EXHIBIT 4.2


 


INDENTURE


between


HYUNDAI AUTO RECEIVABLES TRUST 2012-A,

as Issuer


and


CITIBANK, N.A.

as Indenture Trustee


Dated as of March 7, 2012


 



    	 



    	 



    

	Table of Contents
	 	 	 
	 	 	Page
	 	 	 
	 	 	 
	ARTICLE I.	DEFINITIONS AND INCORPORATION BY REFERENCE	 
	Section 1.01	Definition	2
	Section 1.02	Rules of Construction	9
	Section 1.03	Incorporation by Reference of Trust Indenture Act	9
	ARTICLE II.	THE NOTES	 
	Section 2.01	Form	10
	Section 2.02	Execution, Authentication and Delivery	10
	Section 2.03	Temporary Notes	11
	Section 2.04	Registration; Registration of Transfer and Exchange	11
	Section 2.05	[Reserved]	13
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Notes	13
	Section 2.07	Persons Deemed Note Owners	14
	Section 2.08	Payment of Principal and Interest; Defaulted Interest	14
	Section 2.09	Cancellation	15
	Section 2.10	Book-Entry Notes	15
	Section 2.11	Notices to Clearing Agency	16
	Section 2.12	Definitive Notes	16
	Section 2.13	Tax Treatment	17
	ARTICLE III.	COVENANTS	 
	Section 3.01	Payment of Principal and Interest	17
	Section 3.02	Maintenance of Office or Agency	17
	Section 3.03	Money for Payments To Be Held in Trust	18
	Section 3.04	Existence	19
	Section 3.05	Protection of Trust Estate	19
	Section 3.06	Opinions as to Trust Estate	20
	Section 3.07	Performance of Obligations; Servicing of Receivables	20
	Section 3.08	Negative Covenants	21
	Section 3.09	Annual Statement as to Compliance	22
	Section 3.10	Issuer May Consolidate, etc., Only on Certain Terms	22
	Section 3.11	Successor or Transferee	24
	Section 3.12	No Other Business	24
	Section 3.13	No Borrowing	24
	Section 3.14	Compliance with Regulation AB	24
	Section 3.15	Guarantees, Loans, Advances and Other Liabilities	24
	Section 3.16	Capital Expenditures	25
	Section 3.17	Removal of Administrator	25
	Section 3.18	Restricted Payments	25
	Section 3.19	Notice of Events of Default	25
	Section 3.20	Further Instruments and Acts	25


 



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Table
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	ARTICLE IV.	SATISFACTION AND DISCHARGE	 
	Section 4.01	Satisfaction and Discharge of Indenture	25
	Section 4.02	Application of Trust Money	27
	Section 4.03	Repayment of Moneys Held by Paying Agent	27
	Section 4.04	Release of Collateral	27
	ARTICLE V.	REMEDIES	 
	Section 5.01	Events of Default	27
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	28
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	29
	Section 5.04	Remedies; Priorities	31
	Section 5.05	Optional Preservation of the Receivables	34
	Section 5.06	Limitation of Suits	35
	Section 5.07	Unconditional Rights of Noteholders To Receive Principal and Interest	35
	Section 5.08	Restoration of Rights and Remedies	36
	Section 5.09	Rights and Remedies Cumulative	36
	Section 5.10	Delay or Omission Not a Waiver	36
	Section 5.11	Control by the Controlling Class of Noteholders	36
	Section 5.12	Waiver of Past Defaults	37
	Section 5.13	Undertaking for Costs	37
	Section 5.14	Waiver of Stay or Extension Laws	38
	Section 5.15	Action on Notes	38
	Section 5.16	Performance and Enforcement of Certain Obligations	38
	ARTICLE VI.	THE INDENTURE TRUSTEE	 
	Section 6.01	Duties of Indenture Trustee	39
	Section 6.02	Representations and Warranties of the Indenture Trustee	40
	Section 6.03	Rights of Indenture Trustee	41
	Section 6.04	Individual Rights of Indenture Trustee	42
	Section 6.05	Indenture Trustee’s Disclaimer	43
	Section 6.06	Notice of Defaults	43
	Section 6.07	Reports by Indenture Trustee to Holders	43
	Section 6.08	Compensation and Indemnity	43
	Section 6.09	Replacement of Indenture Trustee	44
	Section 6.10	Successor Indenture Trustee by Merger	45
	Section 6.11	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	45
	Section 6.12	Eligibility; Disqualification	46
	Section 6.13	[Reserved]	46
	Section 6.14	Preferential Collection of Claims Against Issuer	46
	Section 6.15	Waiver of Setoffs	46


 



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Table
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(continued)


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	ARTICLE VII.	NOTEHOLDERS’ LISTS AND REPORTS	 
	Section 7.01	Note Registrar To Furnish Names and Address of Noteholders	47
	Section 7.02	Preservation of Information; Communications to Noteholders	47
	Section 7.03	Reports by Issuer	48
	Section 7.04	Reports by Indenture Trustee	48
	ARTICLE VIII.	ACCOUNTS, DISBURSEMENTS AND RELEASES	 
	Section 8.01	Collection of Money	48
	Section 8.02	Trust Accounts	49
	Section 8.03	General Provisions Regarding Accounts	51
	Section 8.04	Release of Trust Estate	51
	Section 8.05	Opinion of Counsel	51
	ARTICLE IX.	SUPPLEMENTAL INDENTURES	 
	Section 9.01	Supplemental Indentures Without Consent of Noteholders	52
	Section 9.02	Supplemental Indentures with Consent of Noteholders	53
	Section 9.03	Execution of Supplemental Indentures	54
	Section 9.04	Effect of Supplemental Indenture	54
	Section 9.05	Reference in Notes to Supplemental Indentures	55
	Section 9.06	Conformity with Trust Indenture Act	55
	ARTICLE X.	REDEMPTION OF NOTES	 
	Section 10.01	Redemption	55
	Section 10.02	Form of Redemption Notice	55
	Section 10.03	Notes Payable on Redemption Date	56
	ARTICLE XI.	MISCELLANEOUS	 
	Section 11.01	Compliance Certificates and Opinions, etc	56
	Section 11.02	Form of Documents Delivered to Indenture Trustee	58
	Section 11.03	Acts of Noteholders	59
	Section 11.04	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	59
	Section 11.05	Notices to Noteholders; Waiver	60
	Section 11.06	Alternate Payment and Notice Provisions	61
	Section 11.07	Effect of Headings and Table of Contents	61
	Section 11.08	Successors and Assigns	61
	Section 11.09	Separability	61
	Section 11.10	Benefits of Indenture	61
	Section 11.11	Legal Holidays	61
	Section 11.12	GOVERNING LAW	61
	Section 11.13	Counterparts	61
	Section 11.14	Recording of Indenture	62
	Section 11.15	Trust Obligation	62
	Section 11.16	No Petition	63



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	 	 	Page
	 	 	 
	Section 11.17	Inspection	63
	Section 11.18	Conflict with Trust Indenture Act	63
	Section 11.19	Limitation of Liability	63
	Section 11.20	Representations and Warranties	64
	Section 11.21	Receivables Representations and Warranties	65
	Section 11.22	Communications with Rating Agencies	66
	 	 	 
	EXHIBITS	 	 
	SCHEDULE A	Schedule of Receivables	 
	EXHIBIT A-1	Form of Class A-1 Note	 
	EXHIBIT A-2	Form of Class A-2 Note	 
	EXHIBIT A-3	Form of Class A-3 Note	 
	EXHIBIT A-4	Form of Class A-4 Note	 
	EXHIBIT B	Form of Class B Note	 
	EXHIBIT C	Form of Class C Note	 
	EXHIBIT D	Form of Class D Note	 
	EXHIBIT E	Form of the Note Depository Agreement	 


 



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THIS INDENTURE,
dated as of March 7, 2012 is between HYUNDAI AUTO RECEIVABLES TRUST 2012-A, a Delaware statutory trust (the “Issuer”),
and CITIBANK, N.A., a national banking association, as trustee and not in its individual
capacity (the “Indenture Trustee”).


Each party agrees
as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer’s 0.29984%
Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), 0.55%Asset Backed Notes, Class A-2 (the “Class A-2
Notes”), 0.72% Asset Backed Notes, Class A-3 (the “Class A-3 Notes”), 0.95% Asset Backed Notes, Class
A-4 (the “Class A-4 Notes”), 1.51% Asset Backed Notes, Class B (the “Class B Notes”), 2.10% Asset Backed
Notes, Class C (the “Class C Notes”) and 2.61% Asset Backed Notes, Class D (the “Class D Notes,” and together
with the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes, the “Notes”):


GRANTING CLAUSE


The Issuer hereby
Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes, all of the
Issuer’s right, title and interest in and to, whether now owned or hereafter acquired, now existing or hereafter arising
and wherever located (a) the Receivables listed on Schedule A and all moneys received thereon on or after the close of business
on the Cutoff Date; (b) the security interests in the Financed Vehicles and any accessions thereto granted by Obligors pursuant
to the Receivables and any other interest of the Depositor in such Financed Vehicles; (c) any Liquidation Proceeds and any
other proceeds with respect to the Receivables pursuant to the Hyundai Assurance Program or from claims on any physical damage,
credit, life or disability insurance policies covering Financed Vehicles or the related Obligors, including any vendor’s
single interest or other collateral protection insurance policy; (d) any property that shall have secured a Receivable and
that shall have been acquired by or on behalf of the Depositor, the Servicer, or the Issuer; (e) all documents and other items
contained in the Receivable Files; (f) the Sale and Servicing Agreement including all of the Depositor’s rights, but
none of its obligations, under the Receivables Purchase Agreement assigned to the Issuer pursuant to the Sale and Servicing Agreement;
(g) all right, title and interest in the Trust Accounts, all funds, securities or other assets credited from time to time
to the Trust Accounts and all investments therein and proceeds thereof (including all Investment Earnings thereon); (h) any proceeds
from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement; and (i) all present and future claims, demands,
causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of
every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary
or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances,
chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other
forms of obligations and receivables, instruments and other property that at any time constitute all or part of or are included
in the proceeds of any of the foregoing (collectively, the “Collateral”).


The foregoing Grant
is made in trust to secure (i) the payment of principal of and interest on, and any other amounts owing in respect of, the Notes,
equally and ratably without prejudice, priority or distinction, and (ii) to secure compliance with the provisions of this Indenture,
all as provided in this Indenture.



    	 



    	 



    

 


The Indenture Trustee,
on behalf of the Holders of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end
that the interests of the Holders of the Notes may be adequately and effectively protected.


ARTICLE
I.

DEFINITIONS AND INCORPORATION BY REFERENCE


Section 1.01Definition.


(a)Except as otherwise
specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for
all purposes of this Indenture.


“Act”
has the meaning specified in Section 11.03(a).


“Administration
Agreement” means the Owner Trust Administration Agreement, dated as of March 7, 2012 among the Administrator, the
Issuer and the Indenture Trustee, as amended, supplemented, amended and restated or otherwise modified from time to time.


“Administrator”
means HCA, or any successor Administrator under the Administration Agreement.


“Affiliate”
means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.


“Authorized
Officer” means, with respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee
in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the
Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and, so long
as the Administration Agreement is in effect, any Vice President or other senior officer of the Administrator who is authorized
to act for the Administrator in matters relating to the Issuer and to be acted upon by the Administrator pursuant to the Administration
Agreement and who is identified on the list of Authorized Officers delivered by the Administrator to the Indenture Trustee on the
Closing Date (as such list may be modified or supplemented from time to time thereafter).


“Book-Entry
Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries
by a Clearing Agency as described in Section 2.10.



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“Business
Day” shall have the meaning assigned thereto in the Sale and Servicing Agreement.


“Certificate
of Trust” means the certificate of trust of the Issuer substantially in the form of Exhibit D to the Trust Agreement.


“Class A Notes” means
collectively the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, as the context may require.


“Class
A-1 Notes” means the 0.29984% Asset Backed Notes, Class A-1, substantially in the form of Exhibit A-1.


“Class
A-1 Rate” means 0.29984% per annum, computed on the basis of the actual number of days elapsed in the related Interest
Period.


“Class
A-2 Notes” means the 0.55% Asset Backed Notes, Class A-2, substantially in the form of Exhibit A-2.


“Class
A-2 Rate” means 0.55% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.


“Class
A-3 Notes” means the 0.72% Asset Backed Notes, Class A-3, substantially in the form of Exhibit A-3.


“Class
A-3 Rate” means 0.72% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.


“Class
A-4 Notes” means the 0.95% Asset Backed Notes, Class A-4, substantially in the form of Exhibit A-4.


“Class
A-4 Rate” means 0.95% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.


“Class
B Notes” means the 1.51% Asset Backed Notes, Class B, substantially in the form of Exhibit B.


“Class
B Rate” means 1.51% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.


“Class
C Notes” means the 2.10% Asset Backed Notes, Class C, substantially in the form of Exhibit C.


“Class
C Rate” means 2.10% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.


“Class
D Notes” means the 2.61% Asset Backed Notes, Class D, substantially in the form of Exhibit D.



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“Class
D Rate” means 2.61% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.


“Clearing
Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange
Act.


“Clearing
Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time
a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.


“Closing
Date” means March 7, 2012.


“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.


“Collateral”
has the meaning specified in the Granting Clause of this Indenture.


“Controlling
Class” means with respect to any Notes that are Outstanding, the Class A Notes (voting together as a single class) so
long as any Class A Notes are Outstanding, then the Class B Notes so long as any Class B Notes are Outstanding, then the Class
C Notes so long as any Class C Notes are Outstanding and thereafter the Class D Notes so long as any Class D Notes are Outstanding.


“Corporate
Trust Office” means the principal office of the Indenture Trustee at which at any particular time its corporate trust
business is administered, which office at the date of execution of this Agreement is located at (a) solely for the purposes of
the transfer, surrender or exchange of Notes, 111 Wall Street, 15th Floor Window, New York, New York 10005, Attention:
Global Transaction Services- Hyundai Auto Receivables Trust 2012-A and (b) for all other purposes 388 Greenwich Street, 14th
Floor, New York, New York 10013, facsimile number (212) 816-5527; or at such other address as the Indenture Trustee may designate
from time to time by notice to the Noteholders and the Issuer, or the principal corporate trust office of any successor Indenture
Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders and the Issuer.


“Default”
means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.


“Definitive
Notes” has the meaning specified in Section 2.10.


“Depositor”
means Hyundai ABS Funding Corporation, a Delaware corporation, its successors and assigns.


“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.


“Event
of Default” has the meaning specified in Section 5.01.


“Exchange
Act” means the Securities Exchange Act of 1934, as amended.



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“Executive
Officer” means, with respect to any corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary, the Controller
or the Treasurer of such corporation; and with respect to any partnership, any general partner thereof.


