Document:

EXHIBIT 10.1

 

RECEIVABLES PURCHASE AGREEMENT

 

between

 

HYUNDAI CAPITAL AMERICA,

 

as Seller,

 

and

 

HYUNDAI ABS FUNDING, LLC,

 

as Depositor

 

Dated as of [             ],
20[__]

 

    20[__]-[_] Receivables Purchase Agreement

    

    

 

Table
of Contents

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I.	Definitions	1
	 	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other
    Definitional Provisions	1
	 	 	 	 
	ARTICLE II.	Conveyance of
    Receivables	2
	 	 	 	 
	Section 2.01	Conveyance
    of Receivables	2
	Section 2.02	The
    Closing	3
	 	 	 	 
	ARTICLE III.	Representations
    and Warranties	3
	 	 	 	 
	Section 3.01	Representations
    and Warranties of Depositor	3
	Section 3.02	Representations
    and Warranties of Seller	4
	 	 	 	 
	ARTICLE IV.	Conditions	7
	 	 	 	 
	Section 4.01	Conditions
    to Obligation of the Depositor	7
	Section 4.02	Conditions
    to Obligation of the Seller	8
	 	 	 	 
	ARTICLE V.	Covenants of
    the Seller	8
	 	 	 	 
	Section 5.01	Protection
    of Right, Title and Interest	8
	Section 5.02	Other
    Liens or Interests	8
	Section 5.03	Costs
    and Expenses	9
	 	 	 	 
	ARTICLE VI.	Indemnification	9
	 	 	 	 
	Section 6.01	Indemnification	9
	 	 	 	 
	ARTICLE VII.	Miscellaneous
    Provisions	9
	 	 	 	 
	Section 7.01	Obligations
    of Seller	9
	Section 7.02	Repurchase
    Events	9
	Section 7.03	Depositor
    Assignment of Repurchased Receivables	10
	Section 7.04	Transfer
    to the Issuer	10
	Section 7.05	Amendment	10
	Section 7.06	Waivers	11
	Section 7.07	Notices	11
	Section 7.08	Costs
    and Expenses	12
	Section 7.09	Representations
    of the Seller and the Depositor	12
	Section 7.10	Confidential
    Information	12
	Section 7.11	Headings
    and Cross-References	12
	Section 7.12	GOVERNING
    LAW	12
	Section 7.13	Counterparts;
    Electronic Signatures and Transmission	12
	Section 7.14	Third
    Party Beneficiary	13
	Section 7.15	No
    Proceedings	13
	Section 7.16	Nonpetition
    Covenant	13

 

    	 	-i-	20[__]-[_] Receivables Purchase Agreement

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	Section 7.17	Dispute Resolution	13
	 	 	 	 
	SCHEDULE I	Schedule of Receivables	     I-1
	 	 	 	 
	EXHIBIT A	Representations and Warranties as to the Receivables	     A-1

 

    	 	-ii-	20[__]-[_] Receivables Purchase Agreement

     

    

 

RECEIVABLES PURCHASE AGREEMENT dated as of [          ],
20[__] (this “Agreement”) between HYUNDAI CAPITAL AMERICA, a California corporation, as seller (the “Seller”),
and HYUNDAI ABS FUNDING, LLC, a Delaware limited liability company, as depositor (the “Depositor”).

 

RECITALS

 

WHEREAS, in the regular course of its business,
the Seller has purchased certain retail installment sale contracts secured by new and used automobiles, light-duty trucks, and minivans
from motor vehicle dealers;

 

WHEREAS, the Seller and the Depositor wish to set
forth the terms pursuant to which such contracts are to be sold by the Seller to the Depositor; and

 

WHEREAS, the Depositor intends, concurrently with
its purchases hereunder, to convey all of its right, title and interest in and to $[                           ]
of such contracts to Hyundai Auto Receivables Trust 20[__]-[_] (the “Issuer”) pursuant to the Sale and Servicing
Agreement dated as of [          ], 20[__] (the “Sale and Servicing Agreement”),
by and among the Issuer, the Depositor, the Seller, as Seller and Servicer, and [                            ],
as indenture trustee (the “Indenture Trustee”), and the Issuer intends to pledge all of its right, title and interest
in such contracts to the Indenture Trustee pursuant to the Indenture.

 

NOW, THEREFORE, in consideration of the foregoing,
other good and valuable consideration and the mutual terms and covenants contained herein, the parties hereto agree as follows:

 

ARTICLE I.

Definitions

 

Section 1.01     Definitions.

 

Except as otherwise defined herein or as the context
may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the
Sale and Servicing Agreement, which contains rules as to usage that are applicable herein.

 

Section 1.02     Other
Definitional Provisions.

 

(a)            All
terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein.

 

(b)            As
used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in
any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally
accepted accounting principles. To the extent that the definitions of accounting terms in this Agreement or in any such certificate
or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions
contained in this Agreement or in any such certificate or other document shall control.

 

    

	 	1	20[__]-[_] Receivables Purchase Agreement

    

    

 

(c)            The
words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement; Article, Section, Schedule and Exhibit references
contained in this Agreement are references to Articles, Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified;
 “or” shall include “and/or”; and the term “including” shall mean “including without limitation”.

 

(d)            The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine
as well as to the feminine and neuter genders of such terms.

 

(e)            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.

 

ARTICLE II.

Conveyance of Receivables

 

Section 2.01     Conveyance
of Receivables.

 

(a)            In
consideration of the Depositor’s delivery to the Seller on the Closing Date of an amount equal to the estimated fair market value
of the Purchased Assets, which amount shall be paid in the form of (i) cash, less the par value of the Retained Notes, if any, to
be issued to the Seller on the Closing Date, (ii) Retained Notes and (iii) a capital contribution initially made by the Seller
to the Depositor (collectively, the “Purchase Price”), the Seller does hereby sell, transfer, assign, set over and
otherwise convey to the Depositor without recourse (subject to the obligations of the Seller herein) all right, title, and interest of
the Seller in and to:

 

(i)            the
Receivables and all moneys identified thereon on or after the Cutoff Date;

 

(ii)            the
security interests in the Financed Vehicles and any accessions thereto granted by Obligors pursuant to the Receivables and any other interest
of the Seller in such Financed Vehicles;

 

(iii)            any
Liquidation Proceeds and any other proceeds from claims on any physical damage, credit life or disability insurance policies covering
Financed Vehicles or Obligors, including any vendor’s single interest or other collateral protection insurance policy;

 

(iv)            any
property that shall have secured any Receivable and that shall have been acquired by or on behalf of the Seller;

 

    

	 	2	20[__]-[_] Receivables Purchase Agreement

    

    

 

(v)            all
documents and other items contained in the Receivable Files;

 

(vi)            all
proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement; and

 

(vii)            the
proceeds of any and all of the foregoing (collectively, with the assets listed in clauses (i) through (vi) above, the “Purchased
Assets”).

 

The Depositor shall make payment in respect of the Purchase Price upon
demand by the Seller. The Depositor shall deposit an amount equal to the Reserve Account Deposit into the Reserve Account on the Closing
Date, which account shall be an asset of the Issuer and pledged to the Indenture Trustee pursuant to the Indenture.

 

(b)            The
Seller and the Depositor intend that the transfer of the Purchased Assets by the Seller to the Depositor pursuant to this Agreement be
a sale of the ownership interest in such assets to the Depositor, rather than the mere granting of a security interest to secure a borrowing.
In the event, however, that such transfer is deemed not to be a sale but to be of a mere security interest to secure a borrowing or such
transfer is otherwise not effective to sell the Receivables and other property described in Section 2.01(a) hereof, the Seller
shall be deemed to have hereby granted to the Depositor a perfected first priority security interest in all such assets, and this Agreement
shall constitute a security agreement under applicable law. Pursuant to the Sale and Servicing Agreement and Section 7.04 hereof,
the Depositor may sell, transfer and assign to the Issuer (i) all or any portion of the assets assigned to the Depositor hereunder,
(ii) all or any portion of the Depositor’s rights against the Seller under this Agreement and (iii) all proceeds thereof.
Such assignment may be made by the Depositor with or without an assignment by the Depositor of its rights under this Agreement, and without
further notice to or acknowledgement from the Seller. The Seller waives, to the extent permitted under applicable law, all claims, causes
of action and remedies, whether legal or equitable (including any right of setoff), against the Depositor or any assignee of the Depositor
relating to such action by the Depositor in connection with the transactions contemplated by the Sale and Servicing Agreement.

 

Section 2.02     The
Closing. The sale and purchase of the Receivables shall take place at a closing at the offices of Mayer Brown LLP, 71 South Wacker
Drive, Chicago, Illinois 60606, on the Closing Date, simultaneously with the closing under (a) the Sale and Servicing Agreement,
(b) the Indenture and (c) the Trust Agreement.

 

ARTICLE III.

Representations and Warranties

 

Section 3.01     Representations
and Warranties of Depositor. The Depositor hereby represents and warrants as follows to the Seller and the Indenture Trustee as of
the Closing Date:

 

(a)            Organization
and Good Standing. The Depositor has been duly organized and is validly existing as a limited liability company in good standing under
the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted, including the power, authority and legal right to acquire and sell the Receivables.

 

    

	 	3	20[__]-[_] Receivables Purchase Agreement

    

    

 

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

 

(c)            No
Violation. The consummation of the transactions contemplated by this Agreement 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 or both) a default
under, the charter or bylaws of the Depositor, or any indenture, agreement or other instrument to which the Depositor is a party or by
which it is bound. 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 Depositor’s
ability to perform its obligations under the Basic Documents or the consummation of the transactions as contemplated by the Basic Documents.

 

Section 3.02     Representations
and Warranties of Seller.

 

(a)            The
Seller hereby makes the following representations and warranties as of the Closing Date on which the Depositor relies in accepting the
Purchased Assets and in transferring the Purchased Assets to the Issuer under the Sale and Servicing Agreement, and on which the Issuer
relies in pledging the same to the Indenture Trustee. Such representations and warranties speak as of the Closing Date, but shall survive
the sale, transfer and assignment of the Purchased Assets to the Depositor, the subsequent sale, transfer and assignment of the Purchased
Assets by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement and the pledge of the same by the Issuer to the Indenture
Trustee pursuant to the Indenture:

 

(i)            Organization
and Good Standing. The Seller has been duly organized and is validly existing as a corporation in good standing under the laws of
the State of California, with the corporate power and authority to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted.

 

(ii)            Due
Qualification. The Seller is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary
licenses and approvals, in all jurisdictions where the failure to do so would reasonably be expected to materially and adversely affect
the Seller’s ability to acquire, own and service the Receivables.

 

(iii)            Power
and Authority. The Seller has the power and authority to execute and deliver this Agreement and the other Basic Documents to which
it is a party and to carry out their respective terms; the Seller had at all relevant times, and has, full power, authority and legal
right to sell, transfer and assign the property sold, transferred and assigned to the Depositor hereby and has duly authorized such sale,
transfer and assignment to the Depositor by all necessary corporate action; and the execution, delivery and performance of this Agreement
and the other Basic Documents to which the Seller is a party have been duly authorized by the Seller by all necessary corporate action.

 

    

	 	4	20[__]-[_] Receivables Purchase Agreement

    

    

 

(iv)            No
Violation. The consummation of the transactions contemplated by this Agreement and the other Basic Documents to which the Seller is
a party and the performance of its obligations under this Agreement and other Basic Documents to which it is a party 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 articles of incorporation or bylaws of the Seller, or any indenture, agreement or other instrument to which the Seller 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 Agreement and the other Basic Documents), or violate any law or, to
the Seller’s knowledge, any order, rule or regulation applicable to the Seller of any court or of any federal or state regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Seller 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 Seller’s ability to perform its obligations
under the Basic Documents or the consummation of the transactions as contemplated by the Basic Documents.

 

(v)            No
Proceedings. There are no proceedings or investigations pending or, to the Seller's knowledge, threatened in writing against the Seller
before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or
its properties (A) asserting the invalidity of this Agreement or any other Basic Document to which the Seller is a party, (B) seeking
to prevent the consummation of any of the transactions contemplated by this Agreement or any other Basic Document to which the Seller
is a party or (C) seeking any determination or ruling that would materially and adversely affect the performance by the Seller of
its obligations under, or the validity or enforceability of, this Agreement or any other Basic Document to which the Seller is a party.

