of
the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that, in the reasonable judgment of
the Purchaser, would materially and adversely affect the performance by the Purchaser of its obligations under this Agreement.

 

(c)          The
representations and warranties set forth in this Section shall survive the sale of the Receivables by the RPA Seller to the Purchaser
and the sale of the Receivables by the Purchaser to the Issuer. Upon discovery by the RPA Seller or the Purchaser of a breach of
any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the
others.

 

Section 2.03         Representations
and Warranties as to the Receivables.

 

(a)          Eligibility
of Receivables.

 

(i)          The
RPA Seller hereby makes the representations and warranties set forth on Exhibit A as of the Cutoff Date as to the Receivables on
which the Purchaser relies in accepting the Receivables and consented to the assignment by the Purchaser to the Issuer of the Purchaser’s
rights with respect thereto. Such representations and warranties speak as of the respective dates set forth therein, but shall
survive the sale, transfer and assignment of the Receivables to the Issuer under the Sale and Servicing Agreement and the pledge
of such Receivables to the Indenture Trustee under the Indenture. The RPA Seller hereby acknowledges and agrees that under the
Sale and Servicing Agreement, the Purchaser will transfer to the Issuer the Purchaser’s rights under the Receivables Purchase
Agreement, including the representations and warranties of the RPA Seller as set forth on Exhibit A to this Agreement, upon
which representations and warranties the Issuer relies in accepting the Receivables and delivering the Securities, together with
all rights of the Purchaser with respect to any breach thereof, including the right to require the RPA Seller to repurchase Receivables
in accordance with this Agreement. Any inaccuracy in any of such representations or warranties will be deemed not to constitute
a breach of such representations or warranty if such inaccuracy does not affect the ability of the Issuer to receive and retain
payment in full on such Receivable.

 

(ii)         The
RPA Seller hereby agrees that the Issuer shall have the right to enforce any and all rights under this Agreement assigned to the
Issuer under the Sale and Servicing Agreement, including the right to cause the RPA Seller to repurchase any Receivable with respect
to which it is in breach of any of its representations and warranties set forth in Exhibit A, directly against the RPA Seller
as though the Issuer were a party to this Agreement, and the Issuer shall not be obligated to exercise any such rights indirectly
through the Purchaser.

 

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(b)          Notice
of Breach. The representations and warranties set forth in this Section shall speak as of the execution and delivery of this
Agreement, but shall survive the sale, transfer and assignment of the Receivables to the Purchaser and any subsequent assignment
or transfer pursuant to the Sale and Servicing Agreement. The Purchaser, the RPA Seller, the Issuer, the Owner Trustee[, the Delaware
Trustee] or the Indenture Trustee, as the case may be, shall inform the other parties promptly, in writing, upon discovery of any
breach of the RPA Seller’s representations and warranties pursuant to this Section which materially and adversely affects
the interests of the Noteholders in any Receivable.

 

(c)          Repurchase
of Receivables. In the event of a breach of any representation or warranty set forth on Exhibit A which materially and adversely
affects the interests of the Issuer or the Securityholders and unless the breach shall have been cured by the last day of the second
Collection Period following the Collection Period in which the discovery of the breach is made or notice is received, as the case
may be (or, at the option of the RPA Seller, the last day in the first Collection Period following the Collection Period in which
such discovery is made), the RPA Seller shall repurchase such Receivable. In consideration of the purchase of any such Receivable,
on the related Payment Date, the RPA Seller shall remit an amount equal to the Warranty Purchase Payment in respect of such Receivable
to the Purchaser and shall be entitled to receive the Released Warranty Amount. Upon any such repurchase, each of the Purchaser
and the Issuer shall, without further action, be deemed to transfer, assign and otherwise convey to the RPA Seller, without recourse,
representation or warranty, all the right, title and interest of either the Purchaser or the Issuer in, to and under such repurchased
Receivable, all monies due or to become due with respect thereto and all proceeds thereof. The Purchaser, the Issuer, the Owner
Trustee[, the Delaware Trustee] or the Indenture Trustee, as applicable, shall execute such documents and instruments of transfer
or assignment and take such other actions as shall reasonably be requested by the RPA Seller to effect the conveyance of such Receivable
pursuant to this Section. The sole remedy of the Purchaser, the Issuer, the Trustees or the Securityholders with respect to a breach
of the RPA Seller’s representations and warranties pursuant to Section 2.03(a) shall be to require the RPA Seller to repurchase
the related Receivables pursuant to this Section.