“Grant”
means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien upon
and a security interest in and a right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of
the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations)
of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt
for principal and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices
and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the
name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled
to do or receive thereunder or with respect thereto.


“HCA”
means Hyundai Capital America, a California corporation, and its successors.


“Holder”
or “Noteholder” means a Person in whose name a Note is registered on the Note Register.


“Indenture
Trustee” means Citibank, N.A., a national banking association, not in its individual capacity, but as Indenture Trustee
under this Indenture, or any successor Indenture Trustee under this Indenture.


“Independent”
means, when used with respect to any specified Person, that such Person (a) is in fact independent of the Issuer, any other
obligor on the Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial
interest or any material indirect financial interest in the Issuer, any such other obligor, the Seller, the Servicer, the Depositor
or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller
or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or
person performing similar functions.


“Independent
Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described
in, and otherwise complying with, the applicable requirements of Section 11.01, made by an Independent appraiser or other
expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion
or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the
signer is Independent within the meaning thereof.


“Interest
Rate” means the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, the Class A-4 Rate, the Class B Rate, the Class
C Rate or the Class D Rate, as the context may require.



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“Issuer”
means Hyundai Auto Receivables Trust 2012-A until a successor replaces it and, thereafter, means the successor and, for purposes
of any provision contained herein and required by the TIA, each other obligor on the Notes.


“Issuer
Order” or “Issuer Request” means a written order or request signed in the name of the Issuer by any
one of its Authorized Officers and delivered to the Indenture Trustee.


“Note”
means a Class A Note, a Class B Note, a Class C Note and a Class D Note, as the context may require.


“Note
Depository Agreement” means the agreement dated March 7, 2012 between the Issuer and The Depository Trust Company,
relating to the Notes, substantially in the form of Exhibit E.


“Note
Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected
on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a
Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).


“Note
Register” and “Note Registrar” have the respective meanings specified in Section 2.04.


“Officer’s
Certificate” means a certificate signed by any Authorized Officer of the Issuer, under the circumstances described in,
and otherwise complying with, the applicable requirements of Section 11.01, and delivered to the Indenture Trustee. Unless
otherwise specified, any reference in this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate
of any Authorized Officer of the Issuer.


“Opinion
of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture,
be an employee of or counsel to the Issuer, the Seller or the Servicer, and who shall be reasonably satisfactory to the Indenture
Trustee, and which opinion or opinions shall be addressed to the Indenture Trustee, shall comply with any applicable requirements
of Section 11.01 and shall be in form and substance satisfactory to the Indenture Trustee.


“Other
Assets” has the meaning specified in Section 11.15(b).


“Outstanding”
means, as of any date of determination, all Notes theretofore authenticated and delivered under this Indenture except:


(a)Notes
theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;


(b)Notes
or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee
or any Paying Agent in trust for the Holders of such Notes (provided, however, that if such Notes are
to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for such notice has been
made, satisfactory to the Indenture Trustee); and



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(c)Notes
exchanged for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory
to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser;


provided, however, that
in determining whether the Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor on the
Notes, the Depositor, the Seller, the Servicer or any Affiliate of any of the foregoing Persons shall be disregarded and deemed
not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee knows
to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes
and that the pledgee is not the Issuer, any other obligor on the Notes, the Depositor, the Seller, the Servicer or any Affiliate
of any of the foregoing Persons.


“Outstanding
Amount” means, as of any date of determination and as to any Notes, the aggregate principal amount of such Notes Outstanding
as of such date of determination.


“Owner
Trustee” means Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement,
or any successor Owner Trustee under the Trust Agreement.


“Paying
Agent” means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee
specified in Section 6.12 and is authorized by the Issuer to make payments to and distributions from the Collection Account
and the Reserve Account, including payments of principal of or interest on the Notes on behalf of the Issuer.


“Payment
Date” means the 15th day of each month, or if any such date is not a Business Day, the next succeeding Business
Day, commencing April 16, 2012.


“Person”
means any individual, corporation, estate, partnership, limited liability company, joint venture, association, joint stock company,
trust or business trust (including any beneficiary thereof), unincorporated organization or government or any agency or political
subdivision thereof.


“Predecessor
Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as
that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section
2.06 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost,
destroyed or stolen Note.


“Proceeding”
means any suit in equity, action at law or other judicial or administrative proceeding.



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“Record
Date” means, with respect to a Payment Date or Redemption Date, the close of business on the Business Day immediately
preceding such Payment Date or Redemption Date; or, if Definitive Notes have been issued, the last day of the calendar month preceding
such Payment Date or Redemption Date.


“Redemption
Date” means, as the context requires, in the case of a redemption of the Notes pursuant to Section 10.01, the
Payment Date specified by the Servicer or the Issuer pursuant to Section 10.01.


“Redemption
Price” means in the case of a redemption of the Notes pursuant to Section 10.01, an amount equal to the unpaid
principal amount of the Notes redeemed plus accrued and unpaid interest thereon at the Interest Rate for each Note being so redeemed
to but excluding the Redemption Date.


“Registered
Holder” means the Person in whose name a Note is registered on the Note Register on the applicable Record Date.


“Responsible
Officer” means, with respect to the Indenture Trustee or Owner Trustee, as applicable, any officer within the Corporate
Trust Office of the Indenture Trustee or the Owner Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer,
Assistant Secretary or any other officer of the Indenture Trustee or the Owner Trustee customarily performing functions similar
to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, in each
case having direct responsibility for the administration of the Basic Documents.


“Sale
and Servicing Agreement” means the Sale and Servicing Agreement, dated as of March 7, 2012, among the Issuer, the
Depositor, HCA, as Seller and Servicer, and the Indenture Trustee, as amended, supplemented, amended and restated or otherwise
modified from time to time.


“Schedule
of Receivables” means the list of Receivables set forth in Schedule A (which Schedule may be in the form of microfiche).


“Securities
Act” means the Securities Act of 1933, as amended.


“Seller”
means HCA in its capacity as seller under the Receivables Purchase Agreement and the Sale and Servicing Agreement, and its successor
in interest.


“Servicer”
means HCA, in its capacity as servicer under the Sale and Servicing Agreement, and any Successor Servicer thereunder.


“State”
means any one of the 50 states of the United States of America, or the District of Columbia.


“Successor
Servicer” has the meaning specified in Section 3.07(f).


“Trust
Accounts” has the meaning set forth in the Sale and Servicing Agreement.



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“Trust
Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the lien
and security interest of this Indenture for the benefit of the Noteholders (including, without limitation, all property and interests
Granted to the Indenture Trustee), including all proceeds thereof.


“Trust
Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the date hereof, unless
otherwise specifically provided.


“UCC”
means, unless the context otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended
from time to time.


(b)Except as otherwise
specified herein or as the context may otherwise require, capitalized terms used herein but not otherwise defined shall have the
meanings ascribed thereto in the Sale and Servicing Agreement.


Section 1.02Rules
of Construction. Unless the context otherwise requires:


(a)a term has
the meaning assigned to it;


(b)an accounting
term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect
from time to time;


(c)“or”
is not exclusive;


(d)“including”
means including without limitation;


(e)definitions
are applicable to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms;
and


(f)any agreement,
instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means
such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements
or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to
its permitted successors and assigns.


Section 1.03Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, such provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:


“Commission”
means the Securities and Exchange Commission.


“indenture
securities” means the Notes.


“indenture
security holder” means a Noteholder.


“indenture
to be qualified” means this Indenture.


“indenture
trustee” or “institutional trustee” means the Indenture Trustee.



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“obligor”
on the indenture securities means the Issuer and any other obligor on the indenture securities.


All other TIA terms
used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have
the meaning assigned to them by such definitions.


ARTICLE
II.

THE NOTES


Section 2.01Form.
The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the
Class D Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially
the form set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D, respectively, with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently
herewith, be determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any portion of the text
of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note.


The Definitive
Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without
steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.


Each Note shall
be dated the date of its authentication. The terms of the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4,
Exhibit B, Exhibit C and Exhibit D are part of the terms of this Indenture.


Section 2.02Execution,
Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature
of any such Authorized Officer on the Notes may be manual or facsimile.


Notes bearing the
manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or
did not hold such offices at the date of such Notes.


The Indenture Trustee
shall upon Issuer Order authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $331,000,000,
Class A-2 Notes for original issue in an aggregate principal amount of $313,000,000, Class A-3 Notes for original issue in an aggregate
principal amount of $450,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $166,980,000, Class
B Notes for original issue in an aggregate principal amount of $25,250,000, Class C Notes for original issue in an aggregate principal
amount of $38,890,000 and Class D Notes for original issue in an aggregate principal amount of $29,340,000. The aggregate principal
amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, the Class B Notes, the Class C Notes and the Class
D Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.06.



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The Notes shall
be issuable as registered Notes in minimum denominations of $1,000 and in integral multiples of $1,000 in excess thereof (except
for one Note of each class which may be issued in a denomination other than an integral multiple of $1,000).


No Note shall be
entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate
of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one
of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such
Note has been duly authenticated and delivered hereunder.


Section 2.03Temporary
Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture
Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise
produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with
the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.


If temporary Notes
are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency
of the Issuer to be maintained as provided in Section 3.02, without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange
therefor, a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall
in all respects be entitled to the same benefits under this Indenture as Definitive Notes.


Section 2.04Registration;
Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the “Note Register”)
in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall provide for the registration of
Notes and the registration of all transfers of Notes. The Indenture Trustee initially shall be the “Note Registrar”
for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the
Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.
If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee
prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note
Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies
thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the Holders of the Notes and the principal amounts and
number of such Notes.



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Upon surrender
for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.02,
if the requirements of Section 8-401(a) of the UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate
and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more
new Notes of the same Class in any authorized denominations, of a like aggregate principal amount.


At the option
of the Holder, Notes may be exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange,
if the requirements of Section 8-401(a) of the UCC are met, the Issuer shall execute, and the Indenture Trustee, without
having to verify that the requirements of Section 8-401(a) have been met, shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, the Notes that the Noteholder making the exchange is entitled to receive.


All Notes issued
upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.
Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s
attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting
the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.


No service charge
shall be made to a Holder for any registration of transfer or exchange of Notes, but the Issuer or the Indenture Trustee may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Notes, other than exchanges pursuant to Section 2.03 or 9.05 not involving any transfer.


The preceding provisions
of this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or
exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect
to the Note.


Any Notes retained
by the Issuer or a Person that is considered the same person as the Issuer for United States federal income tax purposes may not
be transferred to another Person (other than a Person that is considered the same person as the Issuer for United States federal
income tax purposes) unless the Administrator shall cause an Opinion of Counsel to be delivered to the Depositor and the Indenture
Trustee at such time stating that either (x) such Notes will be debt for United States federal income tax purposes or (y) that
the sale of such Notes to a Person unrelated to the Issuer or Depositor will not cause the Issuer to be treated as an association
or publicly traded partnership taxable as a corporation. With respect to any transfer for which the Opinion of Counsel provided
pursuant to the preceding sentence is as described in clause (y), the sale or transfer of such Notes must be to a Person who is
a United States Person (within the meaning of the Code). In addition, if for tax or other reasons it may be necessary to track
such Notes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive
registered form may be required by the Administrator as a condition to such transfer. The Indenture Trustee shall have no duty
to monitor the compliance of the provisions of this paragraph and may conclusively rely on the Administrator to do the same.



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No Note, or any
interest therein, may be purchased by or transferred to an “employee benefit plan” within the meaning of Section 3(3)
of ERISA that is subject to Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Code that is subject
to Section 4975 of the Code, any entity that is deemed to hold “plan assets” of any of the foregoing by reason of an
employee benefit plan’s or other plan’s investment in such entity, (each, a “Benefit Plan Investor”) or
any governmental, non-U.S. or church plan subject to applicable law that is substantially similar to Section 406 of ERISA
or Section 4975 of the Code (“Similar Law”), unless such purchaser or transferee represents, warrants and covenants
that its purchase and holding of such Note, throughout the period that it holds such Note, is and will be, eligible for relief
under Section 408(b)(17) of ERISA or Section 4975(d)(20) of the Code; Department of Labor prohibited transaction class exemption
(“PTCE”) 90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 or another applicable prohibited transaction exemption
(or in the case of a governmental, non-U.S. or church plan, subject to Similar Law, will not cause a nonexempt violation of Similar
Law). In addition, no Note may be purchased or transferred to a Benefit Plan Investor unless such Note has a current investment
grade rating from at least one nationally recognized statistical rating organization. By its acquisition of a Note in book-entry
form or any interest therein, each transferee will be deemed to have represented, warranted and covenanted that it satisfies the
foregoing requirements and the Indenture Trustee may rely conclusively on the same for purposes hereof.


The provisions
of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the transfer
of Notes.


Section 2.05[Reserved].


Section 2.06Mutilated,
Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture
Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the
absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser,
and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute, and upon an Issuer Order
the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Note, a replacement Note of the same Class; provided, however, that if any such destroyed, lost or stolen Note, but
not a mutilated Note, shall have become or within 15 days shall be due and payable, or shall have been called for redemption, instead
of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note,
a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original
Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person
to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered
or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.



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Upon the issuance
of any replacement Note under this Section, the Issuer may require the payment by the Holder of such Note of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including
the fees, expenses and indemnities of the Indenture Trustee) connected therewith.


Every replacement
Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all
other Notes duly issued hereunder.


The provisions
of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes.


Section 2.07Persons
Deemed Note Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and
any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination)
as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all
other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the
Issuer or the Indenture Trustee shall be affected by notice to the contrary.


Section 2.08Payment
of Principal and Interest; Defaulted Interest.


(a)The Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes
shall accrue interest at the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, the Class A-4 Rate, the Class B Rate, the
Class C Rate and the Class D Rate, respectively, as set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4, Exhibit B,
Exhibit C and Exhibit D, respectively, and such interest shall be payable on each Payment Date as specified therein, subject to
Section 3.01. Any installment of interest or principal payable on a Note that is punctually paid or duly provided for by
the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor
Notes) is registered on the Record Date by check mailed first-class postage prepaid to such Person’s address as it appears
on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12,
with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payment shall be made by wire transfer in immediately available funds to the account designated by such
nominee, if an account is so designated; provided, however, that the final installment of principal payable with respect to such
Note on a Payment Date or on the related Stated Maturity Date (including the Redemption Price for any Note called for redemption
pursuant to Section 10.01) shall be payable as provided in paragraph (b) below. The funds represented by any such checks
returned undelivered shall be held in accordance with Section 3.03.



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(b)The principal
of each Note shall be payable in installments on each Payment Date as provided in Section 3.01 hereof and the forms of the
Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes may be declared immediately due and payable, if not previously paid,
in the manner provided in Section 5.02 on any date on which an Event of Default shall have occurred and be continuing, by
the Indenture Trustee or the Indenture Trustee acting at the direction of the Holders of Notes representing not less than a majority
of the Outstanding Amount of the Controlling Class. All principal payments on each Class of Notes shall be made pro rata to the
Noteholders of the related Class entitled thereto. Upon written notice thereof, the Indenture Trustee shall notify the Person in
whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects
the final installment of principal of and interest on such Note to be paid. Such notice shall specify that such final installment
will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented
and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders
as provided in Section 10.02.


