SEC Contract Filing

Filing Date: 2020-12-07

Document Content:
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<TYPE>EX-10.2
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<FILENAME>d24796dex102.htm
<DESCRIPTION>EX-10.2
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<TITLE>EX-10.2</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECEIVABLES TRANSFER AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This RECEIVABLES TRANSFER AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
&#147;<U>Agreement</U>&#148;), dated as of December&nbsp;10, 2020, is by and between Carvana Receivables Depositor LLC, a Delaware limited liability company (the &#147;<U>Depositor</U>&#148;), and Carvana Auto Receivables Trust <FONT
STYLE="white-space:nowrap">2020-P1,</FONT> a Delaware statutory trust (the &#147;<U>Issuing Entity</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AGREEMENTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, on the Closing Date, Carvana, LLC (the &#147;<U>Seller</U>&#148;) has sold automobile retail installment contracts and related rights
to the Depositor; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Depositor is willing to sell such contracts and related rights to the Issuing Entity pursuant to this
Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Issuing Entity intends to contribute or otherwise transfer such contracts and related rights, or interests
therein, to Carvana Auto Receivables Grantor Trust <FONT STYLE="white-space:nowrap">202020-P1,</FONT> a Delaware statutory trust (the &#147;<U>Grantor Trust</U>&#148;), pursuant to the Receivables Contribution Agreement, dated as of the date hereof
(as amended, restated, supplemented or otherwise modified from time to time, the &#147;<U>Receivables Contribution Agreement</U>&#148;), between the Issuing Entity and the Grantor Trust, in exchange for the Grantor Trust Certificate; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Grantor Trust intends to pledge such contracts and related rights to Wells Fargo Bank, National Association, as indenture trustee
(the &#147;<U>Indenture Trustee</U>&#148;), and the Issuing Entity will issue notes backed by the Grantor Trust Certificate pursuant to the Indenture, dated as of the date hereof (as amended, modified or supplemented from time to time, the
&#147;<U>Indenture</U>&#148;), among the Issuing Entity, the Grantor Trust and the Indenture Trustee; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Bridgecrest Credit
Company, LLC, an Arizona limited liability company (the &#147;<U>Servicer</U>&#148;), is willing to service such contracts in accordance with the terms of the Servicing Agreement, dated as of the date hereof, among the Issuing Entity, the Grantor
Trust, the Backup Servicer and the Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual agreements and subject to the terms and
conditions herein contained, each party agrees as follows for the benefit of the other party: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;I </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFINITIONS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.1
<U>Definitions; Rules of Construction</U>. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in <U>Part I</U> of <U>Appendix</U><U></U><U>&nbsp;A</U> to
the Receivables Purchase Agreement, dated as of the date hereof (the &#147;<U>Receivables Purchase Agreement</U>&#148;), among Carvana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. All references herein to &#147;the
Agreement&#148; or &#147;this Agreement&#148; are to this Receivables Transfer Agreement as it may be amended, supplemented or modified from time to time, the exhibits and schedules hereto and the capitalized terms used herein, which are defined in
<U>Part </U>I of such <U>Appendix A</U>, and all references herein to Articles, Sections and Subsections are to Articles, Sections or Subsections of this Agreement unless otherwise specified. The rules of construction set forth in <U>Part II</U> of
such <U>Appendix A</U> shall be applicable to this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;II </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONVEYANCE OF RECEIVABLES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1 <U>Conveyance of Receivables</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) On the Closing Date, the Depositor hereby agrees to sell, transfer, assign, set over and otherwi