 

(vi)            Valid
Sale, Binding Obligation. The Basic Documents constitute a valid sale, transfer and assignment to the Depositor of all right, title
and interest of the Seller in the Receivables and the proceeds thereof. The Receivables will not be considered part of the Seller’s
estate in the event of a bankruptcy of the Seller. This Agreement and the other Basic Documents to which the Seller is a party, when duly
executed and delivered by the other parties hereto and thereto, shall constitute legal, valid and binding obligations of the Seller, enforceable
against the Seller in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency,
reorganization and similar laws now or hereafter in effect relating to or affecting creditors’ rights generally and to general principles
of equity (whether applied in a proceeding at law or in equity).

 

(vii)            No
Consents. The Seller is not required to obtain the consent of any other party or any consent, license, approval, registration, authorization,
or declaration of or with any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity,
or enforceability of this Agreement or any other Basic Document to which it is a party that has not already been obtained, other than
(A) UCC filings and (B) consents, licenses, approvals, registrations, authorizations or declarations which, if not obtained
or made, would not have a material adverse effect on the enforceability or collectability of the Receivables or would not materially and
adversely affect the ability of the Depositor to perform its obligations under the Basic Documents.

 

    

	 	5	20[__]-[_] Receivables Purchase Agreement

    

    

 

(viii)            Ordinary
Course. The transactions contemplated by this Agreement and the other Basic Documents to which the Seller is a party are in the ordinary
course of the Seller’s business.

 

(ix)              Solvency.
The Seller is not insolvent, nor will the Seller be made insolvent by the transfer of the Receivables, nor does the Seller contemplate
any pending insolvency.

 

(x)              Creditors.
The Seller did not sell the Receivables to the Depositor with any intent to hinder, delay or defraud any of its creditors.

 

(xi)              No
Notice. The Seller acquired title to the Receivables in good faith, without notice of any adverse claim.

 

(xii)             Investment
Company Act. The Seller is not required to be registered as an “investment company” or “controlled by an investment
company” within the meaning of the Investment Company Act of 1940.

 

(xiii)            Selection
Procedures. No selection procedures believed by the Seller to be adverse to the Noteholders were utilized in selecting the Receivables
from the Seller’s portfolio of retail installment sale contracts.

 

(xiv)            Security
Interest in Purchased Assets. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in
the Purchased Assets in favor of the Depositor, which is prior to all other Liens, other than Permitted Liens and any Lien that will be
released prior to the assignment hereunder, and is enforceable against all creditors of and purchasers from the Seller.

 

(xv)            Good
Title to Purchased Assets. Immediately before the sale and assignment under this Agreement, the Seller has good and marketable title
to the Purchased Assets free and clear of any Lien, other than Permitted Liens and any Lien that will be released prior to the assignment
hereunder, and, immediately after the sale and assignment under this Agreement, the Depositor will have good and marketable title to the
Purchased Assets, free and clear of any Lien, other than Permitted Liens.

 

(xvi)            All
Filings Made. All filings (including UCC filings) required to be made in any jurisdiction to give the Issuer a first priority perfected
security interest in the Receivables (other than the Related Security with respect thereto, to the extent that an ownership interest cannot
be perfected by the filing of a financing statement) and the Indenture Trustee a first priority perfected security interest in the Receivables
will be made within ten days of the Closing Date.

 

(b)            On
the Closing Date, the Seller hereby makes the representations and warranties with respect to the Receivables set forth on Exhibit A
to this Agreement, on which the Depositor relies in accepting the Receivables and in transferring the Receivables to the Issuer under
the Sale and Servicing Agreement, and on which the Issuer relies in pledging the same to the Indenture Trustee. Such representations
and warranties speak as of the execution and delivery of this Agreement or as of the Cutoff Date, as applicable, but shall survive the
sale, transfer and assignment of the Receivables to the Depositor, the subsequent sale, transfer and assignment of the Receivables by
the Depositor to the Issuer pursuant to the Sale and Servicing Agreement and the pledge of the Receivables by the Issuer to the Indenture
Trustee pursuant to the Indenture. Any inaccuracy in any of such representations or warranties shall be deemed not to constitute a breach
of such representations or warranties if such inaccuracy does not affect the ability of the Issuer to receive and retain payment in full
on such Receivable. 

 

    

	 	6	20[__]-[_] Receivables Purchase Agreement

    

    

 

 

(i)            The
Seller hereby acknowledges and agrees that under the Sale and Servicing Agreement, the Depositor will transfer to the Issuer the Depositor’s
rights under this Agreement, including the representations and warranties of the Seller as set forth on Exhibit A to this
Agreement, upon which representations and warranties the Issuer relies in accepting the Receivables and delivering the Securities, together
with all rights of the Depositor with respect to any breach thereof, including the right to require the Seller to repurchase Receivables
in accordance with this Agreement.

 

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

 

ARTICLE IV.

Conditions

 

Section 4.01     Conditions
to Obligation of the Depositor. The obligation of the Depositor to purchase the Receivables is subject to the satisfaction of the
following conditions:

 

(a)            Representations
and Warranties True. The representations and warranties of the Seller hereunder shall be true and correct on the Cutoff Date with
the same effect as if then made, and the Seller shall have performed all obligations to be performed by it hereunder on or prior to the
Cutoff Date.

 

(b)            Computer
Files Marked. The Seller shall, at its own expense, on or prior to the Cutoff Date, indicate in its computer files that the Receivables
have been sold to the Depositor pursuant to this Agreement and deliver to the Depositor the Schedule of Receivables, certified by the
Seller’s President, a Vice President or the Treasurer to be true, correct and complete.

 

(c)            Documents
To Be Delivered by the Seller on the Closing Date.

 

(i)            Evidence
of UCC Filing. The Seller shall record and file, at its own expense, a UCC-1 financing statement, in each jurisdiction in which required
by applicable law, naming the Seller as debtor and naming the Depositor as secured party, describing the Receivables and the other assets
assigned to the Depositor pursuant to Section 2.01 hereof, meeting the requirements of the laws of each such jurisdiction and in
such manner as is necessary to perfect the sale, transfer, assignment and conveyance of the Receivables and such other assets to the
Depositor. The Seller shall deliver to the Depositor a file-stamped copy or other evidence satisfactory to the Depositor of such filing
on or prior to the Closing Date. 

 

(ii)            Other
Documents. Such other documents as the Depositor may reasonably request.

 

    

	 	7	20[__]-[_] Receivables Purchase Agreement

    

    

 

(d)            Other
Transactions. The transactions contemplated by the Sale and Servicing Agreement, the Indenture and the Trust Agreement to be consummated
on the Closing Date shall be consummated on such date.

 

Section 4.02     Conditions
to Obligation of the Seller. The obligation of the Seller to sell the Receivables to the Depositor is subject to the satisfaction
of the following conditions:

 

(a)            Representations
and Warranties True. The representations and warranties of the Depositor hereunder shall be true and correct on the Closing Date
with the same effect as if then made, and the Depositor shall have performed all obligations to be performed by it hereunder on or
prior to the Closing Date.

 

(b)            Receivables
Purchase Price. On the Closing Date, the Depositor shall have delivered to the Seller the Purchase Price specified in Section 2.01.

 

ARTICLE V.

Covenants of the Seller

 

The Seller agrees with the Depositor and the Indenture
Trustee as follows:

 

Section 5.01     Protection
of Right, Title and Interest.

 

(a)            Filings.
The Seller shall cause, at its own expense, all financing statements and continuation statements and any other necessary documents (other
than the costs to re-title the Financed Vehicles in order to name a party other than the Seller as lienholder) covering the right, title
and interest of the Seller, the Depositor, the Trust and the Indenture Trustee, respectively, in and to the Receivables and the other
property included in the Trust Estate to be promptly filed and at all times to be kept recorded, registered and filed, all in such manner
and in such places as may be required by law fully to preserve and protect the right, title and interest of the Depositor hereunder, the
Trust under the Sale and Servicing Agreement and the Indenture Trustee under the Indenture in and to the Receivables and the other property
included in the Trust Estate. The Seller shall deliver to the Depositor and the Indenture Trustee file-stamped copies of, or filing receipts
for, any document recorded, registered or filed as provided above, as soon as available following such recordation, registration or filing.
The Depositor shall cooperate fully with the Seller in connection with the obligations set forth above and will execute any and all documents
reasonably required to fulfill the intent of this paragraph.

 

(b)            Name
Change. If the Seller makes any change in its name, identity or corporate structure that would make any financing statement or continuation
statement filed in accordance with paragraph (a) above seriously misleading within the applicable provisions of the UCC or any title
statute, the Seller shall give the Depositor, the Indenture Trustee and the Owner Trustee prompt written notice thereof and shall promptly
file such financing statements or amendments as may be necessary to continue the perfection of the Depositor’s and the Indenture
Trustee’s interest in the property conveyed pursuant to Section 2.01. 

 

Section 5.02     Other
Liens or Interests. Except for the conveyances hereunder and pursuant to the Basic Documents, the Seller shall not sell, pledge, assign
or transfer to any Person, or grant, create, incur, assume, or suffer to exist any Lien on, or any interest in, to or under the Receivables,
and the Seller shall defend the right, title and interest of the Depositor, the Trust and the Indenture Trustee in, to and under the Receivables
against all claims of third parties claiming through or under the Seller.

 

    

	 	8	20[__]-[_] Receivables Purchase Agreement

    

    

 

Section 5.03     Costs
and Expenses. The Seller agrees to pay all reasonable costs and disbursements in connection with the perfection, as against all third
parties, of the Depositor’s, the Issuer’s and the Indenture Trustee’s right, title and interest in and to the Receivables
and the other property included in the Trust Estate.

 

ARTICLE VI.

Indemnification

 

Section 6.01     Indemnification.

 

Without limiting any other rights any such Person
may have hereunder or under applicable law, the Seller hereby indemnifies and holds harmless the Depositor and its officers, directors,
agents and employees from and against any and all damages, losses, claims, liabilities, penalties, costs and expenses (including reasonable
attorneys’ fees and court costs) (all of the foregoing collectively, the “Indemnified Losses”) at any time imposed
on or incurred by any of the Depositor and its officers, directors, agents and employees arising out of or otherwise relating to this
Agreement, the transactions contemplated hereby or the acquisition of any of the Receivables, or any action taken or omitted by any of
such parties, whether arising by reason of the acts to be performed by the Seller hereunder or otherwise, excluding only Indemnified Losses
to the extent (a) such Indemnified Losses resulted from gross negligence or willful misconduct of the Depositor or its officers,
directors, agents or employees seeking indemnification, (b) due to the financial inability of the Obligor to pay a Receivable and
for which reimbursement would constitute recourse to the Seller for uncollectible Receivables or (c) such Indemnified Losses include
taxes on, or measured by, the overall net income of the Depositor or its officers, directors, agents and employees.

 

ARTICLE VII.

Miscellaneous Provisions

 

Section 7.01     Obligations
of Seller. The obligations of the Seller under this Agreement shall not be affected by reason of any invalidity, illegality or irregularity
of any Receivable.

 

Section 7.02     Repurchase
Events. The Seller hereby covenants and agrees that if the Seller discovers or is notified by a Requesting Party with a
Repurchase Request regarding a breach of any of the Seller’s representations and warranties contained in Section 3.02(b) at
the time such representations and warranties were made, the Seller will investigate the Receivable to confirm the breach and
determine if the breach materially and adversely affects the interests of the Issuer or the Noteholders and triggers a repurchase
event (“Repurchase Event”). Upon discovery by any party hereto of a Repurchase Event, the party discovering such
breach shall give prompt written notice thereof to the other parties hereto; provided, that delivery of a Servicer’s
Certificate shall be deemed to constitute prompt written notice thereof to the other party; provided, further, that
the failure to give such notice shall not affect any obligation of the Seller under this Section 7.02. Following a
Repurchase Event, the Seller shall either (a) correct or cure such breach or (b) purchase any Receivable materially and
adversely affected by such breach from the Issuer, in either case on or before the Payment Date following the end of the Collection
Period which includes the 60th day (or, if the Seller elects, an earlier Payment Date) after the date that the Seller
became aware of or was notified and confirmed such breach. Any such breach or failure will be deemed not to materially and adversely
affect the Noteholders or the Issuer if such breach or failure does not affect the ability of the Issuer or the Noteholders to
receive and retain timely payment in full on such Receivable. Any such purchase by the Seller shall be at a price equal to the
Purchased Amount. In consideration for such repurchase, the Seller shall make (or shall cause to be made) a payment to the Issuer
equal to the Purchased Amount by depositing such amount into the Collection Account on the Business Day preceding the Payment Date
of repurchase (or, if the Seller elects, an earlier Payment Date). Upon payment of such Purchased Amount by the Seller, the Issuer
and the Indenture Trustee shall release and shall execute and deliver such instruments of release, transfer or assignment, in each
case without recourse or representation, as shall be reasonably necessary to vest in the Seller or its designee any Receivable
repurchased pursuant hereto. It is understood and agreed that the right to cause the Seller to purchase any Receivable as described
above shall constitute the sole remedy respecting such breach available to the Issuer, the Noteholders, the Owner Trustee, the
Certificateholders and the Indenture Trustee. Neither the Owner Trustee nor the Indenture Trustee will have any duty to conduct an
affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section 7.02.