(c)If the Issuer
defaults in a payment of interest on the Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest
to the extent lawful) at the applicable Interest Rate in any lawful manner on the next Payment Date.


Section 2.09Cancellation.
All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than
the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer
may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder that
the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture
Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except
as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance
with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that
they be destroyed or returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed
of by the Indenture Trustee.


Section 2.10Book-Entry
Notes. The Notes, upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes,
to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes
shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and
no Note Owner thereof will receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided
in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued
to such Note Owners pursuant to Section 2.12:



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(a)the provisions
of this Section shall be in full force and effect;


(b)the Note Registrar
and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the
payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole holder of
the Notes, and shall have no obligation to the Note Owners;


(c)to the extent
that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall
control;


(d)the rights
of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements
between such Note Owners and the Clearing Agency or the Clearing Agency Participants pursuant to the Note Depository Agreement.
Unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry
transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to
such Clearing Agency Participants; and


(e)whenever this
Indenture requires or permits actions to be taken based upon instructions or directions of Holders of Notes evidencing a specified
percentage of the Outstanding Amount of the Notes or the Controlling Class of Notes, the Clearing Agency shall be deemed to represent
such percentage only to the extent that it has received instructions to such effect from Note Owners or Clearing Agency Participants
owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions
to the Indenture Trustee.


Section 2.11Notices
to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.12, the Indenture Trustee shall
give all such notices and communications specified herein to be given to Holders of the Notes to the Clearing Agency, and shall
have no obligation to such Note Owners.


Section 2.12Definitive
Notes. If (a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able
to properly discharge its responsibilities with respect to the Book-Entry Notes and the Administrator is unable to locate a qualified
successor or (b) after the occurrence of an Event of Default or a Servicer Termination Event, Note Owners of the Book-Entry Notes
representing beneficial interests aggregating at least a majority of the Outstanding Amount of such Notes advise the Clearing Agency
in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such
Note Owners, then the Clearing Agency shall notify all Note Owners, the Administrator and the Indenture Trustee of the occurrence
of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture
Trustee of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions,
the Issuer shall execute and the Indenture Trustee upon an Issuer Order shall authenticate the Definitive Notes in accordance with
the written instructions of the Clearing Agency. None of the Issuer, the Note Registrar, the Administrator or the Indenture Trustee
shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying
on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive
Notes as Noteholders.



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Section 2.13Tax
Treatment. The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for purposes
of federal and state income tax, franchise tax and any other tax measured in whole or in part by income, the Notes (other than
Notes, if any, retained by the Issuer or a Person considered to be the same person as the Issuer for United States federal income
tax purposes) will be characterized as indebtedness secured by the Trust Estate. The Issuer, by entering into this Indenture, and
each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry
Note), agree to treat the Notes (other than Notes, if any, retained by the Issuer or a Person considered to be the same person
as the Issuer for United States federal income tax purposes) for such purposes as indebtedness.


ARTICLE
III.

COVENANTS


Section 3.01Payment
of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest, if any, on the Notes in accordance
with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to Section 8.02(c), on each Payment
Date, the Issuer will cause to be distributed all amounts deposited in the Collection Account which represent Available Amounts
for such Payment Date pursuant to the Sale and Servicing Agreement (a) for the benefit of the Class A-1 Notes, to the Class A-1
Noteholders, (b) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (c) for the benefit of the Class A-3 Notes,
to the Class A-3 Noteholders, (d) for the benefit of the Class A-4 Notes, to the Class A-4 Noteholders, (e) for the benefit of
the Class B Notes, to the Class B Noteholders, (f) for the benefit of the Class C Notes, to the Class C Noteholders and (g) for
the benefit of the Class D Notes, to the Class D Noteholders. Amounts properly withheld under the Code by any Person from a payment
to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all
purposes of this Indenture.


Section 3.02Maintenance
of Office or Agency. The Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where
Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect
of the Notes and this Indenture may be served. Such office will initially be located at (a) solely for the purposes of the transfer,
surrender or exchange of Notes, Citibank, N.A., 111 Wall Street, 15th Floor Window, New York, New York 10005, Attention:
Structured Finance Agency and Trust - Hyundai Auto Receivables Trust 2012-A and (b) for all other purposes Citibank, N.A., 388
Greenwich Street, 14th Floor, New York, New York 10013, Attention: Global Transaction Services - Hyundai Auto Receivables
Trust 2012-A. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location,
of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish
the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.



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Section 3.03Money
for Payments To Be Held in Trust. All payments of amounts due and payable with respect to any Notes that are to be made from
amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent,
and no amounts so withdrawn from the Collection Account or the Reserve Account for payments of Notes shall be paid over to the
Issuer except as provided in this Section.


On or before the
Business Day preceding each Payment Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Collection
Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the
benefit of the Persons entitled thereto, and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture
Trustee of its action or failure so to act.


The Issuer will
cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which
such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees),
subject to the provisions of this Section, that such Paying Agent will:


(a)hold all sums
held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until
such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein
provided;


(b)give the Indenture
Trustee notice of any default by the Issuer (or any other obligor on the Notes) of which it has actual knowledge in the making
of any payment required to be made with respect to the Notes;


(c)at any time
during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee
all sums so held in trust by such Paying Agent;


(d)immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at
any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and


(e)comply with
all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding
taxes imposed thereon (including retaining any Internal Revenue Service forms or certifications establishing exemption therefrom
as required by law) and with respect to any applicable reporting requirements in connection with any payments made by it on any
Notes and any withholding of taxes therefrom.


The Issuer may
at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer
Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held
by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such payment
by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such
money.



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Subject to applicable
laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall
be discharged from such trust and be paid upon Issuer Request to the Issuer; and the Holder of such Note shall thereafter, as an
unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer),
and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided,
however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense
and direction of the Issuer cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and direction
of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such
repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in
moneys due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the
last address of record for each such Holder).


Section 3.04Existence.
Except as otherwise permitted by the provisions of Section 3.10, the Issuer will keep in full effect its existence, rights
and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder
is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer will keep
in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity
and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.


Section 3.05Protection
of Trust Estate. The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other
action necessary or advisable to:


(a)maintain or
preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes
hereof;


(b)perfect, publish
notice of or protect the validity of any Grant made or to be made by this Indenture;


(c)enforce any
of the Collateral; or


(d)preserve and
defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims
of all persons and parties.



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The Issuer hereby
designates the Indenture Trustee, as its agent and attorney-in-fact, to execute upon an Issuer Order any financing statement, continuation
statement or other instrument required to be executed pursuant to this Section 3.05.


Section 3.06Opinions
as to Trust Estate.


(a)On the Closing
Date, the Issuer shall cause to be furnished to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion
of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental
hereto, and any other requisite documents, and with respect to the filing of any financing statements and continuation statements,
as are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the details of such
action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective.


(b)On or before
April 30 in each calendar year, beginning in 2013, the Issuer shall furnish or cause to be furnished to the Indenture Trustee an
Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording,
filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other requisite documents and
with respect to the execution and filing of any financing statements and continuation statements as is necessary to maintain the
lien and security interest created by this Indenture and reciting the details of such action, or stating that in the opinion of
such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe
the recording, filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other requisite
documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such
counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year.


Section 3.07Performance
of Obligations; Servicing of Receivables.


(a)The Issuer
will not take any action and will use its reasonable best efforts not to permit any action to be taken by others that would release
any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the
Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity
or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Sale and Servicing Agreement
or such other instrument or agreement.


(b)The Issuer
may contract with other Persons with notification to the Rating Agencies to assist it in performing its duties under this Indenture,
and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer
shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator
to assist the Issuer in performing its duties under this Indenture.


(c)The Issuer
will punctually perform and observe all of its obligations and agreements contained in this Indenture, the Basic Documents and
in the instruments and agreements included in the Trust Estate, including but not limited to filing or causing to be filed all
UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing
Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided
therein, the Issuer shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without
the consent of either the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of the Notes.



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(d)If the Issuer
shall have knowledge of the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement, the Issuer shall
promptly notify the Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if any, the
Issuer is taking with respect to such default.


(e)[Reserved].


(f)Upon any termination
of the Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture
Trustee thereof. As soon as a successor servicer (a “Successor Servicer”) is appointed, the Issuer shall notify
the Indenture Trustee in writing of such appointment, specifying in such notice the name and address of such Successor Servicer.


(g)Without limitation
of the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee
hereunder, the Issuer agrees (i) except to the extent otherwise provided in any Basic Documents, that it will not, without the
prior written consent of the Indenture Trustee acting at the direction of the Holders of at least a majority in Outstanding Amount
of the Notes, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral (except to the extent otherwise provided in the Sale and Servicing Agreement)
or the Basic Documents, or waive timely performance or observance by the Servicer or the Seller under the Sale and Servicing Agreement;
and (ii) that any such amendment shall not (A) reduce the interest rate or principal amount of any Note or delay the Stated Maturity
Date of any Note without the consent of the Holder of such Note (B) reduce the aforesaid percentage of the Notes that is required
to consent to any such amendment, without the consent of the Holders of all Outstanding Notes. If the Indenture Trustee acting
at the direction of such Holders agrees to any such amendment, modification, supplement or waiver, the Indenture Trustee agrees,
promptly following a request by the Issuer to do so, to execute and deliver, at the Issuer’s own expense, such agreements,
instruments, consents and other documents as the Issuer may deem necessary or appropriate in the circumstances.


Section 3.08Negative
Covenants. So long as any Notes are Outstanding, the Issuer shall not:


(a)except to the
extent as expressly permitted by this Indenture or the Sale and Servicing Agreement, sell, transfer, exchange or otherwise dispose
of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the
Indenture Trustee acting on direction of at least a majority in Outstanding Amount of the Controlling Class given pursuant to this
Agreement;



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(b)claim any credit
on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld
from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the
taxes levied or assessed upon any part of the Trust Estate; or


(c)(i) permit
the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the
Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any lien, charge, excise, claim, security interest,
mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or
burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’
liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result
of an action or omission of the related Obligor) or (iii) permit the lien of this Indenture not to constitute a valid first priority
(other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate.


Section 3.09Annual
Statement as to Compliance. The Issuer will deliver to the Indenture Trustee and the Rating Agencies, within 120 days after
the end of each fiscal year of the Issuer (commencing with the calendar year of 2013), an Officer’s Certificate stating,
as to the Authorized Officer signing such Officer’s Certificate, that:


(a)a review of
the activities of the Issuer during such year and of its performance under this Indenture has been made under such Authorized Officer’s
supervision; and


(b)to the best
of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under
this Indenture throughout such year or, if there has been a default in its compliance with any such condition or covenant, specifying
each such default known to such Authorized Officer and the nature and status thereof.


Section 3.10Issuer
May Consolidate, etc., Only on Certain Terms.


(a)The Issuer
shall not consolidate or merge with or into any other Person, unless:


(i)the Person
(if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the
laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal
of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of
the Issuer to be performed or observed, all as provided herein;



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(ii)immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;


(iii)the
Rating Agency Condition shall have been satisfied with respect to such transaction;


(iv)the
Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse federal income tax consequences to the Issuer, any Noteholder or any Certificateholder;


(v)any action
that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and


(vi)the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by the Exchange Act) in all material
respects.


(b)The Issuer
shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any Person, unless:


(i)the Person
that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted
(A) shall be a United States citizen or a Person organized and existing under the laws of the United States of America or any State
and treated as a United States Person under Section 7701(a)(30), (B) expressly assumes, by an indenture supplemental hereto, executed
and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal
of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of
the Issuer to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture that
all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes,
(D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer
and the Indenture Trustee against and from any loss, liability or expense arising under or related to this Indenture and the Notes
and (E) expressly agrees by means of such supplemental indenture that such Person (or, if a group of Persons, one specified Person)
shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the
Notes;


(ii)immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;



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(iii)the
Rating Agency Condition shall have been satisfied with respect to such transaction;


(iv)the
Issuer shall have received an Opinion of Counsel which may not be in-house counsel (and shall have delivered copies thereof to
the Indenture Trustee) to the effect that such transaction will not have any material adverse federal income tax consequences to
the Issuer, any Noteholder or any Certificateholder;


(v)any action
that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and


(vi)the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by the Exchange Act) in all material
respects.


Section 3.11Successor
or Transferee.


(a)Upon any consolidation
or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation or
merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer
under this Indenture with the same effect as if such Person had been named as the Issuer herein.


(b)Upon a conveyance
or transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b), Hyundai Auto Receivables Trust 2012-A
will be released from every covenant and agreement of this Indenture to be observed by or performed on the part of the Issuer with
respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that Hyundai Auto Receivables
Trust 2012-A is to be so released.


Section 3.12No
Other Business. The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing
the Receivables in the manner contemplated by this Indenture and the Basic Documents and any activities incidental thereto.


Section 3.13No
Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes.


Section 3.14Compliance
with Regulation AB. For so long as the Issuer is subject to the reporting requirements under the Exchange Act, the Issuer agrees
to perform all duties and obligations applicable to or required of the Issuer set forth in Appendix A to the Sale and Servicing
Agreement and makes the representations and warranties therein applicable to it.


Section 3.15Guarantees,
Loans, Advances and Other Liabilities. Except as contemplated by the Trust Agreement, the Sale and Servicing Agreement or this
Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument
having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise),
endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends
of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or
any other interest in, or make any capital contribution to, any Person.



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Section 3.16Capital
Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either
realty or personalty).


Section 3.17Removal
of Administrator. So long as any Notes are Outstanding, the Issuer shall not remove the Administrator unless the Rating Agency
Condition shall have been satisfied in connection with such removal and the Indenture Trustee receives written notice of the foregoing
and consents thereto.


Section 3.18Restricted
Payments. Except with respect to the proceeds from issuance of the Notes, the Issuer shall not, directly or indirectly, (a)
pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or
equity interest or security in or of the Issuer or to the Servicer, (b) redeem, purchase, retire or otherwise acquire for value
any such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; provided,
however, that the Issuer may make, or cause to be made, distributions as contemplated by, and to the extent funds are available
for such purpose under, the Sale and Servicing Agreement, this Indenture or the Trust Agreement. The Issuer will not, directly
or indirectly, make payments to or distributions from the Trust Accounts except in accordance with this Indenture and the Basic
Documents.


Section 3.19Notice
of Events of Default. The Issuer shall give the Indenture Trustee and the Rating Agencies prompt written notice of each Event
of Default hereunder, and of each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing
Agreement and on the part of the Seller or the Depositor of its obligations under the Receivables Purchase Agreement.