 

(d)          Asset
Representations Review.

 

(i)          If
the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger for that Payment Date, the RPA Seller will direct
the Servicer to include notice of such occurrence in the monthly distribution report filed by the Depositor on Form 10-D, which
notice shall (i) state that the Delinquency Percentage has exceeded the Delinquency Trigger in respect of that Collection Period
(including reasonably detailed calculations thereof) and (ii) describe the rights of the Investors regarding an Asset Representations
Review of all of the Subject Receivables pursuant to the Asset Representations Review Agreement.

 

    	 	6	 

     

    

  

(ii)         If,
pursuant to Section 7.05 of the Indenture, the Indenture Trustee notifies the RPA Seller and the Servicer that Investors holding,
in the aggregate, at least 5% of the Outstanding Amount of the Notes have requested an Asset Representations Review pursuant to
the Asset Representations Review Agreement, the RPA Seller will direct the Servicer to:

 

(A)         promptly
set a deadline for the receipt of Investor votes on that matter, which shall be no earlier than ninety (90) days after the filing
deadline for the Form 10-D in which the notice described in clause (B) below is to be included and no later than one-hundred fifty
(150) days from the date on which the Form 10-D reporting such breach of the Delinquency Trigger was filed;

 

(B)         promptly
prepare and send to the Administrator, the Indenture Trustee and each Noteholder (and to DTC for distribution to Note Owners) a
notice (x) stating that there will be a Noteholder vote pursuant to Section 7.05 of the Indenture on whether to initiate an Asset
Representations Review of all Subject Receivables pursuant to the Asset Representations Review Agreement and (B) describing those
procedures;

 

provided, that the fees, expenses and liabilities,
if any, incurred by the Indenture Trustee, the Owner Trustee, the Purchaser or the Issuer in connection with the initiation and
completion of the such vote set forth in this clause (ii) shall be paid for by AHFC.

 

(iii)        If
the Indenture Trustee notifies the RPA Seller and the Servicer pursuant to Section 7.05 of the Indenture that Investors representing
at least a majority of the Outstanding Amount of the Notes have voted within the time set forth in clause (ii) above to initiate
an Asset Representations Review, the RPA Seller will direct the Servicer to:

 

(A)         promptly
provide to the Asset Representations Reviewer and the Indenture Trustee a list of all of the Subject Receivables (by account number
and Principal Balance of each such Receivable as of the Cutoff Date) then held as part of the Issuer;

 

(B)         render
reasonable assistance, including granting access to copies of any underlying documents and Receivables Files and all other relevant
documents, to the Asset Representations Reviewer to facilitate the performance of an Asset Representations Review pursuant to Section
[_] of the Asset Representations Review Agreement, in order to verify compliance with the representations and warranties made by
the RPA Seller pursuant to Section 2.03 of this Agreement; provided, that the Servicer will redact all such materials to
remove any confidential information with respect to the related Obligors;

 

(C)         provide
such other information and assistance as required under the Asset Representations Review Agreement.

 

(iv)        After
receipt by the RPA Seller of an Asset Representations Review Notice, the RPA Seller will direct the Servicer to permit the Indenture
Trustee and its agents and the Asset Representations Reviewer to inspect, audit and make copies of and abstracts from the Servicer’s
records regarding any Receivable during normal business hours.

 

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(v)         The
RPA Seller hereby agrees to pay to the Asset Representations Reviewer any Asset Representations Reviewer Fees and Expenses incurred
by the Asset Representations Reviewer in connection with an Asset Representations Review.