 

    

	 	9	20[__]-[_] Receivables Purchase Agreement

    

    

  

Section 7.03     Depositor
Assignment of Repurchased Receivables. With respect to all Receivables repurchased by the Seller pursuant to this Agreement, the Depositor
shall assign, without recourse, representation or warranty, to the Seller all of the Depositor’s right, title and interest in and
to such Receivables and all security and documents relating thereto.

 

Section 7.04     Transfer
to the Issuer. The Seller acknowledges and agrees that (1) the Depositor will, pursuant to the Sale and Servicing Agreement,
transfer and assign the Receivables and assign its rights under this Agreement with respect thereto to the Issuer and, pursuant to the
Indenture, the Issuer will pledge the Receivables to the Indenture Trustee, and (2) the representations and warranties contained
in this Agreement and the rights of the Depositor under this Agreement, including under Section 7.02, are intended to benefit the
Issuer, the Noteholders and the Certificateholder. The Seller hereby consents to such transfers and assignments and agrees that enforcement
of a right or remedy hereunder by the Indenture Trustee, the Owner Trustee or the Issuer shall have the same force and effect as if the
right or remedy had been enforced or executed by the Depositor.

 

Section 7.05     Amendment.

 

(a)            This
Agreement may be amended from time to time, with prior written notice to the Rating Agencies but without the consent of the Noteholders
or the Certificateholder, by a written amendment duly executed and delivered by the Seller and the Depositor, for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the
rights of Noteholders or the Certificateholder subject to the satisfaction of one of the following conditions: 

 

(i)            the
Depositor or the Seller delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that such
amendment will not materially and adversely affect the interests of the Noteholders (and, if the Certificates are then held by anyone
other than the Depositor or a U.S. Affiliate of the Depositor, the Certificateholders); or

 

(ii)            the
Rating Agency Condition is satisfied (other than with respect to S&P, but with satisfaction of the Rating Agency Notification with
respect to S&P if S&P is rating any Outstanding Class of Notes) with respect to such action.

 

    

	 	10	20[__]-[_] Receivables Purchase Agreement

    

    

 

(b)            This
Agreement may also be amended by the Seller and the Depositor, with prior written notice to the Rating Agencies and the prior written
consent of Holders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling Class of the Notes and Holders
of Certificates evidencing at least a majority of the Certificate Percentage Interests (excluding, for purposes of this Section 7.05,
Certificates held by the Seller or any of its affiliates), for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholder; provided,
however, that no such amendment may (i) reduce the interest rate or principal amount of any Note or the percentage interest
of any Certificate or delay the Stated Maturity Date of any Note without the consent of the Holder of such Note or (ii) reduce the
aforesaid percentage of the Notes or the Certificates that is required to consent to any such amendment, without the consent of the Holders
of all the outstanding Notes and Certificates.

 

Section 7.06     Waivers.
No failure or delay on the part of the Depositor, the Issuer or the Indenture Trustee in exercising any power, right or remedy under this
Agreement or the Bill of Sale shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or
remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy.

 

Section 7.07     Notices.
All demands, notices and communications under this Agreement shall be in writing, electronically delivered, personally delivered or mailed
by certified mail, return receipt requested, to: (1) in the case of the Seller, Hyundai Capital America, 3161 Michelson Drive, Suite 1900, Irvine,
California 92612, Attention: Treasurer; (2) in the case of the Depositor, Hyundai ABS Funding,
LLC, 3161 Michelson Drive, Suite 1900, Irvine, California 92612, Attention: President and Secretary; (3) in the
case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street,
25th Floor, New York, NY 10007; and (4) in the case of S&P, via electronic delivery to Servicer_reports@sandp.com or at the following
address: S&P Global Ratings, 55 Water Street (40th Floor), New York, New York 10041, Attention: ABS Surveillance Department;
or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

 

    

	 	11	20[__]-[_] Receivables Purchase Agreement

    

    

 

Section 7.08     Costs
and Expenses. The Seller shall pay all expenses incident to the performance of its obligations under this Agreement and the Seller
agrees to pay all reasonable out-of-pocket costs and expenses of the Depositor, in connection with the perfection as against third parties
of the Depositor’s, the Issuer’s and the Indenture Trustee’s right, title and interest in and to the Receivables and
the enforcement of any obligation of the Seller hereunder.

 

Section 7.09     Representations
of the Seller and the Depositor. The respective agreements, representations, warranties and other statements by the Seller and the
Depositor set forth in or made pursuant to this Agreement shall remain in full force and effect and will survive the closing under Section 2.02
and the transfers and assignments referred to in Section 7.04.

 

Section 7.10     Confidential
Information. The Depositor agrees that it will neither use nor disclose to any Person the names and addresses of the Obligors, except
to enforce the Depositor’s rights hereunder, under the Receivables, under the Sale and Servicing Agreement or any other Basic Document,
or as required by any of the foregoing or by law.

 

Section 7.11     Headings
and Cross-References. The various headings in this Agreement are included for convenience only and shall not affect the meaning or
interpretation of any provision of this Agreement. References in this Agreement to section names or numbers are to such Sections of this
Agreement.

 

Section 7.12     GOVERNING
LAW. THIS AGREEMENT AND THE ASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER OR THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section 7.13     Counterparts;
Electronic Signatures and Transmission.

 

(a)            This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of
this Agreement by Electronic Transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)            For
purposes of this Agreement, any reference to “written” or “in writing” means any form of written
communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by
Electronic Transmission. The Indenture Trustee and the Issuer are authorized to accept written instructions, directions, reports,
notices or other communications signed manually, by way of faxed signatures, or delivered by Electronic Transmission. In the absence
of bad faith or negligence on its part, each of the Indenture Trustee and the Issuer may conclusively rely on the fact that the
Person sending instructions, directions, reports, notices or other communications or information by Electronic Transmission is, in
fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf
of the party purporting to send such Electronic Transmission and, in the absence of bad faith or negligence, shall not have any
liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or
compliance with such instructions, directions, reports, notices or other communications or information to the Indenture Trustee or
the Issuer, including, without limitation, the risk of either the Indenture Trustee or Issuer acting on unauthorized instructions,
notices, reports or other communications or information, and the risk of interception and misuse by third parties.

 

    

	 	12	20[__]-[_] Receivables Purchase Agreement

    

    

 

(c)            The
words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating
to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the
extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act or any
other similar state laws based on the Uniform Electronic Transactions Act.

 

(d)            Notwithstanding
anything to the contrary in this Agreement, any and all communications (both text and attachments) by or from the Indenture Trustee that
the Indenture Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive information and sent by Electronic
Transmission will be encrypted. The recipient of the Electronic Transmission may be required to complete a one-time registration process.

 

Section 7.14     Third
Party Beneficiary. The Indenture Trustee is an express third party beneficiary of this Agreement and shall be entitled to enforce
the provisions of this Agreement as if it were a party hereto.

 

Section 7.15     No
Proceedings. So long as this Agreement is in effect, and for one year plus one day following its termination, the Seller agrees that
it will not file any involuntary petition or otherwise institute any bankruptcy, reorganization arrangement, insolvency or liquidation
proceeding or other proceedings under any federal or state bankruptcy law or similar law against the Trust.

 

Section 7.16     Nonpetition
Covenant. Notwithstanding any prior termination of this Agreement, the Seller shall not, prior to the date that is one year and one
day after the termination of this Agreement with respect to the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor
to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor under
any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Depositor or any substantial part of its property, or ordering the winding up or liquidation of the affairs
of the Depositor.

 

Section 7.17     Dispute
Resolution.

 

(a)            If
a Requesting Party submits a Repurchase Request to the Seller pursuant to Section 7.02 of this Agreement and the Repurchase
Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt
of notice of the request by the Seller, the Requesting Party will have the right to refer the matter, at its discretion, to either mediation
(including non-binding arbitration) or binding arbitration pursuant to this Section 7.17. Dispute resolution to resolve any
repurchase request will be available regardless of whether the Noteholders vote to direct an Asset Representations Review. 

 

    

	 	13	20[__]-[_] Receivables Purchase Agreement

    

    

 

(b)            The
Requesting Party will provide notice in accordance with the provisions of Section 7.07 of its intention to refer the matter
to mediation (including non-binding arbitration) or binding arbitration, as applicable, to the Seller, with a copy to the Issuer, the
Depositor, the Owner Trustee and the Indenture Trustee. The Seller agrees that it will participate in the resolution method selected by
the Requesting Party. Any settlement agreement reached in a mediation and any decision by an arbitrator in a binding arbitration shall
be binding upon the Requesting Party, the Issuer, the Owner Trustee, and the Indenture Trustee with respect to the Receivable that is
the subject matter of the Repurchase Request, and, in that situation, issues relating to that Receivable may not be re-litigated by the
Requesting Party or the Seller or become the subject of a subsequent Repurchase Request by the Requesting Party in mediation (including
non-binding arbitration), arbitration, court, or otherwise.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii)         The
arbitrator will make its final determination no later than 90 days after appointment or as soon as practicable thereafter. The arbitrator
will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in any way. The arbitrator
will not have the power to award punitive damages or consequential damages in any arbitration conducted by it, and the Requesting Party
shall not be required to pay more than the applicable Purchased Amount with respect to any receivable which such Requesting Party is required
to repurchase under the terms of this Agreement. In its final determination, the arbitrator will determine and award the costs of the
arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and reasonable
attorneys’ fees to the Requesting Party and the Seller as determined by the arbitrator in its reasonable discretion. The determination
of the arbitrator will be in writing and counterpart copies will be promptly delivered to the Requesting Party and the Seller. For binding
arbitration, the determination of the arbitrator will be final and non-appealable (absent manifest error), except for actions to confirm
or vacate the determination permitted under federal or state law, and may be entered and enforced in any court with jurisdiction over
the Requesting Party and the Seller and the matter.

 

    

	 	14	20[__]-[_] Receivables Purchase Agreement

    

    

 

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

 

(e)            The
following provisions will apply to both mediations (including non-binding arbitrations) and arbitrations:

 

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

 

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

 

Other than as publicly available with the Commission or otherwise
publicly disclosed, the details and/or existence of any unfulfilled Repurchase Request, any meetings or discussions regarding any unfulfilled
Repurchase Request, mediations or arbitration proceedings conducted under this Section 7.17, including all offers, promises,
conduct and statements, whether oral or written, made in the course of the Requesting Party and the Seller's attempt to resolve an unfulfilled
Repurchase Request, any information exchanged in connection with any mediation, and any discovery taken in connection with any arbitration
(collectively, “Confidential Information”), shall be and remain confidential and inadmissible (except as permitted
in accordance with applicable law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding
(including any proceeding under this Section 7.17) other than as required to be disclosed in accordance with applicable law,
regulatory requirements, or court order or to the extent that the Requesting Party, in its sole discretion, elects to disclose such information.
Such information will be kept strictly confidential and will not be disclosed or discussed with any third party, and except that a party
may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively “Representatives”),
as reasonably required in connection with any resolution procedure under this Section 7.17), if the disclosing party (a) directs
such Representatives to keep the information confidential, (b) is responsible for any disclosure by its Representatives of such
information and (c) takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information.
If any party receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for
Confidential Information, the recipient will promptly notify the other party and will provide the other party with the opportunity to
object to the production of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable
requirements of law and regulation. If, in the absence of a protective order, such party or any of its representatives are compelled
as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such
party may disclose to the party compelling disclosure only the part of such Confidential Information that is required to be disclosed. 