Section 3.20Further
Instruments and Acts. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and
do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.


ARTICLE
IV.

SATISFACTION AND DISCHARGE


Section 4.01Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (a) rights
of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders
to receive payments of principal thereof and interest thereon, (d) Sections 3.03, 3.04, 3.05, 3.08,
3.10, 3.11, 3.12, 3.13, 3.15, 3.16 and 3.18, (e) the rights, obligations and immunities
of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.08 and the obligations
of the Indenture Trustee under Section 4.02) and (f) the rights of Noteholders as beneficiaries hereof with respect to the
property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at
the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect
to the Notes, when



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(i)either:


(A)all
Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have
been replaced or paid as provided in Section 2.06 and (2) Notes for the payment of which money has theretofore been
deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust,
as provided in Section 3.03), have been delivered to the Indenture Trustee for cancellation; or


(B)all
Notes not theretofore delivered to the Indenture Trustee for cancellation


(1)have
become due and payable,


(2)will
become due and payable, as of May 15, 2018, within one year of such date or


(3)are to
be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption
by the Indenture Trustee in the name, and at the expense, of the Issuer;


and the Issuer, in the case of (A) or
(B) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations
of or obligations guaranteed by the United States of America (that will mature prior to the date such amounts are payable), in
trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered
to the Indenture Trustee for cancellation when due to the applicable Stated Maturity Date or Redemption Date (if Notes shall have
been called for redemption pursuant to Section 10.01), as the case may be;


(ii)the
Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer including, but not limited to, fees, reimbursements,
indemnities and expenses due to the Indenture Trustee; and


(iii)the
Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA
or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements
of Section 11.01(a) and, subject to Section 11.02, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture have been complied with.



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Section 4.02Application
of Trust Money. All moneys deposited with the Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust
and applied by it in accordance with the provisions of the Notes and this Indenture to the payment, either directly or through
any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment or redemption
of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to the extent required herein, in the Sale and Servicing
Agreement or by law.


Section 4.03Repayment
of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes,
all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to
such Notes shall, upon written demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section
3.03; and thereupon, such Paying Agent shall be released from all further liability with respect to such moneys.


Section 4.04Release
of Collateral. Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an
Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion
of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.


ARTICLE
V.

REMEDIES


Section 5.01Events
of Default. “Event of Default”, wherever used herein, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):


(a)default in
the payment of any interest on any Controlling Class of Note when the same becomes due and payable, and such default shall continue
for a period of thirty-five (35) days;


(b)default in
the payment of the principal of or any installment of the principal of any Note on its related Stated Maturity Date;


(c)default in
the observance or performance of any representation, warranty, covenant or agreement of the Issuer made in this Indenture (other
than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt
with) or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been incorrect
in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or
the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated
or otherwise cured, for a period of sixty (60) days (extendable to ninety (90) days if breach is of the type that can be cured
within 90 days) after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to
the Issuer and the Indenture Trustee by the Holders of at least 50% of the Outstanding Amount of the Controlling Class of Notes,
a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that
such notice is a notice of Default hereunder;



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(d)the filing
of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part
of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now
or hereafter in effect, or the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
of the Issuer or for any substantial part of the Trust Estate, or the ordering of the winding-up or liquidation of the Issuer’s
affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or


(e)the commencement
by the Issuer of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter
in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent
by the Issuer to the appointment of or taking of possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer of any general assignment
for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of
any action by the Issuer in furtherance of any of the foregoing.


The Issuer shall
promptly deliver to the Indenture Trustee written notice in the form of an Officer’s Certificate of any event that with the
giving of notice and the lapse of time would become an Event of Default under clause (c), its status and what action the Issuer
is taking or proposes to take with respect thereto.


Section 5.02Acceleration
of Maturity; Rescission and Annulment.


(a)If an Event
of Default shall occur and be continuing, then and in every such case the Indenture Trustee may, and if so directed in writing
by the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes shall,
declare all the Notes to be then immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee
if given by Noteholders), and upon any such declaration the Outstanding Amount of such Notes, together with accrued and unpaid
interest thereon through the date of acceleration, shall become immediately due and payable.



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(b)If an Event
of Default under this Indenture shall have occurred, the Indenture Trustee may, or if so requested in writing by Holders of Notes
representing at least a majority of the Outstanding Amount of the Controlling Class of Notes, shall, declare by written notice
to the Issuer all of the Notes to be immediately due and payable, and upon any such declaration, the Outstanding Amount of the
Notes, together with accrued interest thereon through the date of acceleration, shall become immediately due and payable as provided
in the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D. Notwithstanding
anything to the contrary in this paragraph (b), if an Event of Default specified in clauses (d) or (e) of Section 5.01 shall
have occurred and be continuing the Notes shall become immediately due and payable at par, together with accrued interest thereon.


(c)At any time
after such declaration of acceleration of maturity has been made, the Holders of Notes representing a majority of the Outstanding
Amount of the Controlling Class of the Notes, by written notice to the Issuer and the Indenture Trustee, may rescind and annul
such declaration and its consequences if:


(i)the Issuer
has paid or deposited with the Indenture Trustee a sum sufficient to pay:


(A)all
payments of principal of and interest on the Notes and all other amounts that would then be due hereunder or upon such Notes if
the Event of Default giving rise to such acceleration had not occurred; and


(B)all
sums paid by the Indenture Trustee hereunder and the reasonable compensation, indemnity, reimbursement, expenses and disbursements
of the Indenture Trustee and its agents and counsel and the reasonable compensation, expenses and disbursements of the Owner Trustee
and its agents and counsel; and


(ii)all
Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12.


No such rescission shall affect any
subsequent default or impair any right consequent thereto.


Section 5.03Collection
of Indebtedness and Suits for Enforcement by Indenture Trustee.


(a)The Issuer
covenants that if (i) a default is made in the payment of any interest on any Note when the same becomes due and payable, and such
default continues for a period of thirty-five (35) days or (ii) a default is made in the payment of the principal of or any installment
of the principal of any Note when the same becomes due and payable, the Issuer will, upon demand of the Indenture Trustee, pay
to it, for the benefit of the Holders of the Notes, the entire amount then due and payable on such Notes in respect of principal
and interest, with interest on the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable,
on overdue installments of interest at the related Interest Rate and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses and disbursements of the Indenture
Trustee and its agents and counsel.



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(b)In case the
Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment
or final decree, and may enforce the same against the Issuer or other obligor on such Notes and collect in the manner provided
by law out of the Trust Estate or the property of any other obligor on such Notes, wherever situated, the moneys adjudged or decreed
to be payable.


(c)If an Event
of Default occurs, the Indenture Trustee may, as more particularly provided in Section 5.04, or shall, at the directions
of the Holders of at least a majority of the Outstanding Amount of the Controlling Class of Notes, proceed to protect and enforce
its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee or the Indenture Trustee
at the direction of the Holders of at least a majority of the Outstanding Amount of the Controlling Class of Notes shall reasonably
deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable
right vested in the Indenture Trustee by this Indenture or by law.


(d)In case there
shall be pending, relative to the Issuer or any other obligor on the Notes or any Person having or claiming an ownership interest
in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy,
insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, or liquidator, sequestrator
or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable Proceedings relative to the Issuer or other obligor on the Notes, or to the creditors or property
of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made
any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or
otherwise:


(i)to file
and prove a claim or claims for the entire amount of principal and interest owing and unpaid in respect of the Notes and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including
any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents,
attorneys and counsel, and for reimbursement of reasonable out-of-pocket expenses and liabilities incurred, by the Indenture Trustee
and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings;


(ii)unless
prohibited by applicable law or regulation, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee
or a Person performing similar functions in any such Proceedings;



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(iii)to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received
with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and


(iv)to file
such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Holders of Notes allowed in any Proceedings relative to the Issuer, its creditors or its property;


and any trustee, receiver, liquidator,
custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to
the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders,
to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee,
each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses, reimbursements,
indemnities and liabilities incurred by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence
or bad faith.


(e)Nothing herein
contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf
of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder
thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except,
as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.


(f)All rights
of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without
the possession of any of the Notes or the production thereof in any Proceedings relative thereto, and any such Proceedings instituted
by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject
to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.


(g)In any Proceedings
brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which
the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of the Notes, and it
shall not be necessary to make any Noteholder a party to any such Proceedings.


Section 5.04Remedies;
Priorities.


(a)If an Event
of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to Section
5.05):


(i)institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under
this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer
and any other obligor on such Notes moneys adjudged due;



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(ii)institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;


(iii)exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies
of the Indenture Trustee and the Holders of the Notes; and


(iv)sell
the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted
in any manner permitted by law;


provided that Indenture Trustee may not
sell or otherwise liquidate the Trust Estate following an Event of Default unless:


(A)the
Event of Default is of the type described in Section 5.01(a) or (b); or


(B)with
respect to an Event of Default described in Section 5.01(c):


(1)the Noteholders
of all Outstanding Notes and the Certificateholders of all outstanding Certificates consent thereto; or


(2)the proceeds
of such sale or liquidation are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes and outstanding
Certificates.


(C)with
respect to any Event of Default described in Section 5.01(d) and (e):


(1)the Noteholders
of Notes evidencing 100% of the Outstanding Amount of the Controlling Class consent thereto; or


(2)the proceeds
of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on the Outstanding Notes; or


(3)the Indenture
Trustee


(x)determines (but shall have
no obligation to make such determination) that the Trust Estate will not continue to provide sufficient funds for the payment of
principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable; and



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(y)the Indenture Trustee obtains
the consent of Noteholders of Notes evidencing not less than 66 2/3% of the Outstanding Amount of the Controlling Class.


In determining
such sufficiency or insufficiency with respect to clause 5.04(a)(iv)(B)(2) and 5.04(a)(iv)(C)(2) or 5.04(a)(iv)(C)(3)(x) above,
Indenture Trustee may, but need not, obtain at the Issuer’s expense, and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Trust Estate for such purpose.


(b)(1)Notwithstanding
the provisions of Section 8.02, following the occurrence and during the continuation of an Event of Default specified in
Section 5.01(a), 5.01(b), 5.01(d) or 5.01(e) which has resulted in an acceleration of the Notes (or
following the occurrence of any such event after an Event of Default specified in Section 5.01(c) has occurred and the Trust
Estate has been liquidated), if the Indenture Trustee collects any money or property, it shall pay out such money or property (and
other amounts including amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders,
net of liquidation costs associated with the sale of the Trust Estate, in the following order:


FIRST:  to
the Indenture Trustee, any amounts due under Section 6.08 and to the Owner Trustee, any amounts due under Article 8 of the
Trust Agreement, to the extent that such amounts were not previously paid by the Servicer or the Administrator, as applicable;


SECOND:  to
the Servicer for due and unpaid Servicing Fees and Advances not previously reimbursed;


THIRD:  to
Class A Noteholders for amounts due and unpaid on the Class A Notes in respect of interest, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Class A Notes in respect of interest; provided that if there are not
sufficient funds available to pay the entire amount of the accrued and unpaid interest on the Class A Notes, the amounts available
shall be applied to the payment of such interest on the Class A Notes on a pro rata basis based upon the amount of interest due
on each Class of Class A Notes;


FOURTH:  to
Holders of the Class A-1 Notes for amounts due and unpaid on the Class A-1 Notes in respect of principal, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Class A-1 Notes in respect of principal, until the Outstanding
Amount of the Class A-1 Notes is reduced to zero;


FIFTH:  to
Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes for amounts due and unpaid on the Class A-2 Notes, Class A-3
Notes and Class A-4 Notes in respect of principal, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes in respect of principal, until the Outstanding Amount
of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes is reduced to zero; provided that if there are not sufficient
funds available to pay the principal amount of the Outstanding Class A-2 Notes, Class A-3 Notes and Class A-4 Notes in full, the
amounts available shall be applied to the payment of principal of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes on a
pro rata basis;



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SIXTH:  to Holders of the
Class B Notes for amounts due and unpaid on the Class B Notes in respect of interest, ratably, without preference or priority of
any kind, according to the amounts due and payable on the Class B Notes in respect of interest;


SEVENTH:  to Holders of the
Class B Notes for amounts due and unpaid on the Class B Notes in respect of principal, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Class B Notes in respect of principal, until the Outstanding Amount
of the Class B Notes is reduced to zero;


EIGHTH:  to Holders of the
Class C Notes for amounts due and unpaid on the Class C Notes in respect of interest, ratably, without preference or priority of
any kind, according to the amounts due and payable on the Class C Notes in respect of interest;


NINTH:  to Holders of the
Class C Notes for amounts due and unpaid on the Class C Notes in respect of principal, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Class C Notes in respect of principal, until the Outstanding Amount
of the Class C Notes is reduced to zero;


TENTH:  to Holders of the Class
D Notes for amounts due and unpaid on the Class D Notes in respect of interest, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Class D Notes in respect of interest;


ELEVENTH:to Holders of the Class
D Notes for amounts due and unpaid on the Class D Notes in respect of principal, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Class D Notes in respect of principal, until the Outstanding Amount of the
Class D Notes is reduced to zero; and


TWELFTH: to the Certificate Distribution
Account, any remaining amounts for distribution to the Certificateholders.


The Indenture Trustee
may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least fifteen (15) days before
such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the
payment date and the amount to be paid.


(ii)Except
as otherwise provided in Section 5.04(b)(i), the Indenture Trustee shall make all payments and distributions of the Trust
Estate in accordance with Section 8.02.


Section 5.05Optional
Preservation of the Receivables. If the Notes have been declared to be due and payable under Section 5.02 following
an Event of Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may,
but need not, elect to maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall
take such desire into account when determining whether or not to maintain possession of the Trust Estate. In determining whether
or not to maintain possession of the Trust Estate, the Indenture Trustee may, at the expense of the Issuer and paid in the priority
set forth in Section 5.05(b) of the Sale and Servicing Agreement, but need not, obtain and conclusively rely upon an opinion
of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and
as to the sufficiency of the Trust Estate for such purpose.



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Section 5.06Limitation
of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:


(a)such Holder
has previously given written notice to the Indenture Trustee of a continuing Event of Default;


(b)the Event of
Default arises from the Servicer’s failure to remit payments when due or the Holders of not less than 25% of the Outstanding
Amount of the Controlling Class of Notes have made written request to the Indenture Trustee to institute such Proceeding in respect
of such Event of Default in its own name as Indenture Trustee hereunder;


(c)such Holder
or Holders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities that may be incurred
in complying with such request;


(d)the Indenture
Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings;
and


(e)no direction
inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the Holders
of a majority of the Outstanding Amount of the Controlling Class of Notes.


It is understood
and intended that no one or more Holders of Notes shall have any right in any manner whatsoever by virtue of, or by availing of,
any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek
to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein
provided.