 

Section 2.04         Covenants
of the RPA Seller. The RPA Seller hereby covenants that:

 

(a)          Security
Interests. Except for the conveyances and grants of security interests hereunder and contemplated pursuant to this Agreement
and the other Basic Documents, the RPA Seller shall not sell, pledge, assign or transfer to any other Person, or grant, create,
incur, assume or suffer to exist any Lien on any interest therein, and the RPA Seller shall defend the right, title and interest
of the Purchaser in, to and under such Receivables against all claims of third parties claiming through or under the RPA Seller;
provided, however, that the RPA Seller’s obligations under this Section 2.04(a) shall terminate
upon the termination of the Trust pursuant to Section 9.01 of the Trust Agreement

 

(b)          Delivery
of Payments. The RPA Seller agrees to deliver in kind upon receipt to the Servicer under the Sale and Servicing Agreement (if
other than the RPA Seller) all payments received by the RPA Seller in respect of the Receivables as soon as practicable after receipt
thereof by the RPA Seller.

 

(c)          No
Impairment. The RPA Seller shall take no action, nor omit to take any action, which would impair the rights of the Purchaser
in any Receivable, nor shall it, except as otherwise provided in this Agreement or the Sale and Servicing Agreement, reschedule,
revise or defer payments due on any Receivable.

 

(d)          Asset
Representations Review. The RPA Seller shall (i) at all times while any Notes remain Outstanding, ensure that an Asset
Representations Reviewer is appointed, (ii) cooperate with the Asset Representations Reviewer in creating procedures for a
review of the representations and warranties set forth in Section 2.03, (iii) provide the Asset Representations Reviewer with
the Asset Representations Review Notice and (iv) provide the Asset Representations Reviewer with reasonable access to the
RPA Seller’s and Servicer’s offices and information databases upon the initiation of an Asset Representations Review.

 

ARTICLE
Three

PAYMENT OF RECEIVABLES PURCHASE PRICE

 

Section 3.01         Payment
of Receivables Purchase Price. In consideration of the sale of the Receivables from the RPA Seller to the Purchaser as provided
in Section 2.01, on the Closing Date the Purchaser agrees to pay the RPA Seller an amount equal to the Receivables Purchase Price.
The Receivables Purchase Price shall be paid in the form of (i) $[____], the net cash proceeds from the public offering by the
Purchaser of the Notes and (ii) $[____], being deemed paid and returned to the Purchaser as a capital contribution.

 

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ARTICLE
Four

TERMINATION

 

Section 4.01         Termination.
The respective obligations and responsibilities of the RPA Seller and the Purchaser created hereby shall terminate, except for
the indemnity obligations of the RPA Seller as provided herein, upon the termination of the Issuer as provided in the Trust Agreement.

 

ARTICLE
Five

MISCELLANEOUS PROVISIONS

 

Section 5.01         Amendment.

 

(a)          This
Agreement may be amended from time to time by the Purchaser and the RPA Seller, without the consent of the Securityholders,
(i) to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein
or to add any other provision with respect to matters or questions arising under this Agreement which shall not be inconsistent
with the provisions of this Agreement or the Sale and Servicing Agreement; provided, however, that such action shall not, as evidenced
by an Opinion of Counsel to the Purchaser delivered to the Indenture Trustee, adversely affect in any material respect the interests
of the Securityholders, or (ii) to correct any manifest error in the terms of this Agreement as compared to the terms expressly
set forth in the Prospectus.

 

(b)          This
Agreement may also be amended from time to time by the Purchaser and the RPA Seller with notice to the Indenture Trustee (or, if
any such amendment would adversely affect the Indenture Trustee, with the consent of the Indenture Trustee), the consent of the
Noteholders evidencing at least a majority of the Outstanding Amount [of the Notes][of the Controlling Class] and the consent of
the Certificateholders evidencing at least a majority of all the percentage interests evidenced by the Certificates, for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement.

 

Section 5.02         Protection
of Right, Title and Interest to Receivables.