 

[Remainder of Page Intentionally Left Blank]

 

    

	 	15	20[__]-[_] Receivables Purchase Agreement

    

    

 

 

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

 

	 	HYUNDAI CAPITAL AMERICA
	 	 
	 	By: 	                        

 

	 	Name:	 
	 	Title:	 

 

    

	 	S-1	20[__]-[_] Receivables Purchase Agreement

    

    

 

	 	HYUNDAI ABS FUNDING, LLC
	 	 
	 	By:	                      

 

	 	Name:	 
	 	Title:	 

 

    

	 	S-2	20[__]-[_] Receivables Purchase Agreement

    

    

  

SCHEDULE I

 

Schedule of Receivables

 

[To be delivered to the Trust at Closing]

 

    

	 	I-1	20[__]-[_] Receivables Purchase Agreement

    

    

 

EXHIBIT A

 

Representations and Warranties

as to the Receivables

 

(i) Characteristics of Receivables.
Each Receivable:

 

(a)      was
originated by a Dealer located in the United States of America for the retail sale of a Financed Vehicle, is payable in United States
dollars, has been signed or electronically authenticated by the Obligor and the Dealer thereto, has been purchased by the Seller from
such Dealer under an existing Dealer Agreement and has been validly assigned by such Dealer to the Seller,

 

(b)      has
created or shall create a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has
been assigned by the Seller to the Depositor and by the Depositor to the Issuer,

 

(c)      contains
provisions that permit the repossession and sale of the Financed Vehicle upon a default under the Receivable by the Obligor,

 

(d)      provided,
at origination, for fixed level monthly payments (provided that the first and last payments may be different from but in no event more
than three times the level payments) that fully amortize the Amount Financed over the original term,

 

(e)      amortizes
using the simple interest method,

 

(f)       has
an Obligor which is not an affiliate of the Seller,

 

(g)      has
an Obligor which is not listed on Seller’s electronic records related to receivables as a government or governmental subdivision
or agency, and

 

(h)      has
an Obligor which is not shown on the Servicer’s electronic records related to receivables as a debtor in pending bankruptcy proceeding,

 

(ii)           Compliance
with Law. Each Receivable complied at the time it was originated or made in all material respects with all requirements of law in
effect at that time and applicable to such Receivable.

 

(iii)          Binding
Obligation. Each Receivable represents the legal and binding payment obligation of the Obligor, enforceable in all material respects
by the holder of the Receivable, except as may be limited by bankruptcy, insolvency, reorganization or other laws relating to the enforcement
of creditors’ rights or by general equitable principles, consumer protection laws and the Servicemembers Civil Relief Act.

 

(iv)          Chattel
Paper. Each Receivable constitutes either “tangible chattel paper” or “electronic chattel paper” within the
meaning of the UCC as in effect in the state of origination. If such Receivable constitutes electronic chattel paper, the Seller has “control”
of such electronic chattel paper within the meaning of Section 9-105 of the applicable UCC.

 

    

	 	A-1	20[__]-[_] Receivables Purchase Agreement

    

    

 

(v)          One
Original. There is only one executed original, electronically authenticated original or authoritative copy of the “contract”
(within the meaning of the UCC) related to each Receivable.

 

(vi)          Receivables
in Force. As of the Cutoff Date, the Servicer’s electronic records related to receivables do not indicate that any Receivable
was satisfied, subordinated or rescinded, or that any Financed Vehicle was released from the Lien of the related Receivable. As of the
Cutoff Date, none of the material terms of any Receivable has been expressly waived, altered or modified in any material respect since
its origination, except by instruments or documents identified in the Seller’s receivable system.

 

(vii)         Lawful
Assignment. The terms of the Receivable do not prohibit the sale, transfer and assignment of such Receivable under this Agreement,
the Sale and Servicing Agreement or the pledge of such Receivable under the Indenture.

 

(viii)        Title.
Immediately prior to the transfers and assignments herein contemplated, the Seller has good and marketable title to each Receivable free
and clear of all Liens (except Permitted Liens and any Lien that will be released prior to the assignment of such Receivable hereunder),
and, immediately upon the transfer thereof, the Depositor shall have good and marketable title to each Receivable, free and clear of all
Liens except Permitted Liens.

 

(ix)          No
Defenses. The Servicer’s electronic records related to receivables do not reflect any right of rescission, setoff, counterclaim
or defense asserted or threatened by any Obligor for any Receivable indicated in the Seller’s receivable system.

 

(x)           No
Default. As of the Cutoff Date, the Servicer’s receivable system did not disclose that there was any payment default under
the terms of any Receivable (other than payment delinquencies of not more than 30 days).

 

(xi)          Insurance.
Under the terms of each Receivable, the Obligor is required to maintain physical damage insurance covering the related Financed Vehicle.

 

(xii)         Individual
Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date:

 

(a)      each
Receivable had an original number of scheduled payments of not less than [  ] or more than [  ] months,

 

(b)      no
Receivable was more than [__] days past due as of the Cutoff Date,

 

(c)      no
Receivable has a final scheduled payment date after [     ], 20[_],

 

(d)      no
Receivable has an APR of less than [     ]%,

 

(e)      each
Receivable has a remaining number of scheduled payments of at least [  ] months and no more than [  ] months,

 

    

	 	A-2	20[__]-[_] Receivables Purchase Agreement

    

    

 

(f)       each
Receivable has a remaining balance of at least $[               ]
and not greater than $[               ], and

 

(g)      each
Receivable is secured by a new or used automobile, light-duty truck or minivan.

 

    

	 	A-3	20[__]-[_] Receivables Purchase AgreementEXHIBIT 10.2

 

SALE
AND SERVICING AGREEMENT

 

among

 

HYUNDAI
AUTO RECEIVABLES TRUST 20[__]-[_],

Issuer,

 

HYUNDAI
ABS FUNDING, LLC,

Depositor,

 

HYUNDAI
CAPITAL AMERICA,

Seller and Servicer,

 

and

 

[                          
],

Indenture Trustee

 

Dated
as of [_____], 20[__]

 

     

     

    

 

Table
of Contents

 

Page

 

	ARTICLE I.	DEFINITIONS	1
	 	 	 	 	 
	 	Section 1.01	 	Definitions	1
	 	Section 1.02	 	Other Definitional Provisions	1
	 	 	 	 	 
	ARTICLE II.	CONVEYANCE
    OF RECEIVABLES	2
	 	 	 	 	 
	 	Section 2.01	 	Conveyance of Receivables	2
	 	 	 	 	 
	ARTICLE III.	THE
    RECEIVABLES	3
	 	 	 	 	 
	 	Section 3.01	 	Representations and Warranties
    of the Seller	3
	 	Section 3.02	 	Perfection Representations
    and Warranties	4
	 	Section 3.03	 	Repurchase upon Breach	5
	 	 	 	 	 
	ARTICLE IV.	ADMINISTRATION
    AND SERVICING OF RECEIVABLES	6
	 	 	 	 	 
	 	Section 4.01	 	Duties of Servicer	6
	 	Section 4.02	 	Collection of Receivable Payments;
    Modifications of Receivables	6
	 	Section 4.03	 	Realization upon Receivables	7
	 	Section 4.04	 	[Reserved]	8
	 	Section 4.05	 	Maintenance of Security Interests
    in Financed Vehicles	8
	 	Section 4.06	 	Covenants of Servicer	8
	 	Section 4.07	 	Purchase of Receivables Upon
    Breach	9
	 	Section 4.08	 	Servicing Fee	9
	 	Section 4.09	 	Servicer’s Certificate	10
	 	Section 4.10	 	Annual Statement as to Compliance,
    Notice of Servicer Termination Event	10
	 	Section 4.11	 	Compliance with Regulation
    AB	10
	 	Section 4.12	 	Access to Certain Documentation
    and Information Regarding Receivables	10
	 	Section 4.13	 	Term of Servicer	11
	 	Section 4.14	 	Annual Independent Accountants’
    Report	11
	 	Section 4.15	 	Reports to the Commission	11
	 	Section 4.16	 	Compensation of Indenture Trustee	11
	 	 	 	 	 
	ARTICLE V.	DISTRIBUTIONS;
    STATEMENTS TO SECURITYHOLDERS	12
	 	 	 	 	 
	 	Section 5.01	 	Accounts	12
	 	Section 5.02	 	Application of Collections	14
	 	Section 5.03	 	Property of the Trust	14
	 	Section 5.04	 	Purchased Amounts	15
	 	Section 5.05	 	Distributions	15
	 	Section 5.06	 	Reserve Account[; Risk Retention
    Reserve Account]	17
	 	Section 5.07	 	Statements to Securityholders	18

 

    	 	-i-	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Table
of Contents 

(continued)

 

Page

 

	 	Section 5.08	 	Advances by the
    Servicer	19
	 	 	 	 	 
	ARTICLE VI.	THE
    DEPOSITOR	19
	 	 	 	 	 
	 	Section 6.01	 	Representations of Depositor	19
	 	Section 6.02	 	Company Existence	21
	 	Section 6.03	 	Liability of Depositor	21
	 	Section 6.04	 	Merger or Consolidation of,
    or Assumption of the Obligations of, Depositor	22
	 	Section 6.05	 	Amendment of Depositor’s
    Organizational Documents	22
	 	 	 	 	 
	ARTICLE VII.	THE
    SERVICER	22
	 	 	 	 	 
	 	Section 7.01	 	Representations of Servicer	22
	 	Section 7.02	 	Indemnities of Servicer	24
	 	Section 7.03	 	Merger or Consolidation of,
    or Assumption of the Obligations of, Servicer	25
	 	Section 7.04	 	Limitation on Liability of
    Servicer and Others	26
	 	Section 7.05	 	Delegation of Duties	26
	 	Section 7.06	 	Servicer Not to Resign	26
	 	Section 7.07	 	Fidelity Bond	27
	 	 	 	 	 
	ARTICLE VIII.	DEFAULT	27
	 	 	 	 	 
	 	Section 8.01	 	Servicer Termination Events	27
	 	Section 8.02	 	Consequences of a Servicer
    Termination Event	28
	 	Section 8.03	 	Appointment of Successor Servicer	28
	 	Section 8.04	 	Notification to Securityholders	29
	 	Section 8.05	 	Waiver of Past Defaults	29
	 	 	 	 	 
	ARTICLE IX.	TERMINATION	29
	 	 	 	 	 
	 	Section 9.01	 	Optional Purchase of All Receivables	29
	 	 	 	 	 
	ARTICLE X.	MISCELLANEOUS	30
	 	 	 	 	 
	 	Section 10.01	 	Amendment	30
	 	Section 10.02	 	Protection of Title to Trust	31
	 	Section 10.03	 	Notices	33
	 	Section 10.04	 	Assignment by the Depositor
    or the Servicer	33
	 	Section 10.05	 	Limitations on Rights of Others	33
	 	Section 10.06	 	Severability	33
	 	Section 10.07	 	Counterparts; Electronic Signatures
    and Transmission	33
	 	Section 10.08	 	Headings	34
	 	Section 10.09	 	GOVERNING LAW	34
	 	Section 10.10	 	Assignment by Issuer	34
	 	Section 10.11	 	Nonpetition Covenants	34

 

    	 	-ii-	(20[
                                            ]-[ ] Sale and Servicing Agreement)

     

    

 

Table
of Contents 

(continued)

 

Page

 

	 	Section 10.12	 	Limitation of Liability
    of Owner Trustee and Indenture Trustee	35
	 	Section 10.13	 	Information to Be Provided
    by the Indenture Trustee	35
	 	Section 10.14	 	Form 8-K Filings	37

 

	Exhibit A	 	Form of Record
    Date Statement	A-1
	Exhibit B	 	Form of Servicer’s
    Certificate	B-1
	Exhibit C	 	Form of Indenture Trustee’s
    Annual Sarbanes Certification	C-1
	 	 	 	 
	Schedule A	 	Schedule of Receivables	Sched. A-1
	Schedule B	 	Yield Supplement Overcollateralization
    Amount	Sched. B-1
	 	 	 	 
	Appendix A	 	Definitions	App. A-1
	Appendix B	 	Regulation AB Representations,
    Warranties and Covenants	App. B-1
	 	 	 	 
	Schedule I	 	Servicing Criteria To Be Addressed
    by Indenture Trustee in Assessment of Compliance	Sched. I-1

 

    	 	-iii-	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

This
SALE AND SERVICING AGREEMENT, dated as of [ ], 20[__] (this “Agreement”), among HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_],
a Delaware statutory trust (the “Issuer”), HYUNDAI ABS FUNDING, LLC, a Delaware limited liability company (the “Depositor”),
HYUNDAI CAPITAL AMERICA, a California corporation, as servicer (in such capacity, the “Servicer”) and as seller (in
such capacity, the “Seller”), and [ ], a [_____________], as indenture trustee (the “Indenture Trustee”).