In the event the
Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes
pursuant to this Section, each representing less than a majority of the Outstanding Amount of the Controlling Class of Notes, the
Indenture Trustee shall act at the direction of the group representing the greater percentage of the Outstanding Amount of Notes
and if there is no such group then in its sole discretion may determine what action, if any, shall be taken, notwithstanding any
other provisions of this Indenture.


Section 5.07Unconditional
Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if
any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of
redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.



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Section 5.08Restoration
of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy
under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to
the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders
shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder,
and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding
had been instituted.


Section 5.09Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders
is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other appropriate right or remedy.


Section 5.10Delay
or Omission Not a Waiver. No delay or omission of the Indenture Trustee, or any Holder of any Note to exercise any right or
remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default
or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee
or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or
the Noteholders, as the case may be.


Section 5.11Control
by the Controlling Class of Noteholders. The Holders of a majority of the Outstanding Amount of the Controlling Class of Notes
shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, that:


(a)such direction
shall not be in conflict with any rule of law or with this Indenture;


(b)subject to
the express terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be
by Holders of Notes representing not less than 100% of the Outstanding Amount of the Controlling Class of Notes;


(c)if the conditions
set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such
Section, then any written direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding
Amount of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and



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(d)the Indenture
Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.


Notwithstanding
the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee need not take any
action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not
consenting to such action.


Section 5.12Waiver
of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02,
the Holders of Notes of not less than a majority of the Outstanding Amount of the Controlling Class of Notes may waive any past
Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes
or (b) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of the Holder of each
Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their
former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereto.


Upon any such waiver,
such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom
shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or Event of Default or impair any right consequent thereto.


Section 5.13Undertaking
for Costs. All parties to this Indenture agree, and each Holder of a Note by such Holder’s acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard
to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not
apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders,
in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes (or in the case of a right or remedy
under this Indenture which is instituted by the Controlling Class, more than 10% of the Outstanding Amount of the Controlling Class)
or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on
or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the
Redemption Date).



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Section 5.14Waiver
of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.


Section 5.15Action
on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be
affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien
of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any
judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the
Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied
in accordance with Section 5.04(b).


Section 5.16Performance
and Enforcement of Certain Obligations.


(a)Promptly following
a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer shall take all such lawful action
as the Indenture Trustee may request to compel or secure the performance and observance by the Seller or the Servicer, as applicable,
of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement or the Receivables Purchase
Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer
under or in connection with the Sale and Servicing Agreement or the Receivables Purchase Agreement to the extent and in the manner
directed by the Indenture Trustee, including the transmission of notices of default on the part of either Seller or the Servicer
thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller
or the Servicer of each of their obligations under the Sale and Servicing Agreement and the Receivables Purchase Agreement; provided,
however, nothing herein shall in any way impose on the Indenture Trustee the duty to monitor the performance of the Seller or the
Servicer of any of their liabilities, duties or obligations under any Basic Document.


(b)If an Event
of Default has occurred, the Indenture Trustee may, and at the direction (which direction shall be in writing) of the Holders of
not less than a majority of the Outstanding Amount of the Controlling Class of Notes shall, exercise all rights, remedies, powers,
privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement
and the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance
by the Seller or the Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent,
request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement and the Receivables Purchase Agreement,
as the case may be, and any right of the Issuer to take such action shall be suspended.



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ARTICLE
VI.

THE INDENTURE TRUSTEE


Section 6.01Duties of Indenture
Trustee.


(a)If an Event
of Default has occurred and is continuing of which a Responsible Officer of the Indenture Trustee has actual knowledge, the Indenture
Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.


Except during the
continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge, the Indenture
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants
or obligations shall be read into this Indenture against the Indenture Trustee. In the absence of bad faith or negligence on its
part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon the face value of the certificates, reports, resolutions, documents, orders, opinions or other instruments furnished
to the Indenture Trustee and conforming to the requirements of this Indenture; provided, however, that the Indenture Trustee shall
not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report, document, order
or other instrument; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they
conform to the requirements of this Indenture. If any such instrument is found not to conform in any material respect to the requirements
of this Agreement, the Indenture Trustee shall notify the Noteholders of such instrument in the event that the Indenture Trustee,
after so requesting, does not receive a satisfactorily corrected instrument.


(b)The Indenture
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:


(i)this
paragraph does not limit the effect of paragraph (a) of this Section;


(ii)the
Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved
that the Indenture Trustee was negligent in ascertaining the pertinent facts; and


(iii)the
Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to the terms of this Indenture or any other Basic Documents.


(c)Every provision
of this Indenture that in any way relates to the Indenture Trustee is subject to this Section.


(d)The Indenture
Trustee shall not be liable for indebtedness evidenced by or arising under any of the Basic Documents, including principal of or
interest on the Notes, or interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer.



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(e)Money held
in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of
this Indenture or the Sale and Servicing Agreement.


(f)No provision
of this Indenture shall require the Indenture Trustee to advance, expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.


(g)Every provision
of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall
be subject to the provisions of this Section and to the provisions of the TIA.


(h)In no event
shall the Indenture Trustee be required to perform, or be responsible for the manner of performance of, any of the obligations
of the Servicer or any other party under the Sale and Servicing Agreement.


(i)The Indenture
Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any agreement referred to herein
or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording
or filing or depositing or to any rerecording, re-filing or redepositing of any thereof, (ii) to see to any insurance, or
(iii) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any
kind owing with respect to, assessed or levied against, any part of the Trust Fund.


The Indenture Trustee,
or a Responsible Officer thereof, shall only be charged with actual knowledge of any default, an Event of Default or a breach of
any representation or warranty by the Servicer, the Owner Trustee, the Depositor, the Seller or the Issuer under any Basic Document
if a Responsible Officer actually knows of such default, Event of Default or breach or the Indenture Trustee receives written notice
of such default, Event of Default or breach from the Issuer, the Servicer or Noteholders owning Notes aggregating not less than
10% of the Outstanding Amount of the Notes. Notwithstanding the foregoing, the Indenture Trustee shall not be required to take
notice and in the absence of such actual notice and knowledge, the Indenture Trustee may conclusively assume that there is no such
default, Event of Default or breach.


Section 6.02Representations
and Warranties of the Indenture Trustee. The Indenture Trustee represents and warrants to the Issuer as of the Closing
Date as follows:


(a)The Indenture
Trustee is a national banking association duly organized and validly existing as a corporation in good standing, with power and
authority to own its properties and to conduct its business as such properties are currently owned and such business is presently
conducted.


(b)The Indenture
Trustee is duly qualified to do business as a foreign banking corporation in good standing and has obtained all necessary licenses
and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business shall require
such qualifications.



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(c)The Indenture
Trustee has the corporate power and authority to execute and deliver this Indenture and to carry out its terms and the execution,
delivery and performance of this Indenture has been duly authorized by the Indenture Trustee by all necessary corporate action.


(d)The Indenture
Trustee has duly executed and delivered this Indenture, and this Indenture constitutes a legal, valid and binding obligation of
the Indenture Trustee, enforceable against the Indenture Trustee, in accordance with its terms, except as such enforcement may
be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors' rights
generally or by general equitable principles.


(e)The consummation
of the transactions contemplated by this Indenture and the fulfillment of the terms hereof do not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles
and bylaws of the Indenture Trustee, or any indenture, agreement or other instrument to which the Indenture Trustee is a party
or by which it is bound; 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 pursuant to the Basic Documents); nor violate any law or, to the
best of the Indenture Trustee’s knowledge, any order, rule or regulation applicable to the Indenture Trustee of any court
or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over
the Indenture Trustee or its properties.


(f)There are no
proceedings or investigations pending or, to the knowledge of the Indenture Trustee, threatened before any court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee or its properties (i)
asserting the invalidity of this Indenture or any other Basic Document to which the Indenture Trustee is a party, (ii) seeking
to prevent the consummation of any of the transactions contemplated by this Indenture or any other Basic Document to which the
Indenture Trustee is a party or (iii) seeking any determination or ruling that might materially and adversely affect the performance
by the Indenture Trustee of its obligations under, or the validity or enforceability of, this Indenture or any other Basic Document
to which the Indenture Trustee is a party.


(g)The Indenture Trustee satisfies
the eligibility criteria set forth in this Indenture.


Section 6.03Rights
of Indenture Trustee.


(a)The Indenture
Trustee may conclusively rely on the face value of any document believed by it to be genuine and to have been signed or presented
by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document.


(b)Before the
Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel from the
appropriate party. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance
on an Officer’s Certificate or Opinion of Counsel from the appropriate party. The right of the Indenture Trustee to perform
any discretionary act enumerated in this Indenture or in any Basic Document shall not be construed as a duty of the Indenture Trustee
and the Indenture Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such
discretionary act.



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(c)The Indenture
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys or a custodian or nominee and the Indenture Trustee shall not be responsible for any misconduct or negligence on the
part of any such agent, attorney or custodian appointed by the Indenture Trustee with due care.


(d)The Indenture
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or
bad faith.


(e)The Indenture
Trustee may consult, at the Issuer’s expense and paid in accordance with Section 4.16 of the Sale and Servicing Agreement
or, to the extent not so paid, in accordance with and in the priority set forth in Section 5.05(b) of the Sale and Servicing
Agreement, with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the
Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered
by it hereunder in good faith and in accordance with the advice or opinion of such counsel.


(f)In the event
that the Indenture Trustee is also acting as Paying Agent, Note Registrar or collateral agent, the rights and protections afforded
to the Indenture Trustee pursuant to this Article 6 shall be afforded to such Paying Agent, Note Registrar or collateral agent.


(g)The Indenture
Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture or to institute, conduct
or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders, pursuant
to the provisions of this Indenture, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or
indemnity against the costs, expenses and liabilities which may be incurred therein or thereby;


(h)The right of
the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty, and the Indenture
Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such act; and


(i)The Indenture
Trustee shall not be required to give any bond or surety in respect of the powers granted hereunder.


Section 6.04Individual
Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee.
Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee
must comply with Section 6.12.



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Section 6.05Indenture
Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity
or adequacy of this Indenture, the Trust Estate or the Notes, it shall not be accountable for the Issuer’s use of the proceeds
from the Notes, and it shall not be responsible for any statement of the Issuer in the Indenture, any Basic Document or in any
document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of
authentication.


Section 6.06Notice
of Defaults. If a Default occurs and is continuing and if it is actually known to a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder notice of the Default within thirty (30) days after it occurs. Except in the
case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions
of such Note), the Indenture Trustee may withhold the notice to Noteholders if and so long as a committee of its Responsible Officers
in good faith determines that withholding the notice is in the interests of Noteholders.


Section 6.07Reports
by Indenture Trustee to Holders. Solely from information provided by the Servicer, the Indenture Trustee shall make available
to each Noteholder such information as may be required to enable such holder to prepare its federal and state income tax returns.


Section 6.08Compensation
and Indemnity. The Issuer shall cause the Servicer to pay to the Indenture Trustee from time to time reasonable compensation
for its services. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall cause the Servicer to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses
incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include
but are not limited to the reasonable out-of-pocket compensation and expenses, disbursements and advances of the Indenture Trustee’s
agents, counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the Indenture Trustee against any and
all loss, liability or expense (including attorneys’ fees and expenses) incurred by it in connection with the administration
of this trust and the performance of its duties hereunder or under the Sale and Servicing Agreement or under any other Basic Document
or in connection with the Notes. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which
it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or
the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the Indenture
Trustee may have separate counsel and the Issuer shall, or shall cause the Administrator to, pay the fees and expenses of such
counsel. Neither the Issuer nor the Servicer need reimburse any expense or indemnify against any loss, liability or expense incurred
by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. Anything in this
Agreement to the contrary notwithstanding, in no event shall the Indenture Trustee be liable for special, indirect or consequential
loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Indenture Trustee has been advised
of the likelihood of such loss or damage and regardless of the form of action.


The Issuer’s
obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture or the earlier resignation
or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in
Section 5.01(d) or (e) with respect to the Issuer, the expenses are intended to constitute expenses of administration
under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law.



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Section 6.09Replacement
of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee
shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.09.
The Indenture Trustee may resign at any time by so notifying the Issuer, the Servicer and the Administrator (and the Administrator
shall notify each Rating Agency). The Holders of a majority in Outstanding Amount of the Controlling Class of Notes may remove
the Indenture Trustee by notifying the Indenture Trustee if:


(a)the Indenture
Trustee fails to comply with Section 6.12;


(b)the Indenture
Trustee is adjudged a bankrupt or insolvent;


(c)a receiver
or other public officer takes charge of the Indenture Trustee or its property;


(d)the Indenture
Trustee otherwise becomes incapable of acting; or


(e)the Indenture
Trustee breaches any representation, warranty or covenant made by it under any Basic Document.


If the Indenture
Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in
such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture
Trustee.


A successor Indenture
Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and the Issuer. Thereupon the resignation
or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The retiring Indenture Trustee shall be paid all amounts owed
to it upon its resignation or removal. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.
The retiring Indenture Trustee shall not be liable for the acts or omissions of any Successor Indenture Trustee.


If a successor
Indenture Trustee does not take office within 45 days after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of a majority in Outstanding Amount of the Controlling Class of Notes may petition
any court of competent jurisdiction for the appointment of a successor Indenture Trustee.


If the Indenture
Trustee fails to comply with Section 6.12, any Noteholder may petition any court of competent jurisdiction for the removal
of the Indenture Trustee and the appointment of a successor Indenture Trustee.



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Notwithstanding
the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations
under Section 6.08 shall continue for the benefit of the retiring Indenture Trustee.


Section 6.10Successor
Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee; provided, that such corporation or banking association
shall be qualified and eligible under Section 6.12.


In case at the
time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created
by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee
may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes
either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases
such certificates shall have the full force that it is anywhere in the Notes or in this Indenture provided that the certificate
of the Indenture Trustee shall have.


Section 6.11Appointment
of Co-Indenture Trustee or Separate Indenture Trustee.


(a)Notwithstanding
any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees,
of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders,
such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.12 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.09 hereof.


(b)Every separate
trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:


(i)all rights,
powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised
or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee
or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that
under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate
trustee or co-trustee, but solely at the direction of the Indenture Trustee;



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(ii)no trustee
hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and


(iii)the
Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.


(c)Any notice,
request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Agreement and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the
trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with
the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically
including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to,
the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.


(d)Any separate
trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.


Section 6.12Eligibility;
Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000.00 as set forth in its most recent published annual report
of condition, and the time deposits of the Indenture Trustee shall be rated at least “BBB-” by Fitch and “Baa3”
by Moody’s or “F1” by Fitch and “Prime-1” by Moody’s. The Indenture Trustee shall comply with
TIA Section 310(b), including the optional provision permitted by the second sentence of TIA Section 310(b)(9); provided,
however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other
securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met.


Section 6.13[Reserved].