 

(a)          The
RPA Seller, at its expense, shall cause this Agreement and/or all financing statements and continuation statements and any other
necessary documents covering the Purchaser’s right, title and interest to the Receivables and other property conveyed by
the RPA Seller to the Purchaser hereunder to be promptly recorded, registered and filed, and at all times to be kept recorded,
registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect the right,
title and interest of the Purchaser hereunder to all of the Receivables and such other property. The RPA Seller shall deliver to
the Purchaser file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as
soon as available following such recording, registration or filing. The Purchaser shall cooperate fully with the RPA Seller in
connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent
of this subsection.

 

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(b)          In
the event that the RPA Seller makes any change in its name, identity or corporate structure which would make any financing statement
or continuation statement filed in accordance with Section 5.02(a) seriously misleading within the meaning of Section 9-507(c)
of the UCC as in effect in the applicable state, the RPA Seller shall give the Purchaser not less than five (5) days prior written
notice of any such change and shall, within thirty (30) days of such change, execute and file such financing statements or amendments
as may be necessary to continue the perfection of the Purchaser’s security interest in the Receivables and the proceeds thereof.

 

(c)          The
RPA Seller will give the Purchaser prompt written notice of any relocation of any office from which the RPA Seller keeps records
concerning the Receivables or of its principal executive office and whether, as a result of such relocation, the applicable provisions
of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new
financing statement and shall execute and file such financing statements or amendments as may be necessary to continue the perfection
of the interest of the Purchaser in the Receivables and the proceeds thereof.

 

Section 5.03         Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial. This Agreement shall be construed in accordance with the laws of the
State of New York, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such
laws.

 

Each of the parties hereto hereby submits to
the jurisdiction of the United States District Court for the Southern District of New York and of any New York State court sitting
in New York City for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated
hereby. Each of the parties hereto hereby further irrevocably waives any claim that any such courts lack jurisdiction over such
party, and agrees not to plead or claim, in any legal action or proceeding with respect to this Agreement in any of the aforesaid
courts, that any such court lacks jurisdiction over such party. Each of the parties hereto irrevocably waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in
such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

 

Each party hereto hereby waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly or indirectly
arising out of, under or in connection with this agreement.

 

Section 5.04         Notices.
All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if personally
delivered at or mailed by registered mail, return receipt requested, or overnight delivery service, by facsimile or by electronic
mail (if an address therefore has been provided by the respective party in writing) to, the address of each party as set forth
on Schedule B to the Sale and Servicing Agreement, or, as to any of such Persons, at such other address as shall be designated
by such Person in a written notice to the other Persons.

 

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Section 5.05         Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason
whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions and terms of this Agreement and shall in no way affect the validity or enforceability of the other covenants,
agreements, provisions or terms of this Agreement or any amendment or supplement hereto.

 

Section 5.06         Assignment.
This Agreement may not be assigned by the Purchaser or the RPA Seller except as contemplated by this Section and the Sale and Servicing
Agreement; provided, however, that simultaneously with the execution and delivery of this Agreement, the Purchaser shall assign
all of its right, title and interest herein to the Issuer, which in turn, will pledge its rights to the Indenture Trustee for the
benefit of the Noteholders as provided in Section 2.01 of the Sale and Servicing Agreement, to which the RPA Seller hereby expressly
consents. The RPA Seller agrees to perform its obligations hereunder for the benefit of the Issuer and that the Indenture Trustee
may enforce the provisions of this Agreement, exercise the rights of the Purchaser and enforce the obligations of the RPA Seller
hereunder without the consent of the Purchaser.

 

Section 5.07         Further
Assurances. The RPA Seller and the Purchaser agree to do and perform, from time to time, any and all acts and to execute any
and all further instruments required or reasonably requested by the other party hereto or by the Issuer or the Indenture Trustee
more fully to effect the purposes of this Agreement, including, without limitation, the execution of any financing statements,
amendments, continuation statements or releases relating to the Receivables for filing under the provisions of the UCC or other
law of any applicable jurisdiction.