 

WHEREAS,
the Issuer desires to purchase a portfolio of receivables arising in connection with retail installment sale contracts secured by new
and used automobiles, light-duty trucks and minivans and acquired by the Seller in the ordinary course of business and sold by the Seller
to the Depositor;

 

WHEREAS,
the Depositor is willing to sell such receivables to the Issuer; and

 

WHEREAS,
the Servicer is willing to service such receivables.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

 

ARTICLE I.

 

DEFINITIONS

 

Section 1.01
Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise
defined herein are defined in Appendix A to this Agreement, which contains rules as to usage that are applicable
herein

 

Section 1.02
Other Definitional Provisions.

 

(a)            All
terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein.

 

(b)            As
used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined
in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such
certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting
principles. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are
inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement
or in any such certificate or other document shall control.

 

(c)            The
words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement; Article, Section, Schedule and Exhibit references
contained in this Agreement are references to Articles, Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified;
 “or” shall include “and/or”; and the term “including” shall mean “including without limitation”.

 

    	 		(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(d)            The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine
as well as to the feminine and neuter genders of such terms.

 

(e)            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.

 

ARTICLE II.

 

CONVEYANCE
OF RECEIVABLES

 

Section 2.01
Conveyance of Receivables. In consideration of the Issuer’s delivery to or upon the order of the Depositor of cash, the
Certificates and such other amounts to be distributed to the Depositor on the Closing Date, the Depositor does hereby sell, transfer,
assign, set over and otherwise convey to the Issuer, without recourse (subject to the obligations of the Depositor set forth herein),
all right, title and interest of the Depositor in and to:

 

(a)            the
Receivables and all moneys identified thereon after 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 from claims on any physical damage, credit, life or disability insurance policies covering
the 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 shall have been acquired by or on behalf of the Depositor, the Servicer or the Trust;

 

(e)            all
documents and other items contained in the Receivable Files;

 

(f)            all
of the Depositor’s rights (but not its obligations) under the Receivables Purchase Agreement;

 

(g)            all
right, title and interest in the Trust Accounts and all funds, securities or other assets credited from time to time to the Trust Accounts
and in all investments therein and proceeds thereof (including all Investment Earnings with respect to the Reserve Account[ and the initial
Reserve Account Deposit)];

 

    	 	2	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(h)            any
proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement; and

 

(i)            the
proceeds of any and all of the foregoing (collectively, with the assets listed in clauses (a) through (h) above, the “Conveyed
Assets”).

 

The
Depositor and the Issuer agree that the purchase price for the Conveyed Assets sold by the Depositor to the Issuer represents fair market
value for the Conveyed Assets. It is the intention of the Depositor that the transfer and assignment contemplated by this Agreement shall
constitute a sale of the Conveyed Assets from the Depositor to the Trust and the beneficial interest in and title to the Receivables
and the related property shall not be part of the Depositor’s estate in the event of the filing of a bankruptcy petition by or
against the Depositor under any bankruptcy law. In the event that, notwithstanding the intent of the Depositor, the transfer and assignment
contemplated hereby is held not to be a sale or is otherwise not effective to sell the Conveyed Assets, this Agreement shall constitute
a grant by the Depositor to the Issuer of a security interest in all Conveyed Assets and all accounts, money, chattel paper, securities,
instruments, documents, deposit accounts, uncertificated securities, general intangibles, contract rights, goods and other property consisting
of, arising from or relating to such Conveyed Assets, for the benefit of the Securityholders.

 

ARTICLE III.

 

THE
RECEIVABLES

 

Section 3.01
Representations and Warranties of the Seller.

 

(a)            The
Seller has made each of the representations and warranties set forth in Exhibit A to the Receivables Purchase Agreement as to the
Receivables and has consented to the assignment by the Depositor to the Issuer of the Depositor’s rights with respect thereto.
Such representations and warranties speak as of the respective dates set forth therein, but shall survive the sale, transfer and assignment
of the Receivables to the Issuer and the pledge of such Receivables to the Indenture Trustee. Pursuant to Section 2.01 of this Agreement,
the Depositor has sold, assigned, transferred and conveyed to the Issuer, as part of the assets of the Issuer, its rights under the Receivables
Purchase Agreement, including the representations and warranties of the Seller therein as set forth in Exhibit A to the Receivables
Purchase Agreement as to the Receivables, upon which representations and warranties the Issuer relies in accepting the Receivables and
delivering the Securities, together with all rights of the Depositor with respect to any breach thereof, including the right to require
the Seller to repurchase Receivables in accordance with the Receivables Purchase Agreement. It is understood and agreed that the representations
and warranties referred to in this Section shall survive the sale and delivery of the Receivables to the Issuer.

 

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

 

    	 	3	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 3.02
Perfection Representations and Warranties. If the transfer of the Conveyed Assets under this Agreement is determined to be a pledge
relating to a financing or is determined not to be an absolute sale and assignment, the Depositor makes the following representations
and warranties on which the Issuer is relying in purchasing the Conveyed Assets.  The representations and warranties are made as
of the Closing Date, but shall survive the sale, transfer and assignment of the Conveyed Assets by the Depositor to the Issuer and the
pledge thereof to the Indenture Trustee pursuant to the Indenture:

 

(a)            This
Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Conveyed Assets in favor of the
Issuer, which security interest is prior to all other Liens other than Permitted Liens and any Lien that will be released prior to the
assignment hereunder, and is enforceable as such against creditors of and purchasers from the Depositor.

 

(b)            Each
Receivable constitutes either “tangible chattel paper” or “electronic 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 this Agreement, the Issuer shall have good and marketable title
to each Receivable, free and clear of any Liens other than permitted liens and any Lien that will be released prior to the assignment
hereunder.

 

(d)            The
Depositor has caused, or will have caused, within ten days of the Closing Date, the filing of all appropriate financing statements in
the proper filing office in the appropriate jurisdiction under the applicable UCC in order to perfect the security interest in the Conveyed
Assets granted to the Issuer under this Agreement.

 

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

 

(f)            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 Issuer, except for such marks or notations indicating that they have been pledged,
assigned or otherwise conveyed (i) to the Depositor or the Indenture Trustee in accordance with the Basic Documents or (ii) to
HCA in accordance with Dealer Agreements. All financing statements filed or to be filed against the Depositor in favor of the Issuer
in connection with this Agreement 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 Sale and Servicing Agreement, will violate
the rights of the Issuer.”

 

    	 	4	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

 

Section 3.03 Repurchase upon Breach.
If the Seller discovers, or is notified by a Requesting Party with a Repurchase Request regarding, a breach of any of the representations
and warranties set forth in Section 3.02(b) to the Receivables Purchase Agreement at the time such representations and
warranties were made, the Seller will investigate the Receivable to confirm the breach and determine if the breach triggers a Repurchase
Event. Following a Repurchase Event, the Seller shall either (a) correct or cure such breach or (b) purchase any Receivable
materially and adversely affected by such breach from the Issuer, in either case on or before the Payment Date following the end of the
Collection Period, which includes the 60th day (or, if the Seller elects, an earlier Payment Date) after the date that the
Seller became aware of or was notified of and confirmed such breach. Any such breach or failure will be deemed not to materially and adversely
affect the Noteholders or the Issuer if such breach or failure does not affect the ability of the Issuer or the Noteholders to receive
and retain timely payment in full on such Receivable. Any such purchase by the Seller shall be at a price equal to the Purchased Amount.
In consideration for such repurchase, the Seller shall make (or shall cause to be made) a payment to the Issuer equal to the Purchased
Amount by depositing such amount into the Collection Account in accordance with Section 5.04 on the Business Day preceding
the Payment Date of repurchase (or, if the Seller elects, an earlier Payment Date). Upon payment of such Purchased Amount by the Seller,
the Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments of release, transfer or assignment,
in each case without recourse or representation, as shall be reasonably necessary to vest in the Seller or its designee any Receivable
repurchased pursuant hereto. It is understood and agreed that the right to cause the Seller to purchase (or to enforce the obligations
of Seller under the Receivables Purchase Agreement to purchase) any Receivable as described above shall constitute the sole remedy respecting
such breach available to the Issuer, the Noteholders, the Owner Trustee, the Certificateholders and the Indenture Trustee. Neither the
Owner Trustee nor the Indenture Trustee will have any duty to conduct an affirmative investigation as to the occurrence of any condition
requiring the repurchase of any Receivable pursuant to this Section 3.03.

 

    	 	5 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

ARTICLE IV.

 

ADMINISTRATION
AND SERVICING OF RECEIVABLES

 

Section 4.01 Duties of Servicer.
The Servicer, for the benefit of the Issuer and the Indenture Trustee, shall manage, service, administer and make collections on the
Receivables and perform the other actions required of the Servicer under this Agreement. The Servicer shall service the Receivables
in accordance with its customary servicing practices, using the degree of skill and attention that the Servicer exercises with
respect to all other comparable motor vehicle receivables that it services for itself and others. The Servicer’s duties shall
include the collection and posting of all payments, responding to inquiries of Obligors, investigating delinquencies, sending
payment statements to Obligors, reporting any required tax information to Obligors, monitoring the Collateral, accounting for
collections, furnishing monthly and annual statements to the Owner Trustee and the Indenture Trustee with respect to distributions
and performing the other duties specified herein. The Servicer also shall administer and enforce all rights of the holder of the
Receivables under the Receivables and the Dealer Agreements to the extent and in a manner consistent with its customary practices.
To the extent consistent with the standards, policies and procedures otherwise required hereby and the Credit and Collection Policy,
the Servicer shall follow its customary standards, policies and procedures and shall have full power and authority, acting alone, to
do any and all things in connection with the managing, servicing, administration and collection of the Receivables that it may deem
necessary or desirable. Without limiting the generality of the foregoing and subject to Section 4.02, the Servicer is hereby
authorized and empowered to execute and deliver, on behalf of itself, the Issuer, the Owner Trustee, the Indenture Trustee, the
Certificateholders and the Noteholders, or any of them, any and all instruments of satisfaction or cancellation, or of partial or
full release or discharge, and all other comparable instruments with respect to the Receivables and with respect to the Financed
Vehicles. The Servicer is not required under the Basic Documents to make any disbursements via wire transfer or otherwise on behalf
of an Obligor. There are no requirements under the Receivable or the Basic Documents for funds to be, and no funds shall be, held in
trust for an Obligor. No payments or disbursements shall be made by the Servicer on behalf of an Obligor. The Servicer is hereby
authorized to commence, in its own name or in the name of the Issuer, the Indenture Trustee, the Owner Trustee, the
Certificateholders or the Noteholders, a legal proceeding to enforce a Receivable pursuant to Section 4.03 or to commence or
participate in any other legal proceeding (including a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a
Financed Vehicle. If the Servicer commences or participates in any such legal proceeding in its own name, the Indenture Trustee or
the Issuer shall thereupon be deemed to have automatically assigned the applicable Receivable to the Servicer solely for purposes of
commencing or participating in such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Indenture
Trustee or the Issuer to execute and deliver in the Indenture Trustee’s or the Issuer’s name any notices, demands,
claims, complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. If in any
enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a Receivable on the ground that it shall not
be a real party in interest or a holder entitled to enforce such Receivable, the Owner Trustee shall, at the Servicer’s
expense and direction, take steps to enforce such Receivable, including bringing suit in its name or the name of the Issuer, the
Indenture Trustee, the Certificateholders or the Noteholders. The Owner Trustee and the Indenture Trustee shall upon the written
request of the Servicer furnish the Servicer with any powers of attorney and other documents reasonably necessary or appropriate to
enable the Servicer to carry out its servicing and administrative duties hereunder. The Servicer shall include the disclosures
required by [Rule 4(c)(2)(ii)][Rule 4(c)(1)(i) and (iii)] contained in Regulation RR, 17 C.F.R. §246.4, et seq.
in the first Servicer’s Certificate after the Closing Date.