Section 6.14Preferential
Collection of Claims Against Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to
TIA Section 311(a) to the extent indicated.


Section 6.15Waiver
of Setoffs. The Indenture Trustee hereby expressly waives any and all rights of setoff that the Indenture Trustee may otherwise
at any time have under applicable law with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at
all times be held and applied solely in accordance with the provisions hereof and of the other Basic Documents.



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ARTICLE
VII.

NOTEHOLDERS’ LISTS AND REPORTS


Section 7.01Note
Registrar To Furnish Names and Address of Noteholders. The Note Registrar shall furnish or cause to be furnished to the Indenture
Trustee, the Owner Trustee, the Servicer or the Administrator, within 15 days after receipt by the Note Registrar of a written
request therefrom, a list of the names and addresses of the Noteholders of any Class as of the most recent Record Date. If three
or more Noteholders of any Class, or one or more Holders of such Class evidencing not less than 25% of the Outstanding Amount of
such Class (hereinafter referred to as “Applicants”), apply in writing to the Indenture Trustee, and such application
states that the Applicants desire to communicate with other Noteholders with respect to their rights under this Indenture or under
the Notes and such application is accompanied by a copy of the communication that such Applicants propose to transmit, then the
Indenture Trustee shall, within five Business Days after the receipt of such application, afford such Applicants access, during
normal business hours, to the current list of Noteholders. The Indenture Trustee may elect not to afford the Applicants access
to the list of Noteholders if it agrees to mail the desired communication by proxy, on behalf of and at the expense of such Applicants,
to all Noteholders of such series. Every Noteholder, by receiving and holding a Note, agrees with the Indenture Trustee and the
Issuer that none of the Indenture Trustee, the Owner Trustee, the Issuer, the Servicer or the Administrator shall be held accountable
by reason of the disclosure of any such information as to the names and addresses of the Noteholders under this Indenture, regardless
of the source from which such information was derived. If the Indenture Trustee shall cease to be the Note Registrar, then thereafter
the Administrator will furnish or cause to be furnished to the Indenture Trustee not more than five days after the most recent
Record Date or at such other times as the Indenture Trustee reasonably may request in writing, a list, in such form as the Indenture
Trustee reasonably may require, of the names and addresses of the Holders of Notes as of such Record Date.


Section 7.02Preservation
of Information; Communications to Noteholders.


(a)The Indenture
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes contained
in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders
of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished
to it as provided in such Section 7.01 upon receipt of a new list so furnished. The Indenture Trustee shall make such list
available to the Owner Trustee on written request, and to the Noteholders upon written request of three or more Noteholders or
one or more Noteholders evidencing not less than 25% of the Outstanding Amount of the Notes. Upon receipt by the Indenture Trustee
of any request by a Noteholder to receive a copy of the current list of Noteholders, the Indenture Trustee shall promptly notify
the Administrator thereof by providing to the Administrator a copy of such request and a copy of the list of Noteholders in response
thereto.



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(b)Noteholders
may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or
under the Notes.


(c)The Issuer,
the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c).


Section 7.03Reports
by Issuer.


(a)The Issuer
shall:


(i)file
with the Indenture Trustee, within 15 days after the Issuer is required (if at all) to file the same with the Commission, copies
of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as
the Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act;


(ii)file
with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission
such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of
this Indenture as may be required from time to time by such rules and regulations; and


(iii)supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c))
such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of
this Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission.


(b)Unless the
Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.


Section 7.04Reports
by Indenture Trustee. If required by TIA Section 313(a), within 60 days after each March 31, beginning with March 31,
2013, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date
that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each
report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange,
if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock
exchange.


ARTICLE
VIII.

ACCOUNTS, DISBURSEMENTS AND RELEASES


Section 8.01Collection
of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other
property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such
money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee
may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of
appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.



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Section 8.02Trust
Accounts.


(a)On or prior
to the Closing Date, the Issuer shall, or shall cause the Servicer to, establish and maintain, in the name of the Indenture Trustee,
for the benefit of the Noteholders the Trust Accounts as provided in Section 5.01 of the Sale and Servicing Agreement.


(b)The Issuer
shall cause the Servicer to deposit all Available Amounts with respect to the Collection Period preceding such Payment Date in
the Collection Account not later than two Business Days after receipt as provided in Sections 5.02 and 5.04 of the
Sale and Servicing Agreement. However, if each condition to making monthly deposits as may be required by the Sale and Servicing
Agreement (including, the satisfaction of specified ratings criteria by the Servicer and the absence of any Servicer Default) is
satisfied, the Servicer may retain these amounts until the Business Day immediately preceding the related Payment Date. On or before
the Business Day prior to each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in the
Collection Account pursuant to Section 5.05 of the Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee
from the Reserve Account and deposited to the Collection Account as provided therein, as to which Issuer shall cause Servicer to
timely provide the related instructions.


(c)On each Payment
Date, except as provided in Section 5.04(b), the Indenture Trustee (based on the information contained in the Servicer’s
report delivered on or before the related Determination Date pursuant to Section 4.09 of the Sale and Servicing Agreement)
shall make the withdrawals from the Collection Account and make deposits, distributions and payments, to the extent of funds on
deposit in the Collection Account with respect to the Collection Period preceding such Payment Date (including funds, if any, deposited
therein from the Reserve Account) (as to which Issuer shall cause Servicer to timely provide the related instructions) in accordance
with and as set forth in Section 5.05 of the Sale and Servicing Agreement.


(d)Prior to the
acceleration of the Notes pursuant to Section 5.2 of this Indenture, on each Payment Date and the Redemption Date, the Indenture
Trustee shall distribute the First Priority Principal Distribution Amount, the Second Priority Principal Distribution Amount, the
Third Priority Principal Distribution Amount and the Regular Principal Distribution Amount as follows:


(i)first,
to the Noteholders of the Class A Notes, in the following order of priority:



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(A)first,
to the Noteholders of the Class A-1 Notes in reduction of principal until the principal amount of the Outstanding Class A-1 Notes
has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class A-1 Notes in full, the amounts available shall be applied to the payment of principal of the Class A-1 Notes on a pro rata
basis;


(B)second,
to the Noteholders of the Class A-2 Notes in reduction of principal until the principal amount of the Outstanding Class A-2
Notes has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class A-2 Notes in full, the amounts available shall be applied to the payment of principal of the Class A-2 Notes on a pro rata
basis;


(C)third,
to the Noteholders of the Class A-3 Notes in reduction of principal until the principal amount of the Outstanding Class A-3
Notes has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class A-3 Notes in full, the amounts available shall be applied to the payment of principal of the Class A-3 Notes on a pro rata
basis; and


(D)fourth,
to the Noteholders of the Class A-4 Notes in reduction of principal until the principal amount of the Outstanding Class A-4
Notes has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class A-4 Notes in full, the amounts available shall be applied to the payment of principal of the Class A-4 Notes on a pro rata
basis;


(ii)second,
to the Noteholders of the Class B Notes in reduction of principal, until the principal amount of the Outstanding Class B Notes
has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class B Notes in full, the amounts available shall be applied to the payment of principal of the Class B Notes on a pro rata basis;


(iii)third,
to the Noteholders of the Class C Notes in reduction of principal, until the principal amount of the Outstanding Class C Notes
has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class C Notes in full, the amounts available shall be applied to the payment of principal of the Class C Notes on a pro rata basis;
and


(iv)fourth,
to the Noteholders of the Class D Notes in reduction of principal, until the principal amount of the Outstanding Class D Notes
has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class D Notes in full, the amounts available shall be applied to the payment of principal of the Class D Notes on a pro rata basis.



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Section 8.03General
Provisions Regarding Accounts. The Indenture Trustee shall not in any way be held liable by reason of any insufficiency in
any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to
the Indenture Trustee’s failure, in its commercial capacity as principal obligor and not as trustee, to make payments on
such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee,
in accordance with their terms.


Section 8.04Release
of Trust Estate.


(a)Subject to
the payment of its fees and expenses pursuant to Section 6.08, the Indenture Trustee may, and when required by the provisions
of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s
interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party
relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys.


(b)The Indenture
Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.08
have been paid in full, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture
and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee
shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt by it of an Issuer
Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates
in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01.


(c)The Issuer
agrees, upon request by the Servicer and representation by the Servicer that it has complied with the procedure in Section 9.01
of the Sale and Servicing Agreement, to render the Issuer Request to the Indenture Trustee in accordance with Section 4.04,
and take such other actions as are required in that Section.


Section 8.05Opinion
of Counsel. The Indenture Trustee shall receive at least seven days prior written notice when requested by the Issuer
to take any action pursuant to Section 8.04(b), accompanied by copies of any instruments involved, and the Indenture
Trustee shall also require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture
Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all
conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair
the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided,
however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate.
Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate
or other instrument delivered to the Indenture Trustee in connection with any such action.



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ARTICLE
IX.

SUPPLEMENTAL INDENTURES


Section 9.01Supplemental Indentures
Without Consent of Noteholders.


(a)Without the
consent of the Holders of any Notes but with prior written notice to the Rating Agencies (with copy to the Indenture Trustee),
the Issuer and the Indenture Trustee, when authorized by an Issuer Order and provided with an Officer’s Certificate from
the Issuer stating that the supplement will have no material adverse effect on any Noteholder, at any time and from time to time,
may enter into one or more supplemental indentures hereto (which shall conform to the provisions of the Trust Indenture Act as
in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes:


(i)to correct
or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm
unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the
lien of this Indenture additional property;


(ii)to evidence
the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any
such successor of the covenants of the Issuer herein and in the Notes contained;


(iii)to
add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred
upon the Issuer;


(iv)to convey,
transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;


(v)to cure
any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any
other provision herein or in any supplemental indenture or with the
Prospectus dated February 24, 2012 or the Prospectus Supplement dated February 28, 2012
or to make any other provisions with respect to matters or questions arising under this Indenture or in any
supplemental indenture; provided, that such action shall not adversely affect the interests of the Holders of the Notes;


(vi)to evidence
and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change
any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more
than one trustee, pursuant to the requirements of Article VI; or


(vii)to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of
this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions
as may be expressly required by the TIA.



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The Indenture Trustee
is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements
and stipulations that may be therein contained.


(b)The Issuer
and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes
but with prior notice to the Rating Agencies, enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner
the rights of the Holders of the Notes under this Indenture; provided, however, that such action shall not materially
and adversely affect the interests of any Noteholder.


Section 9.02Supplemental
Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to the Rating Agencies delivered by the Issuer with a copy to the Indenture Trustee and with the consent of the
Holders of not less than a majority of the Outstanding Amount of the Controlling Class of the Notes, by Act of such Holders delivered
to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner
the rights of the Holders of the Notes under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Note affected thereby:


(a)change the
date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest
rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application
of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change
any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right
to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor,
as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or,
in the case of redemption, on or after the Redemption Date);


(b)reduce the
percentage of the Outstanding Amount of the Notes or the Controlling Class, the consent of the Holders of which is required for
any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;


(c)modify or alter
(i) the provisions of the proviso as to the definition of the term “Outstanding” or (ii) the definition of Controlling
Class;



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(d)reduce the
percentage of the Outstanding Amount of the Notes or the Controlling Class of Notes, as applicable, required to direct the Indenture
Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.04;


(e)modify any
provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions of
this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected
thereby;


(f)modify any
of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal
due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect
the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein;
or


(g)permit the
creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate
or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject
hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture.


It shall not be
necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.


Promptly after
the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee
shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general
terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture.


Section 9.03Execution
of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted
by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled
to receive and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any
such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this
Indenture or otherwise. The Administrator shall provide a fully executed copy of any supplemental indentures to this Indenture
to each Rating Agency.


Section 9.04Effect
of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and
the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture
Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and all purposes.



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Section 9.05Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant
to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee
as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes
so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared
and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.


Section 9.06Conformity
with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article
IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified
under the Trust Indenture Act.


ARTICLE
X.

REDEMPTION OF NOTES


Section 10.01Redemption.
The Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 9.01
of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the Trust Estate
pursuant to said Section 9.01, for a purchase price equal to the Redemption Price; provided, that the Issuer has available
funds sufficient to pay the Redemption Price. The Servicer or the Issuer shall furnish the Rating Agencies and the Indenture Trustee
notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.01, the Servicer shall furnish notice
of such election to the Indenture Trustee not later than 20 days prior to the Redemption Date and shall deposit no later than the
Business Day prior to the Redemption Date with the Indenture Trustee in the Collection Account the Redemption Price of the Notes
to be redeemed, whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying
with Section 10.02 to each Holder of the Notes.


Section 10.02Form
of Redemption Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class
mail, postage prepaid, or by facsimile mailed or transmitted not later than 10 days prior to the applicable Redemption Date to
each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s
address or facsimile number appearing in the Note Register.


All notices of
redemption shall state:


(a)the Redemption
Date;


(b)the Redemption
Price;



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(c)the place where
such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained
as provided in Section 3.02); and


(d)that interest
on the Notes shall cease to accrue on the Redemption Date.


Notice of redemption
of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption,
or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.


Section 10.03Notes
Payable on Redemption Date. The Notes or portions thereof to be redeemed shall, following notice of redemption as required
by Section 10.02 (in the case of redemption pursuant to Section 10.01), on the Redemption Date become due and payable
at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on
the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption
Price.


ARTICLE
XI.

MISCELLANEOUS


Section 11.01Compliance Certificates
and Opinions, etc.


(a)Upon any application
or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish
to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and (ii) an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any
such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture,
no additional certificate or opinion need be furnished.


Every certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:


(i)a statement
that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions
herein relating thereto;


(ii)a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;


(iii)a statement
that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable
such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and



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(iv)a statement
as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.


(b)(i)Prior
to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed
in Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying
or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer
of the Collateral or other property or securities to be so deposited.


(ii)Whenever
the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such
securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer,
as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding
Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value
thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of
the Outstanding Amount of the Notes.


(iii)Whenever
any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within
90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the
proposed release will not impair the security under this Indenture in contravention of the provisions hereof.



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(iv)Other
than with respect to the release of any Purchased Receivable, the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer
shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property
or securities and of all other property, other than property as contemplated by clause (v) below, or securities released from
the lien of this Indenture since the commencement of the then-current calendar year, as set forth in the certificates required
by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need
not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s
Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes.


(v)Notwithstanding
Section 4.04 or any other provision of this Section, the Issuer may, without compliance with the requirements of the other
provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the
extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted
or required by the Basic Documents.


Section 11.02Form
of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered
by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or
give an opinion as to such matters in one or several documents.


Any certificate
or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which such officer’s certificate or opinion is based are erroneous.
Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Seller, the Issuer or the Administrator,
stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Issuer
or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to such matters are erroneous.


Where any Person
is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument.



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Whenever in this
Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance
with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective
date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report.
The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI.


Section 11.03Acts
of Noteholders.