 

Section 5.08         No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Purchaser, the Issuer or
the RPA Seller, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive
of any rights, remedies, powers and privileges provided by law.

 

Section 5.09         Counterparts.
This Agreement may be executed in two or more counterparts, (and by different parties on separate counterparts), each of which
shall be an original, but all of which together shall constitute one and the same instrument.

 

Section 5.10         Third-Party
Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto, the Issuer, the Owner Trustee[,
the Delaware Trustee] and the Indenture Trustee for the benefit of the Noteholders, each of which shall be considered to be third-party
beneficiaries hereof. Except as otherwise provided in this Agreement, no other Person will have any right or obligation hereunder.

 

Section 5.11         Headings.
The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision
hereof.

 

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Section 5.12         RPA
Seller Indemnification.

 

(a)          Purchaser.
The RPA Seller shall indemnify and hold harmless the Purchaser from and against any loss, liability, expense or damage suffered
or sustained by reason of any acts, omissions or alleged acts or omissions arising out of activities of the RPA Seller pursuant
to this Agreement or as a result of the transactions contemplated hereby, including, but not limited to, any judgment, award, settlement,
reasonable attorneys’ fees and other costs or expenses incurred in connection with the defense of any actual or threatened
action, proceeding or claim; provided, however, that the RPA Seller shall not indemnify the Purchaser if such acts, omissions or
alleged acts or omissions constitute negligence or willful misconduct by the Purchaser.

 

(b)          Trustees.
The RPA Seller shall indemnify, defend and hold harmless the Trustees from and against any and all costs, expenses, losses, claims,
damages and liabilities to the extent that such cost, expense, loss, claim, damage or liability arose out of, and was imposed upon
the Trustees through the negligence, willful misfeasance or bad faith of the RPA Seller in the performance of its duties under
this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement.

 

(c)          Taxes.
The RPA Seller shall indemnify, defend and hold harmless the Purchaser and any of the officers, directors, employees and agents
of the Purchaser from and against any taxes that may at any time be asserted against any such Person with respect to the transactions
contemplated herein and in the other Basic Documents, including any sales, gross receipts, general corporation, tangible personal
property, privilege or license taxes and costs and expenses in defending against the same.

 

Section 5.13         Merger,
Consolidation or Assumption of the Obligations of the RPA Seller.

 

(a)          The
RPA Seller shall not consolidate with or merge into any other corporation or convey or transfer its properties and assets substantially
as an entirety to any Person, unless:

 

(i)          the
corporation formed by such consolidation or into which the RPA Seller is merged or the Person which acquires by conveyance or transfer
the properties and assets of the RPA Seller substantially as an entirety shall be organized and existing under the laws of the
United States, any state thereof or the District of Columbia, and, if the RPA Seller is not the surviving entity, shall expressly
assume, by an agreement supplemental hereto, executed and delivered to the Purchaser and the Indenture Trustee, in form satisfactory
to the Purchaser and the Indenture Trustee, the performance of every covenant and obligation of the RPA Seller hereunder and shall
benefit from all the rights granted to the RPA Seller hereunder; and

 

(ii)         the
RPA Seller shall have delivered to the Purchaser and the Indenture Trustee an Officer’s Certificate of the RPA Seller and
an Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer and such supplemental agreement comply
with this Section and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

    	 	12	 

     

    

  

(b)          The
obligations of the RPA Seller hereunder shall not be assignable nor shall any Person succeed to the obligations of the RPA Seller
hereunder except in each case in accordance with the provisions of Section 5.06 and this Section.

 

Section 5.14         Dispute
Resolution.

 

 (a)          If
any Investor (each, a “Requesting Party”) requests that the RPA Seller repurchase any Receivable pursuant to
Section 2.03(c) of this Agreement and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction
of such Requesting Party within one-hundred eighty (180) days of the receipt of notice of the request by the RPA Seller, the Requesting
Party will have the right to refer the matter, at its discretion, to mediation, non-binding arbitration or binding arbitration
pursuant to this Section 5.14. In order to make a repurchase request, such Requesting Party will provide a notice stating the
request to the RPA Seller. 