 

Section 4.02 Collection of Receivable Payments;
Modifications of Receivables.

 

(a)            Consistent
with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all payments
called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection procedures
as it follows with respect to all comparable motor vehicle receivables that it services for itself or others. The Servicer is authorized
in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary
course of servicing any Receivable.

 

(b)            Subject
to Section 4.06, the Servicer may grant extensions, rebates, deferrals, amendments, modifications or adjustments on a Receivable
in accordance with its customary servicing practices; provided, however, that if the Servicer (i) extends the date for final
payment by the Obligor of any Receivable beyond the last day of the Collection Period prior to the [Class D Stated Maturity Date]
or (ii) reduces the APR or unpaid principal balance with respect to any Receivable other than as required by applicable law, it will
promptly purchase such Receivable in the manner provided in Section 4.07.

 

    	 	6 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(c)            The
Servicer may, but is not required to, make any advances of funds or guarantees regarding collections, cash flows or distributions. Payments
on the Receivables, including payoffs made in accordance with the related documentation for such Receivables, shall be posted to the Servicer’s
Obligor records in accordance with the principal, interest or other items in accordance with the related documentation for such Receivables.

 

(d)            Subject
to the provisions of Section 4.02(b), the Servicer and its Affiliates may engage in any marketing practice or promotion or any sale
of any products, goods or services to Obligors with respect to the Receivables so long as such practices, promotions or sales are offered
to obligors of comparable motor vehicle receivables serviced by the Servicer for itself and others, whether or not such practices, promotions
or sales might result in a decrease in the aggregate amount of payments on the Receivables, prepayments or faster or slower timing of
the payment of the Receivables.

 

(e)            Notwithstanding
anything in this Agreement to the contrary, the Servicer may refinance any Receivable and deposit the full Principal Balance of such Receivable
into the Collection Account. The receivable created by such refinancing shall not be property of the Issuer. The Servicer and its Affiliates
may also sell insurance or debt cancellation products, including products which result in the cancellation of some or all of the amount
of a Receivable upon the death or disability of the Obligor or any casualty with respect to the Financed Vehicle.

 

(f)            Records
documenting collection efforts shall be maintained during the period a Receivable is delinquent in accordance with the Credit and
Collection Policy. Such records shall be maintained on at least a periodic basis that is not less frequent than as set forth in the
Credit and Collection Policy, and describe the entity’s activities in monitoring delinquent pool assets including, for
example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or
unemployment) in accordance with the Credit and Collection Policy.

 

Section 4.03 Realization upon Receivables.
Consistent with the standards, policies and procedures required by this Agreement and the Credit and Collection Policy, the Servicer shall
use reasonable efforts to repossess or otherwise convert the ownership of and liquidate any Financed Vehicle securing a Receivable with
respect to which the Servicer shall have determined that eventual payment in full is unlikely; provided, however, that the
Servicer may elect not to repossess a Financed Vehicle if in its good faith judgment it determines that the proceeds ultimately recoverable
with respect to such Receivable would not be greater than the expense of such repossession. In repossessing or otherwise converting the
ownership of a Financed Vehicle and liquidating a Receivable, the Servicer is authorized to follow such customary practices and procedures
as it shall deem necessary or advisable, consistent with the standard of care required by Section 4.01, which practices and procedures
may include reasonable efforts to realize upon any recourse to Dealers, the sale of the related Financed Vehicle at public or private
sale, the submission of claims under an insurance policy and other actions by the Servicer in order to realize upon a Receivable; provided,
however, that in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection
with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its reasonable judgment that such repair
or repossession shall increase the related Liquidation Proceeds by an amount materially greater than the expense for such repair or repossession.
The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed
Vehicle into cash proceeds, but only out of the cash proceeds of the sale of such Financed Vehicle, any deficiency obtained from the related
Obligor or any amounts received from recourse to the related Dealer.

 

    	 	7 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 4.04 [Reserved].

 

Section 4.05 Maintenance of Security
Interests in Financed Vehicles. The Servicer shall, in accordance with its customary servicing procedures, take such steps as
are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The
provisions set forth in this Section are the sole requirements under the Basic Documents with respect to the maintenance of
collateral or security on the Receivables. It is understood that the Financed Vehicles are the collateral and security for the
Receivables, but that the certificate of title with respect to a Financed Vehicle does not constitute collateral and merely
evidences such security interest. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security
interest on behalf of the Issuer and the Indenture Trustee in the event of the relocation of a Financed Vehicle, or for any other
reason. In the event that the assignment of a Receivable to the Issuer is insufficient, without a notation on the related Financed
Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the state
in which such Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Issuer,
the Servicer hereby agrees that the designation of HCA as the secured party on the certificate of title is in its capacity as agent
of the Issuer.

 

Section 4.06 Covenants of Servicer.
By its execution and delivery of this Agreement, the Servicer hereby covenants as follows (upon which covenants the Issuer, the Indenture
Trustee and the Owner Trustee rely in accepting the Receivables and delivering the applicable Securities):

 

(a)            Liens
in Force. The Servicer will not release the Financed Vehicle securing any Receivable from the security interest granted by such Receivable
in whole or in part except (i) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less
a deficiency which the Servicer would not attempt to collect in accordance with its customary servicing practices, (ii) in connection
with repossession and sale of the Financed Vehicle or (iii) as may be required by an insurer in order to receive proceeds from any
Insurance Policy covering such Financed Vehicle;

 

(b)            No
Impairment. The Servicer shall do nothing to impair the rights of the Trust in the property of the Trust;

 

(c)            No
Amendments. The Servicer shall (i) not extend the date for final payment by the Obligor of any Receivable beyond the last day
of the Collection Period prior to the[ Class D Stated Maturity Date]; or (ii) reduce the APR or unpaid principal balance with
respect to any Receivable other than as required by applicable law.

 

    	 	8 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(d)            Safekeeping.
The Servicer, in its capacity as custodian, shall hold, or cause its agent to hold, the Receivable Files for the benefit of the Issuer
and the Indenture Trustee in accordance with its customary servicing practices. For the avoidance of doubt, the Servicer may, in accordance
with its customary servicing practices, (i) maintain all or a portion of the Receivable Files in electronic form and (ii) maintain
custody of all or any portion of the Receivable Files with one or more of its agents or designees.

 

Section 4.07 Purchase of Receivables
Upon Breach. Upon discovery by any party hereto of a breach of any of the covenants set forth in Section 4.02, 4.03, 4.05
or 4.06 which materially and adversely affects the interests of the Issuer or the Noteholders, the party discovering such
breach shall give prompt written notice thereof to the other parties hereto; provided, that delivery of a Servicer’s
Certificate shall be deemed to constitute prompt written notice thereof to the other party; provided, further, that
the failure to give such notice shall not affect any obligation of the Servicer under this Section 4.07. Following a
breach described in the preceding sentence, the Servicer shall either (a) correct or cure such breach or (b) purchase any
Receivable materially and adversely affected by such breach from the Issuer, in either case on or before the Payment Date following
the end of the Collection Period which includes the 60th day (or, if the Servicer elects, an earlier Payment Date) after
the date that the Servicer became aware or was notified of such breach. Any such breach or failure will be deemed not to materially
and adversely affect the Noteholders or the Issuer if such breach or failure does not affect the ability of the Issuer or the
Noteholders to receive and retain timely payment in full on such Receivable. Any such purchase by the Servicer shall be at a price
equal to the Purchased Amount. In consideration for such repurchase, the Servicer shall make (or shall cause to be made) a payment
to the Issuer equal to the Purchased Amount by depositing such amount into the Collection Account in accordance with Section 5.04
on the Business Day preceding such Payment Date (or, if the Servicer elects, an earlier Payment Date). Upon payment of such
Purchased Amount by the Servicer, the Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments
of release, transfer or assignment, in each case without recourse or representation, as shall be reasonably necessary to vest in the
Servicer or its designee any Receivable repurchased pursuant hereto. It is understood and agreed that the obligation of the Servicer
to purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Issuer, the
Owner Trustee, the Certificateholders, the Noteholders and the Indenture Trustee.

 

Section 4.08 Servicing Fee. The Servicing
Fee shall be payable to the Servicer on each Payment Date. The Servicing Fee shall be calculated on the basis of a 360-day year comprised
of twelve 30-day months. In addition, the Servicer will be entitled to retain all late fees, extension fees, non-sufficient funds charges
and any and all other administrative fees and expenses or similar charges allowed by applicable law with respect to any Receivable. The
Servicer also will be entitled to receive Investment Earnings on amounts on deposit in the Collection Account during each Collection Period.
The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes
imposed on the Servicer and expenses incurred in connection with distributions and reports made by the Servicer to the Owner Trustee and
the Indenture Trustee). The Servicer shall be required to pay all of the Indenture Trustee’s fees, expenses, reimbursements and
indemnifications.

 

    	 	9 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 4.09 Servicer’s Certificate.
The Servicer shall prepare and deliver to the Owner Trustee, the Indenture Trustee, and the Depositor, with a copy to each Rating Agency,
on or before the second Business Day prior to each Payment Date a Servicer’s Certificate containing all information necessary to
make the distributions to be made on the related Payment Date pursuant to Section 5.05 for the related Collection Period and
such Servicer’s Certificate shall be certified by a Responsible Officer of the Servicer to the effect that the information provided
is complete and no Servicer Termination Events have occurred. If any defaults have occurred, such Servicer’s Certificate will provide
an explanation of such Servicer Termination Events. At the sole option of the Servicer, each Servicer’s Certificate may be delivered
in electronic or hard copy format. Such Servicer’s Certificate as described in this section shall be in substantially the form attached
to this Agreement as Exhibit B.

 

Section 4.10 Annual Statement as to Compliance,
Notice of Servicer Termination Event.

 

(a)            The
Servicer shall deliver to the Owner Trustee, the Indenture Trustee, and each Rating Agency, within 120 days after the end of the
Servicer’s fiscal year (or, in the case of the first such certificate, not later than [ ], 20[ ]), an Officer’s
Certificate signed by a Responsible Officer of the Servicer, stating that (i) a review of the activities of the Servicer during
the preceding 12-month period (or such shorter period in the case of the first such Officer’s Certificate) and of the
performance of its obligations under this Agreement has been made under such officer’s supervision and (ii) to such
officer’s knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement throughout such
period or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer
and the nature and status thereof.

 

(b)            The
Servicer shall deliver to the Owner Trustee, the Indenture Trustee, and each Rating Agency, promptly after having obtained knowledge thereof,
written notice in an Officer’s Certificate of any event that with the giving of notice or lapse of time or both would become a Servicer
Termination Event under Section 8.01. Except to the extent set forth in this Section 4.10(b) and Sections 4.09 and 8.04
of this Agreement and Sections 3.07, 3.19 and 5.01 of the Indenture, the Basic Documents do not require any policies or procedures to
monitor any performance or other triggers and events of default.

 

Section 4.11 Compliance with Regulation
AB. The Servicer agrees to perform all duties and obligations applicable to or required of the Issuer set forth in Appendix B attached
hereto and made a part hereof in all respects and makes the representations and warranties therein applicable to it.

 

Section 4.12 Access to Certain Documentation
and Information Regarding Receivables. The Servicer shall provide to representatives of the Owner Trustee, the Indenture Trustee and
the Certificateholders reasonable access to the documentation regarding the Receivables and the related Trust property. The Servicer will
provide such access to any Noteholder only in such cases where the Servicer shall be required by applicable statutes or regulations to
permit a Noteholder to review such documentation. In each case, access shall be afforded without charge, but only upon reasonable request
and during the normal business hours at the offices of the Servicer. Nothing in this Section shall affect the obligation of the Servicer
to observe any applicable law prohibiting disclosure of information regarding the Obligors and the failure of the Servicer to provide
access to information as a result of such obligation shall not constitute a breach of this Section.

 

    	 	10 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 4.13 Term of Servicer. The
Servicer hereby covenants and agrees to act as Servicer under, and for the term of, this Agreement, subject to the provisions of Sections
7.03 and 7.06.