(a)Any request,
demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person
or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when
such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer.
Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive
in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.


(b)The fact and
date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems
sufficient.


(c)The ownership
of Notes shall be proved by the Note Register.


(d)Any request,
demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered
to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such
Note.


Section 11.04Notices,
etc., to Indenture Trustee, Issuer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and, if such request, demand,
authorization, direction, notice, consent, waiver or act of Noteholders is to be made upon, given or furnished to or filed with:


(a)the Indenture
Trustee by any Noteholder or by the Issuer, shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing to or with the Indenture Trustee at its Corporate Trust Office; or



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(b)the Issuer
by the Indenture Trustee or by any Noteholder, shall be sufficient for every purpose hereunder if in writing and mailed first-class,
postage prepaid to the Issuer addressed to: Hyundai Auto Receivables Trust 2012-A, in care of Wilmington Trust Company, as Owner
Trustee, Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, DE 19890, or at any other address
previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly transmit
any notice received by it from the Noteholders to the Indenture Trustee.


Notices required
to be given to the Rating Agencies shall be in writing, personally delivered, electronically delivered or mailed by certified mail,
return receipt requested, to (i) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc.,
ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, 25th Floor, New York, NY 10007; and (ii) in the
case of Fitch, to One State Street Plaza, New York, New York 10004, Attention: Asset Backed Surveillance; or as to each of the
foregoing, at such other address as shall be designated by written notice to the other parties.


Section 11.05Notices
to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected
by such event, at such Holder’s address as it appears on the Note Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither
the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency
of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively
be presumed to have been duly given.


Where this Indenture
provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with
the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such
a waiver.


In case, by reason
of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to
mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then
any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of
such notice.


Where this Indenture
provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute a Default or Event of Default.



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Section 11.06Alternate
Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer
may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or
any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices,
provided that the Issuer agrees to pay any additional expenses incurred as a result of such alternative payment or notice provision.
The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to
be made and notices to be given in accordance with such agreements. The Indenture Trustee shall provide a copy of any request made
pursuant to this Section 11.06 to the Owner Trustee.


Section 11.07Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.


Section 11.08Successors
and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns,
whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and
agents.


Section 11.09Separability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.


Section 11.10Benefits
of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an
ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.


Section 11.11Legal
Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from
and after any such nominal date.


Section 11.12GOVERNING
LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT
OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.


Section 11.13Counterparts.
This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.



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Section 11.14Recording
of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at the expense of the Servicer accompanied by an Opinion of Counsel (which may be counsel to the Indenture
Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either
for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted
to the Indenture Trustee under this Indenture.


Section 11.15Trust
Obligation.


(a)No recourse
may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee
on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against
(i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer, including the Seller, or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or
the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity). For all purposes of this Indenture, in the performance of any duties or obligations
of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article
VI, VII and VIII of the Trust Agreement.


(b)In furtherance
of and not in derogation of the foregoing, to the extent the Depositor enters into other securitization transactions, each Noteholder,
by accepting a Note, acknowledges and agrees that it shall have no right, title or interest in or to any assets or interests therein
of the Depositor (other than the Trust Estate and Reserve Account relating to this transaction) conveyed or purported to be conveyed
by the Depositor to another securitization trust or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) (“Other Assets”). To the extent that, notwithstanding
the agreements and provisions contained herein, a Noteholder either (i) asserts an interest or claim to, or benefit from,
Other Assets, whether asserted against or through the Depositor or any other Person owned by the Depositor, or (ii) is deemed to
have any such interest, claim or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable
provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Federal Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), and whether deemed asserted against or through the Depositor or any
other Person owned by the Depositor, then each Noteholder, by accepting a Note, further acknowledges and agrees that any such interest,
claim or benefit in or from Other Assets is and shall be expressly subordinated to the indefeasible payment in full of all obligations
and liabilities of the Depositor which, under the terms of the relevant documents relating to the securitization of such Other
Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any
such entitlement or security interest is legally perfected or otherwise entitled to priority of distribution or application under
applicable law, including insolvency laws, and whether asserted against Depositor or any other Person owned by the Depositor),
including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement shall be
deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Noteholder, by acceptance of
a Note, further acknowledges and agrees that no adequate remedy at law exists for a breach of this paragraph and the terms of this
paragraph may be enforced by an action for specific performance. The provisions of this paragraph shall be for the third party
benefit of those entitled to rely thereon and shall survive the termination of this Indenture.



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Section 11.16No
Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note or a beneficial
interest in a Note, hereby covenant and agree that they will not at any time institute against the Issuer or the Depositor, or
join in any institution against the Issuer or the Depositor, of any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, this Indenture or any of the Basic Documents.


Section 11.17Inspection.
The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s
normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s
affairs, finances and accounts with the Issuer’s officers, employees and Independent certified public accountants, all at
such reasonable times and as often as may be reasonably requested; provided, however, that the Indenture Trustee
may only cause the books of the Issuer to be audited on an annual basis, unless there occurs an Event of Default hereunder. The
Indenture Trustee shall, and shall cause its representatives to, hold in confidence all such information except to the extent such
information is publicly available or such disclosure may be required by law (and all reasonable applications for confidential treatment
are unavailing) and except to the extent that the Indenture Trustee may reasonably determine with the advice of counsel and after
consultation with the Issuer that such disclosure is consistent with its obligations hereunder.


Section 11.18Conflict
with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required
to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.


The provisions
of TIA Sections 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein
unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.


Section 11.19Limitation
of Liability. It is expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered
by Wilmington Trust Company, not individually or personally but solely as Owner Trustee of Hyundai Auto Receivables Trust 2012-A,
in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements
herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington
Trust Company but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed
as creating any liability on Wilmington Trust Company individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through
or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment
of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty
or covenant made or undertaken by the Issuer under this Indenture or any other related documents.



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Section 11.20Representations
and Warranties. The Issuer hereby represents and warrants to the Indenture Trustee as follows on the Closing Date:


(a)The Issuer is a statutory trust
duly formed, validly existing and in good standing under the laws of the state of its organization.


(b)The Issuer
has the power and authority to execute and deliver this Indenture and to carry out its terms; and the execution, delivery and performance
of this Indenture been duly authorized by the Issuer.


(c)This Indenture
constitutes legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms, except
as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement
of creditors’ rights generally and to general principles of equity whether applied in a proceeding in equity or at law.


(d)The consummation
of the transactions contemplated by this Indenture and the fulfillment of its terms do not conflict with, result in any breach
of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the organizational
documents of the Issuer, or any indenture, agreement or other instrument to which the Issuer is a party or by which it is bound,
or 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 Indenture), or violate any law or, to the best of the Issuer’s knowledge, any order,
rule or regulation applicable to the Issuer of any court or of any federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Issuer or its properties. There shall be no breach of the representations
and warranties in this paragraph resulting from any of the foregoing breaches, violations, Liens or other matters which, individually
or in the aggregate, would not materially and adversely affect the Issuer’s ability to perform its obligations under this
Indenture.


(e)There are no
proceedings or investigations pending or, to the Issuer’s knowledge, threatened against the Issuer before any court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its properties (i) asserting
the invalidity of this Indenture, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Indenture
or (iii) seeking any determination or ruling that would materially and adversely affect the performance by the Issuer of its obligations
under, or the validity or enforceability of, this Indenture.


(f)The Issuer
is not an investment company or “controlled by an investment company” within the meaning of the Investment Company
Act of 1940.



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Section 11.21Receivables
Representations and Warranties. The Issuer makes the representations and warranties set forth below with respect to the Receivables,
on which the Indenture Trustee relies. Such representations and warranties speak as of the execution and delivery of this Indenture
as of the Closing Date, but shall survive the assignment of the Receivables to the Indenture Trustee, and shall not be waived by
the Indenture Trustee except in accordance with the terms of this Indenture.


(a)This Indenture
creates a valid and continuing security interest (as defined in the UCC) in the Receivables in favor of the Indenture Trustee,
which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer.


(b)Each Receivables
constitutes “chattel paper” within the meaning of the UCC as in effect in the state of origination.


(c)Immediately
upon the transfer thereof from the Depositor to the Issuer pursuant to the Sale and Servicing Agreement, the Issuer shall have
good and marketable title to each Receivable, free and clear of any Lien of any Person.


(d)Each Trust
Account constitutes either a “deposit account” or a “securities account” within the meaning of the UCC.


(e)The Issuer
has caused, or will have caused, within ten days, the filing of all appropriate financing statements in the proper filling office
in the appropriate jurisdiction under the applicable UCC in order to perfect the security interest in the Receivables granted to
the Indenture Trustee under this Indenture.


(f)Other than
the security interest granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged, assigned, sold,
granted a security interest in, or otherwise conveyed any of the Receivables. The Issuer has not authorized the filing of and is
not aware of any financing statements against the Issuer that include a description of collateral describing the Receivables other
than any financing statement relating to the security interest granted to the Indenture Trustee under this Indenture. The Issuer
is not aware of any judgment or tax lien filings against the Issuer.


(g)The Contracts
that constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned
or otherwise conveyed to any Person other than the Indenture Trustee, except for such marks or notations indicating that they have
been pledged, assigned or otherwise conveyed (i) to the Depositor or the Issuer in accordance with the Basic Documents, (ii) pursuant
to the Loan and Security Agreement, dated as of May 20, 2010, among Hyundai HK Funding, LLC, as the borrower, Hyundai Capital America,
as the servicer, each of the commercial paper conduits from time to time party thereto, as the conduit lenders, each of the financial
institutions from time to time party thereto, as the committed lenders, each of the financial institutions from time to time party
thereto, as the group agents and JPMorgan Chase Bank, N.A., as the administrative agent, on behalf of the secured parties, as amended
from time to time or (iii) to HCA in accordance with Dealer Agreements. All financing statements filed or to be filed against the
Issuer in favor of the Indenture Trustee in connection with this Indenture describing the Receivables contain a statement to the
following effect: “A purchase of or security interest in any collateral described in this financing statement, except as
provided in the Indenture, will violate the rights of the Indenture Trustee.”



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Notwithstanding anything herein to the contrary,
the representations and warranties set forth in this Section 11.21 shall remain in full force and effect until such time
as all Obligations hereunder have been finally paid and performed and this Indenture shall be discharged.


 


Section 11.22Communications
with Rating Agencies. If the Indenture Trustee shall receive any written or oral communication from any Rating Agency (or any
of their respective officers, directors or employees) with respect to the transactions contemplated hereby or under the Basic Documents
or in any way relating to the Notes, the Indenture Trustee agrees to refrain from communicating with such Rating Agency and to
promptly (and, in any event, within one Business Day) notify the Administrator of such communication.  The Indenture
Trustee agrees to act at the direction of the Administrator with respect to any communication to a Rating Agency and further agrees
that in no event shall the Indenture Trustee engage in any oral communication with respect to the transactions contemplated hereby
or under the Basic Documents or in any way relating to the Notes with any Rating Agency (or any of their respective officers, directors
or employees) without the participation of the Administrator.



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IN WITNESS WHEREOF, the
Issuer and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized
and duly attested, all as of the day and year first above written.


 


HYUNDAI AUTO RECEIVABLES TRUST 2012-A


 


		By:	WILMINGTON TRUST COMPANY,

not in its individual capacity but solely

as Owner Trustee under the Trust Agreement



By: /s/ Jeanne M. Oller

Name: Jeanne M. Oller

Title: Assistant Vice President


 



    	S-1



    	 



    

CITIBANK, N.A.,

not in its individual capacity

but solely as Indenture Trustee


By: /s/ Karen Schluter

Name: Karen Schluter

Title: Vice President



    	S-2



    	 



    

 


	STATE OF DELAWARE	 	)	 	 	 	 
	 	 	)	 ss.:	 	 	 
	COUNTY OF NEW CASTLE	 	)	 	 	 	 


 


BEFORE ME, the
undersigned authority, a Notary Public in and for said county and state, on this day personally appeared Jeanne M. Oller of Wilmington
Trust Company, not in its individual capacity but solely as Owner Trustee of Hyundai Auto Receivables Trust 2012-A, a Delaware
statutory trust (the “Trust”), known to me to be the person and officer whose name is subscribed to the foregoing instrument
and acknowledged to me that the same was the act of the said Trust, and that he/she executed the same as the act of said statutory
trust for the purpose and consideration therein expressed, and in the capacities therein stated.


GIVEN UNDER MY HAND AND

SEAL OF OFFICE, this 28th day of February, 2012.


/s/ Susanne M. Gula

Notary Public – State of Delaware


My commission expires: 11-21-2013


 



    	S-3



    	 



    

 


	STATE OF DELAWARE	 	)	 	 	 	 
	 	 	)	 ss.:	 	 	 
	COUNTY OF NEW YORK	 	)	 	 	 	 


 


BEFORE ME, the
undersigned authority, a Notary Public in and for said county and state, on this day personally appeared Karen Schluter, known
to me to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that the same was
the act of Citibank, N.A., a national banking association, and that he/she executed the same as the act of said national banking
association for the purpose and consideration therein stated.


GIVEN UNDER MY HAND AND

SEAL OF OFFICE, this 28th day of February, 2012.


/s/ Noreen Iris Santos

Notary Public, State of New York

Registration #01SA6228750

Qualified in Nassau County


My commission expires: Sept. 27, 2014



    	S-4



    	 



    

SCHEDULE A


Schedule of Receivables


[To be Delivered to the Trust at Closing]



    	Schedule A-1



    	 



    

EXHIBIT A-1


[FORM OF CLASS A-1 NOTE]


UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.


THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.


THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.



    	A-1-1



    	 



    

 


	REGISTERED	$__________(1)
	No. R-_____	CUSIP NO. ___________


 


HYUNDAI AUTO RECEIVABLES TRUST 2012-A


0.29984%
ASSET BACKED NOTE, CLASS A-1


HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class A-1 Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”), between
the Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of March 15, 2013 (the “Class
A-1 Maturity Date”) and the Redemption Date, if any, Pursuant to Article X of the Indenture. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that shall be applicable herein.


The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date on the basis of a 360-day year and the
actual number of days from the previous Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but
excluding the next Payment Date. Such principal of and interest on this Note shall be paid in the manner specified herein.


The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.


Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.


This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 0.29984%
Asset Backed Notes, Class A-1 (herein called the “Class A-1 Notes”), all issued under the Indenture, to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder
of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all terms of the Indenture.


_____________________________


1Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.


 



    	A-1-2



    	 



    

 


The Class A-1 Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class A-1 Notes are senior
in right of payment to the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes
and the Class D Notes, to the extent provided in the Indenture.


Principal of the
Class A-1 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.


As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class A-1 Maturity Date and the
Redemption Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs,
the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Class of Notes may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.
All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto.


Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.


The Issuer shall
pay interest on overdue installments of interest at the Class A-1 Rate to the extent lawful.


As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.