   

 (b)          The
Requesting Party will provide notice in accordance with the provisions of Section 5.04 of its intention to refer the matter to
mediation, non-binding arbitration or binding arbitration, as applicable, to the RPA Seller, with a copy to the Issuer, the Purchaser,
the Owner Trustee and the Indenture Trustee. The RPA Seller agrees that it will participate in the resolution method selected
by the Requesting Party. Any settlement agreement reached in a mediation and any decision by an arbitrator in a binding arbitration
shall be binding upon the Requesting Party, the Purchaser, the Issuer, the Owner Trustee, and the Indenture Trustee with respect
to the Receivable that is the subject matter of the repurchase request, and, in that situation, issues relating to that Receivable
may not be re-litigated by the Purchaser, the Issuer, the Owner Trustee, or the Indenture Trustee or become the subject of a subsequent
repurchase request by the Requesting Party in mediation, arbitration, court, or otherwise. 

 

(c)          If
the Requesting Party selects mediation as the resolution method, the following provisions will apply:

 

(i)          The
mediation will be administered by [a nationally recognized arbitration and mediation association] [one of [identify options]] selected
by the Requesting Party pursuant to such association’s mediation procedures in effect at such time.

 

(ii)         The
fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation.

 

(iii)        The
mediator will be impartial, knowledgeable about and experienced with the laws of the State of [___] that are relevant to the repurchase
dispute and will be appointed from a list of neutrals maintained by the AAA.

 

(d)          If
the Requesting Party selects arbitration as the resolution method, the following provisions will apply:

 

(i)          The
arbitration will be administered by [a nationally recognized arbitration and mediation association] [one of [identify options]]
jointly selected by the parties, and if the parties are unable to agree on an association, the arbitration will be administered
by the AAA, and conducted pursuant to such association’s arbitration procedures in effect at such time.

 

    	 	13	 

     

    

 

(ii)         The
arbitrator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the
dispute hereunder and will be appointed from a list of neutrals maintained by AAA.

 

(iii)        The
arbitrator will make its final determination no later than [__] days after appointment or as soon as practicable thereafter. The
arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement
in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by it[, and the RPA Seller shall not be required to pay more than the applicable Repurchase Amount with respect to any Receivable
which the RPA Seller is required to repurchase under the terms of this Agreement]. In its final determination, the arbitrator will
determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the
arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator in its
reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered
to the parties. For binding arbitration, the arbitrator’s determination will be final and non-appealable (absent manifest
error), except for actions to confirm or vacate the determination permitted under federal or state law, and may be entered and
enforced in any court with jurisdiction over the parties and the matter.

 

(iv)        By
selecting binding arbitration, the Requesting Party waives the right to sue in court, including the right to a trial by jury.

 

(e)          The
following provisions will apply to both mediations and arbitrations:

 

(i)          Any
mediation or arbitration will be held in [__________] or such other location mutually agreed to by the Requesting Party and the
RPA Seller;

 

(ii)         Notwithstanding
this dispute resolution provision, the parties will have the right to seek provisional relief from a competent court of law, including
a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by
law;

 

    	 	14	 

     

    

  