 

Section 4.14 Annual Independent
Accountants’ Report. For so long as the Issuer is subject to the reporting requirements under the Exchange Act, on or
before March 30th of each year, beginning [                  ], 20[ ], the Servicer shall cause a firm of independent certified
public accountants, which may also render other services to the Servicer or its Affiliates, to deliver to the Owner Trustee and the
Indenture Trustee, a report regarding the Servicer’s assessment of compliance with the Servicing Criteria during the
immediately preceding fiscal year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
AB. The certification required by this paragraph may be replaced by any similar certification using other procedures or
certification standards which are now or in the future in use by servicers of comparable assets, or which otherwise comply with any
rule, regulation, “no action” letter or similar guidance promulgated by the Commission.

 

Section 4.15 Reports to the Commission.
The Servicer shall, or shall cause the Depositor to, on behalf of the Issuer, execute and cause to be filed with the Commission any periodic
reports required to be filed with respect to the issuance of the Notes under the provisions of the Exchange Act and the rules and
regulations of the Commission thereunder. The Depositor shall, at its expense, cooperate in any reasonable request made by the Servicer
in connection with such filings.

 

Section 4.16 Compensation of Indenture
Trustee. The Servicer will:

 

(a)            pay
the Indenture Trustee (and any separate trustee or co-trustee appointed pursuant to Section 6.11 of the Indenture (a “Separate
Trustee”)) from time to time reasonable compensation for all services rendered by the Indenture Trustee or Separate Trustee,
as the case may be, under the Indenture (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);

 

(b)            except
as otherwise expressly provided in the Indenture, reimburse the Indenture Trustee or any Separate Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Indenture Trustee or Separate Trustee, as the case may be, in accordance
with any provision of the Indenture (including the reasonable compensation, expenses and disbursements of its agents and counsel), except
any such expense, disbursement or advance as may be attributable to its negligence or bad faith;

 

(c)            indemnify
the Indenture Trustee and any Separate Trustee and their respective agents for, and hold them harmless against, any losses, liability
or expense incurred without negligence or bad faith on their part, arising out of or in connection with the acceptance or administration
of the transactions contemplated by the Indenture and the other Basic Documents, including the reasonable costs and expenses of defending
themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under the Indenture;
and

 

(d)            indemnify
the Owner Trustee and its agents, successors, assigns and servants in accordance with Section 8.02 of the Trust Agreement to the
extent that amounts thereunder have not been paid pursuant to Section 5.05 of this Agreement.

 

    	 	11 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

ARTICLE V.

 

DISTRIBUTIONS;
STATEMENTS TO SECURITYHOLDERS

 

Section 5.01 Accounts.

 

(a)            (i) 
On or prior to the Closing Date, the Servicer shall establish, or cause to be established, an account with and in the name of the Indenture
Trustee (the “Collection Account”), which shall be maintained as an Eligible Account and shall bear
a designation clearly indicating that the amounts deposited thereto are held for the benefit of the Noteholders.

 

(ii)  On or prior to the Closing
Date, the Servicer shall establish and maintain, or cause to be established and maintained, for the benefit of the Issuer and the Noteholders
an Eligible Account (the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein
are held in trust for the benefit of the Issuer and the Noteholders.

 

(iii)  [On or prior to the Closing
Date, the Issuer, for the benefit of the Issuer and the Noteholders, shall cause the Servicer to establish with and maintain in the name
of the Indenture Trustee an Eligible Account (the “Risk Retention Reserve Account”), bearing a designation clearly
indicating that funds deposited therein are held for the benefit of the Noteholders.]

 

(iv)  Funds on deposit in the Reserve
Account [and the Risk Retention Reserve Account], shall be invested by the Indenture Trustee in Eligible Investments selected in writing
by the Servicer; provided, however, that if the Servicer fails to select any Eligible Investment for any funds on deposit
in the [Risk Retention] Reserve Account by 2:00 p.m., New York City time (or such other time as may be agreed by the Servicer and the
Indenture Trustee), on any Business Day, such funds shall, to the fullest extent practicable, be invested in Eligible Investments in accordance
with standing instructions most recently given by the Servicer. All such Eligible Investments shall be held by the Indenture Trustee for
the benefit of the Noteholders, the Certificateholders and the Issuer. Unless the Rating Agency Condition is satisfied (other than with
respect to S&P, but with satisfaction of the Rating Agency Notification with respect to S&P if S&P is rating any Outstanding
Class of Notes) with respect to different investments, funds on deposit in the Reserve Account [and the Risk Retention Reserve Account]
shall be invested in Eligible Investments that will mature so that such funds will be available on the Business Day preceding the next
Payment Date. Funds deposited in the Reserve Account [and the Risk Retention Reserve Account], upon the maturity of any Eligible Investments
on a day which immediately precedes a Payment Date, are not required to be invested overnight. [Notwithstanding any other provision of
this Agreement or any other Basic Document, funds on deposit in the [Risk Retention] Reserve Account shall only be invested in Eligible
Investments deemed to be “cash equivalents” for purposes of 17 CFR Part 246.4(b)(2) of Regulation RR, as determined
by the Servicer. Neither the Indenture Trustee nor the Owner Trustee shall have any obligation to determine whether the establishment
and maintenance of the Reserve Account satisfied the requirements of 17 CFR Part 246.4(b)(2) of Regulation RR, including whether
any investment of funds on deposit in the [Risk Retention] Reserve Account meet the requirements of 17 CFR Part 246.4(b)(2) of
Regulation RR, and shall be entitled to conclusively rely on direction by the Servicer in connection therewith.]

 

    	 	12 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(v)  Funds on deposit in the Collection
Account shall be invested by the Indenture Trustee in Eligible Investments selected in writing by the Servicer; provided, however,
that if the Servicer fails to select any Eligible Investments for any funds on deposit in the Collection Account by 2:00 p.m., New York
City time (or such other time as may be agreed by the Servicer and the Indenture Trustee), on any Business Day, such funds shall, to the
fullest extent practicable, be invested in Eligible Investments in accordance with standing instructions most recently given by the Servicer.
All such Eligible Investments shall be held by the Indenture Trustee for the benefit of the Noteholders and/or the Certificateholders,
as applicable. Unless the Rating Agency Condition is satisfied (other than with respect to S&P, but with satisfaction of the Rating
Agency Notification with respect to S&P if S&P is rating any Outstanding Class of Notes) with respect to different investments,
funds on deposit in the Collection Account shall be invested in Eligible Investments that will mature so that such funds will be available
on the Business Day preceding the next Payment Date. Investment Earnings on amounts on deposit in the Collection Account, net of losses
and investment expenses, shall be released to the Servicer on each Payment Date and shall be the property of the Servicer.

 

(vi)  Except as otherwise provided
hereunder or agreed in writing among the parties hereto, the Servicer shall retain the authority to institute, participate and join in
any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any securities held in the Collection
Account or the Reserve Account [or the Risk Retention Reserve Account], and, in general, to exercise each and every other power or right
with respect to each such asset or investment as individuals generally have and enjoy with respect to their own assets and investment,
including power to vote upon any securities.

 

    	 	13 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(b)            (i) 
Except as otherwise provided herein, the Indenture Trustee shall possess all right, title and interest in all funds identified and
all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof. The Trust Accounts [(other than the [Risk
Retention] Reserve Account)] shall be under the sole dominion and control of the Indenture Trustee for the benefit of the
Noteholders and the Certificateholders, as the case may be. [The [Risk Retention] Reserve Account shall be under the sole dominion
and control of the Indenture Trustee for the benefit of the Issuer, which such [Risk Retention] Reserve Account has been pledged by
the Issuer to the Indenture Trustee for the benefit of the Noteholders.] If, at any time, a Trust Account ceases to be an Eligible
Account, the Indenture Trustee (or the Servicer on its behalf) shall within ten (10) Business Days (or such longer period, not
to exceed 15 calendar days, as to which the Rating Agency Condition is satisfied (other than with respect to S&P, but with
satisfaction of the Rating Agency Notification with respect to S&P if S&P is rating any Outstanding Class of Notes))
establish a new Trust Account as an Eligible Account and shall transfer any cash or any investments from the account that is
no longer an Eligible Account to the Trust Account. Neither the Servicer nor the Indenture Trustee shall in any way be held liable
by reason of any insufficiency in any Trust Account resulting from any investment loss in any Eligible Investment.

 

(ii)  The Servicer shall have the
power, revocable by the Indenture Trustee or by the Owner Trustee with the consent of the Indenture Trustee, to instruct the Indenture
Trustee in writing to make withdrawals and payments from the Trust Accounts and the Certificate Distribution Account for the purpose of
withdrawing any amounts deposited in error into such accounts.

 

(c)            Except
for the Collection Account, the Reserve Account[, the Risk Retention Reserve Account] and the Certificate Distribution Account, there
are no accounts required to be maintained under the Basic Documents. No checks shall be issued, printed or honored with respect to the
Collection Account or the Reserve Account [or the Risk Retention Reserve Account].

 

Section 5.02
Application of Collections. All payments identified from or on behalf of an Obligor during each Collection Period with respect
to each Receivable (other than a Purchased Receivable) shall be applied to interest and principal in accordance with the Simple Interest
Method. The Servicer shall make all deposits of Collections and other Available Amounts identified into the Collection Account on the
second Business Day following identification thereof. However, so long as the Monthly Remittance Condition is satisfied, the Servicer
may retain such amounts identified during a Collection Period until one Business Day prior to the related Payment Date. The “Monthly
Remittance Condition” shall be deemed to be satisfied if (i) HCA or one of its Affiliates is the Servicer, (ii) no
Servicer Termination Event has occurred and is continuing and (iii) HCA has a short-term debt rating of at least [“Prime-1”
from Moody’s] [“F-1” from Fitch] and [“A-1” from S&P]. Notwithstanding the foregoing, the Servicer may
remit Collections to the Collection Account on any other alternate remittance schedule (but not later than the Business Day prior to the
related Payment Date) if the Rating Agency Condition is satisfied (other than with respect to S&P, but with satisfaction of the Rating
Agency Notification with respect to S&P if S&P is rating any Outstanding Class of Notes), with respect to such alternate
remittance schedule. Pending deposit into the Collection Account, Collections may be commingled and used by the Servicer at its own risk
and are not required to be segregated from its own funds.

 

Section 5.03 Property of the Trust.
All payments and other proceeds of any type and from any source on or with respect to the Receivables shall be the property of the Trust,
subject to the Lien of the Indenture and the rights of the Indenture Trustee thereunder.

 

    	 	14 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 5.04 Purchased Amounts. The
Servicer or the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account, on the date specified in Section 3.03
or Section 4.07, the aggregate Purchased Amount with respect to Purchased Receivables and the Servicer shall deposit therein
all amounts to be paid under Section 4.07. All such deposits with respect to any such date which is a Payment Date shall be
made in immediately available funds on or before the Business Day preceding such Payment Date. The Servicer shall deposit or cause to
be deposited into the Collection Account, on the date specified in Section 9.01, (i) the aggregate Purchased Amount with
respect to all Receivables pursuant to the Servicer’s exercise of the Optional Purchase[, less (ii) the amounts on deposit
in the Reserve Account on the date of such Optional Purchase]. Notice of this amount shall be provided in writing by the applicable party
to the Indenture Trustee.

 

Section 5.05 Distributions.

 

(a)            The
Servicer shall calculate all amounts required to be deposited pursuant to this Section and deliver a Servicer’s Certificate
on or before the second Business Day prior to each Payment Date pursuant to Section 4.09.