    	A-1-3



    	 



    

 


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.


The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes will be characterized as indebtedness secured by the Trust
Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for such purposes as indebtedness.


Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.



    	A-1-4



    	 



    

 


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.


The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.


The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.


This Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.


No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.


Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.



    	A-1-5



    	 



    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.


	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


This is one of the Notes designated
above and referred to in the within-mentioned Indenture.


 


	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


 


 



    	A-1-6



    	 



    

ASSIGNMENT


Social Security or taxpayer I.D. or other identifying number
of assignee: ___________________


FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto:______________________________________________________________________________


(name and address of assignee)


the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

____________________________________________, attorney, to transfer said Note on
the books kept 

for registration thereof, with full power of substitution in the premises.


Dated: ________________________*/


Signature Guaranteed:


_____________________


 


 


*/NOTICE: The signature to this
assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular,
without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.


 



    	A-1-7



    	 



    

EXHIBIT A-2


[FORM OF CLASS A-2 NOTE]


UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.


THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.


THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.



    	A-2-1



    	 



    

 


	REGISTERED	$__________(2)
	No. R-_____	CUSIP NO. ___________


 


HYUNDAI AUTO RECEIVABLES TRUST 2012-A


0.55%ASSET
BACKED NOTE, CLASS A-2


HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class A-2 Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”),
between the Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”);
provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of
June 16, 2014 (the “Class A-2 Maturity Date”) and the Redemption Date, if any, pursuant to Article X of
the Indenture. Capitalized terms used but not defined herein are defined in the Indenture, which also contains rules as to construction
that shall be applicable herein.


The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.


The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.


Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.


This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 0.55% Asset Backed Notes,
Class A-2 (herein called the “Class A-2 Notes”), all issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer,
the Indenture Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all terms of the Indenture. 


___________________________


2Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.


 



    	A-2-2



    	 



    

 


The Class A-2 Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class A-2 Notes are subordinated
in right of payment to the Class A-1 Notes and are senior in right of payment to the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes, to the extent provided in the Indenture.


Principal of the
Class A-2 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.


As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class A-2 Maturity Date and the
Redemption Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs,
the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Class of Notes may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.
All principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto.


Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.


The Issuer shall
pay interest on overdue installments of interest at the Class A-2 Rate to the extent lawful.


As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.



    	A-2-3



    	 



    

 


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.


The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes will be characterized as indebtedness secured by the Trust
Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for such purposes as indebtedness.


Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.



    	A-2-4



    	 



    

 


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.


The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.


The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.


This Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate,
and in the coin or currency herein prescribed.


Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.



    	A-2-5



    	 



    

 


IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.


 


	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


This is one of the Notes designated
above and referred to in the within-mentioned Indenture.


 


	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


 



    	A-2-6



    	 



    

ASSIGNMENT


Social Security or taxpayer I.D. or other
identifying number of assignee: __________________


FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto:

__________________________________________________________________________


(name and address of assignee)


the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

_________________________________________, attorney, to transfer said Note on the
books 

kept for registration thereof, with full power of substitution in the premises.


Dated: ________________________*/


Signature Guaranteed:


_____________________________


 


*/NOTICE: The signature
to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP
or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.


 



    	A-2-7



    	 



    

EXHIBIT A-3


[FORM OF CLASS A-3 NOTE]


UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.


THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.


THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.



    	A-3-1



    	 



    

 


	REGISTERED	$__________(3)
	No. R-_____	CUSIP NO. ___________


HYUNDAI AUTO RECEIVABLES TRUST 2012-A


0.72% ASSET BACKED NOTE, CLASS A-3


HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class A-3 Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”), between
the Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of March 15, 2016
(the “Class A-3 Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized
terms used but not defined herein are defined in the Indenture, which also contains rules as to construction that shall be applicable
herein.


The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.


The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.


Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.


This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 0.72% Asset Backed Notes, Class A-3 (herein called the “Class
A-3 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class A-3 Notes are subject to all terms of the Indenture.


_______________________


3Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.


 



    	A-3-2



    	 



    

 


The Class A-3 Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class A-3 Notes are subordinated
in right of payment to the Class A-1 Notes and the Class A-2 Notes and are senior in right of payment to the Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes, to the extent provided in the Indenture.


Principal of the
Class A-3 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.


As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class A-3 Maturity Date and the
Redemption Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs,
the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Class of Notes may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.
All principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto.


Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.


The Issuer shall
pay interest on overdue installments of interest at the Class A-3 Rate to the extent lawful.


As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.



    	A-3-3



    	 



    

 


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.


The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes will be characterized as indebtedness secured by the Trust
Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for such purposes as indebtedness.


Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.



    	A-3-4



    	 



    

 


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.


The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.


The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.


This Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.


No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.


Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.



    	A-3-5



    	 



    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.


 


	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


This is one of the Notes designated
above and referred to in the within-mentioned Indenture.


 


	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


 


 


 



    	A-3-6



    	 



    

ASSIGNMENT


Social Security or taxpayer I.D. or other
identifying number of assignee: __________________


FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto:

__________________________________________________________________________


(name and address of assignee)


the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

_________________________________________, attorney, to transfer said Note on the
books 

kept for registration thereof, with full power of substitution in the premises.


Dated: ________________________*/


Signature Guaranteed:


_____________________________


 


*/NOTICE: The signature
to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP
or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.



    	A-3-7



    	 



    

EXHIBIT A-4


[FORM OF CLASS A-4 NOTE]


UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.


THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.


THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.



    	A-4-1



    	 



    

 


	REGISTERED	$__________(4)
	No. R-_____	CUSIP NO. ___________


HYUNDAI AUTO RECEIVABLES TRUST 2012-A


0.95% ASSET BACKED NOTE, CLASS A-4


HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class A-4 Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”),
between the Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”);
provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of
December 15, 2016 (the “Class A-4 Maturity Date”) and the Redemption Date, if any, pursuant to Article
X of the Indenture. Capitalized terms used but not defined herein are defined in the Indenture, which also contains rules as to
construction that shall be applicable herein.


The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.


The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.


Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.


This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 0.95% Asset Backed Notes, Class A-4 (herein called the “Class
A-4 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class A-4 Notes are subject to all terms of the Indenture.


______________________


4Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.


 



    	A-4-2



    	 



    

 


The Class A-4 Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class A-4 Notes are subordinated
in right of payment to the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes and are senior in right of payment to the
Class B Notes, the Class C Notes and the Class D Notes, to the extent provided in the Indenture.


Principal of the
Class A-4 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.


As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class A-4 Maturity Date and the
Redemption Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs,
the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Class of Notes may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.
All principal payments on the Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled thereto.


Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.


The Issuer shall
pay interest on overdue installments of interest at the Class A-4 Rate to the extent lawful.


As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.



    	A-4-3



    	 



    

 


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.


The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes will be characterized as indebtedness secured by the Trust
Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for such purposes as indebtedness.


Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.



    	A-4-4



    	 



    

 


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.


The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.


The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.


This Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate,
and in the coin or currency herein prescribed.


Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.



    	A-4-5



    	 



    

 


IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.


 


	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	 
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
					Authorized Signatory


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


This is one of the Notes designated
above and referred to in the within-mentioned Indenture.


 


	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


 



    	A-4-6



    	 



    

ASSIGNMENT


Social Security or taxpayer I.D. or other identifying number
of assignee: __________________


FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto:

__________________________________________________________________________


(name and address of assignee)


the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

_________________________________________, attorney, to transfer said Note on the
books 

kept for registration thereof, with full power of substitution in the premises.


Dated: ________________________*/


Signature Guaranteed:


_____________________________


 


*/NOTICE: The signature
to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP
or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.



    	A-4-7



    	 



    

EXHIBIT B


[FORM OF CLASS B NOTE]


UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.


THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.


THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.



    	B-1



    	 



    

 


 


	REGISTERED	$__________(5)
	No. R-_____	CUSIP NO. ___________


HYUNDAI AUTO RECEIVABLES TRUST 2012-A


1.51% ASSET BACKED NOTE, CLASS B


HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class B Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”), between the
Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of February 15, 2017
(the “Class B Maturity Date”) and the Redemption Date, if any, Pursuant to Article X of the Indenture. Capitalized
terms used but not defined herein are defined in the Indenture, which also contains rules as to construction that shall be applicable
herein.


The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360 day year
consisting of twelve 30 day months. Such principal of and interest on this Note shall be paid in the manner specified herein.


The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.


Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.


This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 1.51% Asset Backed Notes, Class B (herein called the “Class
B Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class B Notes are subject to all terms of the Indenture.


___________________________


5Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.


 



    	B-2



    	 



    

 


The Class B Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class B Notes are subordinated
in right of payment to the Class A Notes and are senior in right of payment to the Class C Notes and the Class D Notes, to
the extent provided in the Indenture.


Principal of the
Class B Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.


As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class B Maturity Date and the Redemption
Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes
may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal
payments on the Class B Notes shall be made pro rata to the Class B Noteholders entitled thereto.


Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.


The Issuer shall
pay interest on overdue installments of interest at the Class B Rate to the extent lawful.


As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.



    	B-3



    	 



    

 


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.


The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or Person
considered to be the same person as the Issuer for United States federal income tax purposes) will be characterized as indebtedness
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest
in a Note), agrees to treat the Notes (other than Notes, if any, retained by the Issuer or Person considered to be the same person
as the Issuer for United States federal income tax purposes) for such purposes as indebtedness.



    	B-4



    	 



    

 


Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.


The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.


The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.


This Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.


No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.


Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.



    	B-5



    	 



    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.


 


	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	 
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


This is one of the Notes designated
above and referred to in the within-mentioned Indenture.


 


	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


 


 



    	B-6



    	 



    

ASSIGNMENT


Social Security or taxpayer I.D. or other identifying number
of assignee: ___________________


FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto:

______________________________________________________________________________



(name and address of assignee)


the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

____________________________________________, attorney, to transfer said Note on
the books 

kept for registration thereof, with full power of substitution in the premises.


Dated: ________________________*/


Signature Guaranteed:


_____________________


 


 


*/NOTICE: The signature to this
assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular,
without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.


 



    	B-7



    	 



    

EXHIBIT C


[FORM OF CLASS C NOTE]


UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.


THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.


THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.



    	C-1



    	 



    

 


 


	REGISTERED	$__________(6)
	No. R-_____	CUSIP NO. ___________


 


HYUNDAI AUTO RECEIVABLES TRUST 2012-A


2.10% ASSET BACKED NOTE, CLASS C


HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class C Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”), between the
Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of June 15, 2017 (the “Class
C Maturity Date”) and the Redemption Date, if any, Pursuant to Article X of the Indenture. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that shall be applicable herein.


The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360 day year
consisting of twelve 30 day months. Such principal of and interest on this Note shall be paid in the manner specified herein.


The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.


Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.


This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 2.10% Asset Backed Notes, Class C (herein called the “Class
C Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class C Notes are subject to all terms of the Indenture.


_____________________________


6Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.


 



    	C-2



    	 



    

 


The Class C Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class C Notes are subordinated
in right of payment to the Class A Notes and the Class B Notes and are senior in right of payment to the Class D Notes, to the
extent provided in the Indenture.


Principal of the
Class C Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.


As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class C Maturity Date and the Redemption
Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes
may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal
payments on the Class C Notes shall be made pro rata to the Class C Noteholders entitled thereto.


Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.


The Issuer shall
pay interest on overdue installments of interest at the Class C Rate to the extent lawful.


As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.



    	C-3



    	 



    

 


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.


The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or Person
considered to be the same person as the Issuer for United States federal income tax purposes) will be characterized as indebtedness
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest
in a Note), agrees to treat the Notes (other than Notes, if any, retained by the Issuer or Person considered to be the same person
as the Issuer for United States federal income tax purposes) for such purposes as indebtedness.



    	C-4



    	 



    

 


Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.


The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.


The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.


This Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.


No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.


Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.



    	C-5



    	 



    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.


 


	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	 
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


This is one of the Notes designated
above and referred to in the within-mentioned Indenture.


 


	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


 


 



    	C-6



    	 



    

ASSIGNMENT


Social Security or taxpayer I.D. or other identifying number
of assignee: ___________________


FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto: ______________________________________________________________________________


(name and address of assignee)


the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

____________________________________________, attorney, to transfer said Note on
the books 

kept for registration thereof, with full power of substitution in the premises.


Dated: ________________________*/


Signature Guaranteed:


_____________________


 


 


*/NOTICE: The signature to this
assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular,
without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.



    	C-7



    	 



    

EXHIBIT D


[FORM OF CLASS D NOTE]


UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.


THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.


THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.



    	D-1



    	 



    

 


	REGISTERED	$__________(7)
	No. R-_____	CUSIP NO. ___________


 


HYUNDAI AUTO RECEIVABLES TRUST 2012-A


2.61% ASSET BACKED NOTE, CLASS D


HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class D Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”), between the
Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of May 15, 2018 (the “Class
D Maturity Date”) and the Redemption Date, if any, Pursuant to Article X of the Indenture. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that shall be applicable herein.


The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360 day year
consisting of twelve 30 day months. Such principal of and interest on this Note shall be paid in the manner specified herein.


The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.


Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.


______________________________


7Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.



    	D-2



    	 



    

 


This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 2.61% Asset Backed Notes, Class D (herein called the “Class
D Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class D Notes are subject to all terms of the Indenture.


The Class D Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class D Notes are subordinated
in right of payment to the Class A Notes, the Class B Notes and the Class C Notes, to the extent provided in the Indenture.


Principal of the
Class D Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.


As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class D Maturity Date and the Redemption
Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes
may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal
payments on the Class D Notes shall be made pro rata to the Class D Noteholders entitled thereto.


Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.


The Issuer shall
pay interest on overdue installments of interest at the Class D Rate to the extent lawful.



    	D-3



    	 



    

 


As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.


Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.



    	D-4



    	 



    

 


The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or Person
considered to be the same person as the Issuer for United States federal income tax purposes) will be characterized as indebtedness
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest
in a Note), agrees to treat the Notes (other than Notes, if any, retained by the Issuer or Person considered to be the same person
as the Issuer for United States federal income tax purposes) for such purposes as indebtedness.


Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.


The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.


The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.


This Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.


No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.



    	D-5



    	 



    

 


Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.



    	D-6



    	 



    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.


 


	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	 
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


This is one of the Notes designated
above and referred to in the within-mentioned Indenture.


 


	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory


 


 



    	D-7



    	 



    

ASSIGNMENT


Social Security or taxpayer I.D. or other identifying number
of assignee: ___________________


FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto: ______________________________________________________________________________


(name and address of assignee)


the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

____________________________________________, attorney, to transfer said Note on
the books 

kept for registration thereof, with full power of substitution in the premises.


Dated: ________________________*/


Signature Guaranteed:


_____________________


 


 


*/NOTICE: The signature to this
assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular,
without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.


 



    	D-8



    	 



    

EXHIBIT E


FORM OF NOTE DEPOSITORY AGREEMENT


(Letter of Representations)


 


[Attached]


 








    	E-1