Other than as publicly available with the Commission or otherwise
publicly disclosed, the details and/or existence of any unfulfilled repurchase request, any meetings or discussions regarding any
unfulfilled repurchase request, mediations or arbitration proceedings conducted under this Section 5.14, including all offers,
promises, conduct and statements, whether oral or written, made in the course of the parties' attempt to resolve an unfulfilled
repurchase request, any information exchanged in connection with any mediation, and any discovery taken in connection with any
arbitration (collectively, “Confidential Information”), shall be and remain confidential and inadmissible (except
as permitted in accordance with applicable law) for any purpose, including impeachment, in any mediation, arbitration or litigation,
or other proceeding (including any proceeding under this Section 5.14) other than as required to be disclosed in accordance with
applicable law, regulatory requirements, or court order or to the extent that the RPA Seller, in its sole discretion, elects to
disclose such information. Such information will be kept strictly confidential and will not be disclosed or discussed with any
third party, and except that a party may disclose such information to its own attorneys, experts, accountants and other agents
and representatives (collectively “Representatives”), as reasonably required in connection with any resolution
procedure under this Section 5.14), if the disclosing Party (a) directs such Representatives to keep the information confidential,
(b) is responsible for any disclosure by its Representatives of such information and (c) takes at its sole expense all reasonable
measures to restrain such Representatives from disclosing such information. If any party receives a subpoena or other request for
information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly
notify the other party and will provide the other party with the opportunity to object to the production of its Confidential Information
or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in the absence
of a protective order, such party or any of its representatives are compelled as a matter of law, regulation, legal process or
by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to the party compelling
disclosure only the part of such Confidential Information that is required to be disclosed.

 

    	 	15	 

     

    

  

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

 

	 	AMERICAN HONDA FINANCE CORPORATION,
	 	as RPA Seller
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	AMERICAN HONDA RECEIVABLES LLC,
	 	as Purchaser
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

  

EXHIBIT A

 

REPRESENTATIONS AND WARRANTIES AS TO THE
RECEIVABLES

 

(i)          Characteristics
of Receivables. Each Receivable (i) shall have been originated by a Dealer located in the United States for the sale of the
related Financed Vehicle, shall have been fully executed by the Obligor thereto, shall have been purchased by AHFC from such Dealer
under an existing agreement with AHFC, shall have been assigned by such Dealer to AHFC, shall have been subsequently sold by AHFC
to the RPA Seller pursuant to the Receivables Purchase Agreement, (ii) shall have created or shall create a first priority security
interest in favor of AHFC in the related Financed Vehicle, which security interest has been assigned by AHFC to the RPA Seller
and shall be assignable, and shall be so assigned, by the RPA Seller to the Issuer, (iii) shall contain provisions that permit
the repossession and sale of the Financed Vehicle upon a default under the Receivable by the Obligor, (iv) shall, except as otherwise
provided in this Agreement, provide, at the time of origination, for level Monthly Payments (provided that the first and last payments
in the life of the Receivable may be different from but in no event more than two times the level payment) that fully amortize
the Amount Financed over its original term, (v) shall provide for, in the event that such Receivable is prepaid, a prepayment that
fully pays the Principal Balance and includes accrued but unpaid interest at least through the date of prepayment in an amount
calculated by using an interest rate at least equal to its Contract Rate, (vi) shall have an Obligor that is not listed on Seller’s
records as a federal, state or local governmental entity and (vii) is a retail installment sales contract.

 

(ii)         Compliance
with Law. At the time it was originated, the Receivable complied in all material respects with all requirements of law in effect
at the time.

 

(iii)        Binding
Obligation. Each Receivable is on a form contract that includes the legal and binding payment obligation in writing of the
related Obligor, enforceable by the holder thereof, except as enforceability may be subject to or limited by bankruptcy, insolvency,
reorganization, moratorium, liquidation or other laws affecting the enforcement of creditors’ rights and by general principles
of equity, consumer protection laws and the Servicemembers Civil Relief Act.

 

(iv)        No
Bankrupt Obligors. According to the records of the RPA Seller as of the Cutoff Date, the Obligor was not the subject of a bankruptcy
proceeding.

 

(v)         Receivables
in Force. According to the Sponsor’s Receivables system, the Receivable shall not have been satisfied, subordinated or
rescinded, nor shall the Financed Vehicle have been released in whole or in part from the lien granted by the related Receivable
on the Cutoff Date.

 

(vi)        No
Waivers. No provision of the Receivable shall have been expressly waived in writing in any material respect since its origination,
except by instruments or documents identified in the related Receivable File.

 

(vii)       No
Defenses. To the RPA Seller’s knowledge, no right of rescission, setoff, counterclaim or defense has been asserted or
threatened in writing by any Obligor against the Receivable.

 

    	 	A-1	 

     

    

  

(viii)      No
Defaults. Except for payment delinquencies that, as of the Cutoff Date, were not more than thirty (30) days, according to the
accounting records of the RPA Seller, no payment default existed under the terms of any Receivable as of the Cutoff Date.

 

(ix)         Insurance.
Pursuant to the Receivables, an Obligor has been required to obtain physical damage insurance covering the related Financed Vehicle
and is required under the terms of the related Receivable to maintain such insurance. No Financed Vehicle is subject to a forced-placed
Insurance Policy.

 

(x)          Lawful
Assignment. The Receivable was originated in, and is subject to the laws of, a jurisdiction which permits the sale and assignment
of the Receivable.  The terms of the Receivable do not limit the right of the owner of the Receivable to sell the Receivable.

 

(xi)         Chattel
Paper. The Receivable is either “tangible chattel paper” or “electronic chattel paper” within the meaning
of the applicable UCC and there is only one original authenticated copy of the Receivable.

 

(xii)        Additional
Representations and Warranties. (A) Each Receivable shall have an original maturity of not greater than 72 payments; (B) each
Receivable provides for the payment of a finance charge or shall yield interest calculated on the basis of a Contract Rate of at
least 0.50%; (C) no Receivable shall have a Scheduled Payment that is more than thirty (30) days past due as of the Cutoff Date;
(D) each Financed Vehicle shall be a new or used Honda or Acura automobile; and (E) according to the records of AHFC as of the
Cutoff Date, the Obligor under each Receivable had a billing address in the United States or its territories or possessions as
of the Cutoff Date.

 

(xiii)       Title.
It is the intention of the RPA Seller that the transfer and assignment herein contemplated, taken as a whole, constitute a sale
of the Receivables from the RPA Seller to the Purchaser and that the beneficial interest in and title to the Receivables not be
part of the debtor’s estate in the event of the filing of a bankruptcy petition by or against the RPA Seller under any bankruptcy
law. Other than (1) the sale by the RPA Seller to the Purchaser pursuant to this Agreement, (2) the sale by the Purchaser to the
Issuer pursuant to the Sale and Servicing Agreement and (3) the security interest granted by the Issuer to the Indenture Trustee
in the Indenture, no Receivable has been sold, transferred, assigned or pledged by the RPA Seller to any Person other than the
Purchaser or by the Purchaser to any Person other than the Issuer, and no Receivable has been sold, transferred, assigned or pledged
by the Issuer to any Person other than the Indenture Trustee, and no provision of a Receivable shall have been waived, except as
provided in this Agreement; immediately prior to the transfer and assignment herein contemplated, the RPA Seller had good and marketable
title to each Receivable free and clear of all Liens (except Permitted Liens and any Lien which will be released prior to the sale
and transfer of such Receivable to the Issuer) and rights of any other Person and immediately prior to the pledge of security interest
contemplated in the Indenture, the Issuer had good and marketable title to each Receivable free and clear of all Liens and rights
of any other Person; immediately upon the transfer and assignment contemplated herein, the Purchaser shall have good and marketable
title to each Receivable, free and clear of all Liens and rights of any other Person, immediately upon the transfer and assignment
contemplated by the Sale and Servicing Agreement, the Issuer shall have good and marketable title to each Receivable, free and
clear of all Liens and rights of any other Person and immediately upon the pledge of the security interest contemplated in the
Indenture, the Indenture Trustee will have a valid and continuing security interest in the Receivables; and both the transfer and
assignment contemplated herein and in the Sale and Servicing Agreement and the pledge of security interest contemplated by the
Indenture have been perfected under the applicable UCC.

 

    	 	A-2	 

     

    

  

(xiv)      Security
Interest. The RPA Seller has, or the Servicer has, started procedures that will result in the RPA Seller having a perfected,
first priority security interest in the Financed Vehicle, which security interest was validly created and is assignable by the
RPA Seller to the Purchaser.

 

    	 	A-3

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