 

(b)            On
each Payment Date, except as specified in Section 5.04(b) of the Indenture, the Servicer shall instruct the Indenture
Trustee in writing (based on the information contained in the Servicer’s Certificate delivered on or before the second Business
Day prior to each Payment Date pursuant to Section 4.09) to make distributions from Available Amounts on deposit in the Collection
Account, including amounts deposited pursuant to Section 5.06(b) and (c), in the following order and priority:

 

(i)  to the Servicer, the Servicing
Fee, including any unpaid Servicing Fees with respect to one or more prior Collection Periods [(except amounts on deposit in the [Risk
Retention] Reserve Account may not be used for this purpose as long as the Servicer is HCA or an Affiliate thereof)], and Advances not
previously reimbursed to the Servicer to the extent set forth in Section 5.08 [(except amounts on deposit in the [Risk Retention]
Reserve Account may not be used for this purpose)];

 

(ii) [To the swap counterparty, any
net swap payment (other than swap termination payments),]

 

(iii)  to the Class A
Noteholders, (a) the aggregate amount of interest accrued for the related Interest Period on each of the Class A Notes at
their respective interest rates on the principal outstanding as of the previous Payment Date after giving effect to all payments of
principal to the Class A Noteholders on the preceding Payment Date; and (b) the excess, if any, of the amount of interest
payable to the Class A Noteholders on those prior Payment Dates over the amounts actually paid to the Class A Noteholders
on those prior Payment Dates, plus interest on any such shortfall at their respective interest rates to the extent permitted by law;
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;

 

    	 	15 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(iv)  to the Noteholders, for distribution
pursuant to Section 8.02(d) of the Indenture, the First Priority Principal Distribution Amount, if any;

 

(v)  to the Class B Noteholders,
(a) the aggregate amount of interest accrued for the related Interest Period on each of the Class B Notes at the Class B
Rate on the principal outstanding as of the previous Payment Date after giving effect to all payments of principal to the Class B
Noteholders on the preceding Payment Date; and (b) the excess, if any, of the amount of interest payable to the Class B Noteholders
on prior Payment Dates over the amounts actually paid to the Class B Noteholders on those prior Payment Dates, plus interest on any
such shortfall at the Class B Rate to the extent permitted by law;

 

(vi)  to the Noteholders, for distribution
pursuant to Section 8.02(d) of the Indenture, the Second Priority Principal Distribution Amount, if any;

 

(vii)  to the Class C Noteholders,
(a) the aggregate amount of interest accrued for the related Interest Period on each of the Class C Notes at the Class C
Rate on the principal outstanding as of the previous Payment Date after giving effect to all payments of principal to the Class C
Noteholders on the preceding Payment Date; and (b) the excess, if any, of the amount of interest payable to the Class C Noteholders
on prior Payment Dates over the amounts actually paid to the Class C Noteholders on prior Payment Dates, plus interest on any such
shortfall at the Class C Rate to the extent permitted by law;

 

(viii)  to the Noteholders, for distribution
pursuant to Section 8.02(d) of the Indenture, the Third Priority Principal Distribution Amount, if any;

 

(ix)  to the Class D Noteholders,
(a) the aggregate amount of interest accrued for the related Interest Period on each of the Class D Notes at the Class D
Rate on the principal outstanding as of the previous Payment Date after giving effect to all payments of principal to the Class D
Noteholders on the preceding Payment Date; and (b) the excess, if any, of the amount of interest payable to the Class D Noteholders
on prior Payment Dates over the amounts actually paid to the Class D Noteholders on prior Payment Dates, plus interest on any such
shortfall at the Class D Rate to the extent permitted by law;

 

    	 	16 	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

 

(x)  to the Noteholders, for distribution
pursuant to Section 8.02(d) of the Indenture, the Regular Principal Distribution Amount;

 

(xi)  [To the swap counterparty,
any swap termination payments,]

 

(xii)to the Reserve Account, from Available
Amounts remaining, the amount, if any, necessary to cause the amount on deposit in that account to equal the Reserve Account Required
Amount;

 

(xiii)  first, to the Indenture
Trustee and the Owner Trustee, pro rata, and second, to the Asset Representations Reviewer, any reimbursements, expenses and indemnification
amounts, in each case to the extent such reimbursements, expenses and indemnification amounts have not been previously paid by the Servicer
and to the Securities Intermediary, any accrued and unpaid indemnification expenses owed to it; and

 

(xiv)  any remaining Available Amounts
indicated in the Servicer’s Report to be for deposit into the Certificate Distribution Account for subsequent distribution to the
Certificateholder pursuant to Section 5.02 of the Trust Agreement.

 

Section 5.06 Reserve Account[; Risk Retention
Reserve Account].

 

(a)            On
or prior to the Closing Date, the Depositor shall deposit an amount equal to the Reserve Account Deposit into the Reserve Account from
the net proceeds of the sale of the Notes. The Reserve Account shall be an asset of the Issuer [and pledged to the Indenture Trustee
for the benefit of the Noteholders and the Issuer]. [On or prior to the Closing Date, the Depositor shall deposit an amount equal to
the Risk Retention Reserve Account Deposit into the Risk Retention Reserve Account from the net proceeds of the Notes.  The Risk
Retention Reserve Account shall be an asset of the Issuer and pledged to the Indenture Trustee for the benefit of the Noteholders and
the Issuer.]

 

(b)            In
the event that the Servicer’s Certificate states that there is an Available Amounts Shortfall, then the Indenture Trustee
shall, upon written directions from the Servicer, withdraw the Reserve Account Withdrawal Amount from the Reserve Account and
deposit such Reserve Account Withdrawal Amount into the Collection Account no later than 12:00 noon, New York City time, on the
Business Day prior to the related Payment Date. [If the Reserve Account Withdrawal Amount is not sufficient to cover the Available
Amounts Shortfall, then the Indenture Trustee shall, upon written directions from the Servicer, withdraw the excess of the Available
Amounts Shortfall over the Reserve Account Withdrawal Amount from the Risk Retention Reserve Account and deposit such excess into
the Collection Account no later than 12:00 noon, New York City time, on the Business Day prior to the related Payment Date.][ With
respect to each Collection Period, the Indenture Trustee shall, upon written directions from the Servicer, withdraw any Investment
Earnings from amounts on deposit in the Reserve Account and deposit such amounts into the Collection Account no later than 12:00
noon, New York City time, on the Business Day prior to the related Payment Date.]

 

    

	 	 17	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(c)            [In
the event that the amount on deposit in the Reserve Account (after giving effect to all deposits thereto and withdrawals therefrom on
such Business Day on a Payment Date) is greater than the Reserve Account Required Amount on any Payment Date, the Indenture Trustee shall
distribute, upon written directions from the Servicer, all such amounts to the Certificateholder as per the monthly Servicer’s
Certificate. Upon any such distribution to the Certificateholder, the Noteholders shall have no further rights in, or claims to, such
amounts.]

 

(d)            In
the event that on any Payment Date the amount on deposit in the Reserve Account shall be less than the Reserve Account Required Amount,
the Available Amounts remaining after the payment of the amounts set forth in Section 5.05(b)(i) through [(ix)], up
to an amount equal to such shortfall, shall be deposited by the Indenture Trustee, upon written directions from the Servicer, to the
Reserve Account on such Payment Date.

 

(e)            [Subject
to Section 9.01, amounts will continue to be applied pursuant to Section 5.05 following the payment in full of the Outstanding
Amount of the Notes until the Pool Balance is reduced to zero. Following the payment in full of the aggregate Outstanding Amount of the
Notes and the Certificates and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement
to the Noteholders and the termination of the Trust, any amount then allocated to the Reserve Account shall be distributed to the Collection
Account.][ Subject to Section 9.01, following the payment in full of the Outstanding Amount of the Notes and of all other
amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement and the termination of the Trust, the Indenture
Trustee shall, upon written directions from the Servicer, distribute any amount then on deposit in the [Risk Retention] Reserve Account
to the Depositor. Notwithstanding the other provisions of this clause (e), in the event that the Servicer exercises its right
to an Optional Purchase pursuant to Section 9.01, the Indenture Trustee shall, upon written directions from the Servicer,
withdraw any remaining amount on deposit in the [Risk Retention] Reserve Account and deposit such amounts into the Collection Account
no later than 12:00 noon, New York City time, on the Business Day prior to the date of the Optional Purchase. On the date that all amounts
are withdrawn from the [Risk Retention] Reserve Account pursuant to this Section, the Indenture Trustee and the Owner Trustee shall release
their security interest in, to and under such amounts.]

 

Section 5.07 Statements to Securityholders.
On or before the second Business Day prior to each Payment Date, the Servicer shall provide to the Indenture Trustee (with a copy to
each Rating Agency) for the Indenture Trustee to make available to each Noteholder of record as of the most recent Record Date and to
the Owner Trustee for the Owner Trustee to forward to each Certificateholder of record as of the most recent Record Date a statement
substantially in the form of Exhibit A.

 

No disbursements shall be made directly by the
Servicer to a Noteholder, and the Servicer shall not be required to maintain any investor record relating to the posting of disbursements
or otherwise.

 

    

	 	 18	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

The Indenture Trustee may make any such statement
which it is required to provide to the Noteholders, including, without limitation, all information as may be required to enable each
Noteholder to prepare its respective federal and state income tax returns (and, at its option, any additional files containing the same
information in an alternative format), via its internet web site (initially located at [__________]). In connection with providing access
to the Indenture Trustee’s website, the Indenture Trustee may require registration and the acceptance of certain terms and conditions.
The Indenture Trustee shall have the right to change the way such statements are distributed in order to make such distributions more
convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to the
Noteholders regarding any such changes; provided, however, that the Indenture Trustee will also mail copies of any such
statements to any requesting Noteholder who provides a written request.

 

Section 5.08
Advances by the Servicer. By the close of business on the Business Day preceding a Payment Date, the Servicer may, in its
sole discretion, deposit into the Collection Account, out of its own funds, an Advance; provided, however, that the Servicer
shall not make any Advances with respect to Defaulted Receivables. The Servicer shall not charge interest on amounts so advanced. The
Servicer shall be reimbursed for any Advance on the Payment Date immediately following the Collection Period in which the related Receivable
has been charged off in full by the Servicer; provided, however, that the Servicer may elect, in its sole discretion,
to be reimbursed for any unreimbursed Advance made in respect of a Receivable at an earlier date pursuant to Section 5.05 hereof
or Section 5.04 of the Indenture, as applicable or, from the following sources with respect to such Receivable:
(i) subsequent payments made by or on behalf of the related Obligor, (ii) Liquidation Proceeds or (iii) Recoveries.

 

ARTICLE VI.

 

THE DEPOSITOR

 

Section 6.01 Representations of Depositor.
The Depositor makes the following representations on which the Issuer relies in accepting the Receivables and delivering the Securities.
Such representations speak as of the Closing Date and shall survive the sale, transfer and assignment of the Receivables by the Depositor
to the Issuer and the subsequent pledge thereof to the Indenture Trustee pursuant to the Indenture.

 

(a)            Organization
and Good Standing. The Depositor has been duly organized and is validly existing as a limited liability company in good standing
under the laws of the State of Delaware, with the 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)            Due
Qualification. The Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained
all necessary licenses and approvals, in all jurisdictions where the failure to do so would reasonably be expected to materially and
adversely affect the Depositor’s ability to transfer the Receivables to the Trust pursuant to this Agreement or the validity or
enforceability of the Receivables.

 

(c)            Power
and Authority. The Depositor has the power and authority to execute and deliver this Agreement and the other Basic Documents to which
it is a party and to carry out their respective terms; the Depositor has full power and authority to sell and assign the property to
be sold and assigned to and deposited with the Issuer, and the Depositor shall have duly authorized such sale and assignment to the Issuer
by all necessary limited liability company action; and the execution, delivery and performance of this Agreement and the other Basic
Documents to which the Depositor is a party have been and will be duly authorized by the Depositor by all necessary limited liability
company action.

 

    

	 	 19	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(d)            No
Violation. The consummation of the transactions contemplated by this Agreement and the other Basic Documents to which the Depositor
is a party and the performance of its obligations under this Agreement and the other Basic Documents do not conflict with, result in
any breach of any of the terms or provisions of or constitute (with or without notice or lapse of time, or both) a default under, the
limited liability company agreement of the Depositor, or any indenture, agreement or other instrument to which the Depositor 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 Agreement and the other Basic Documents), or violate any law or, to the
Depositor’s knowledge any order, rule or regulation applicable to the Depositor of any court or of any federal or state regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor 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 Depositor’s ability to
perform its obligations under the Basic Documents or the consummation of the transactions as contemplated by the Basic Documents.

 

(e)            No
Proceedings. There are no proceedings or investigations pending or, to the Depositor’s knowledge, threatened in writing against
the Depositor before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over
the Depositor or its properties: (i) asserting the invalidity of this Agreement or any other Basic Document; (ii) seeking to
prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by this Agreement or
any other Basic Document; (iii) seeking any determination or ruling that would materially and adversely affect the performance by
the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any other Basic Document to which the
Depositor is a party; or (iv) seeking to adversely affect the federal income tax attributes of the Trust, the Notes or the Certificates.

 

(f)            Valid
Sale, Binding Obligation. The Basic Documents constitute a valid sale, transfer and assignment to the Issuer of all right, title
and interest of the Depositor in the Receivables and the proceeds thereof. The Receivables will not be considered part of the Depositor’s
estate in the event of a bankruptcy of the Depositor. This Agreement and the other Basic Documents to which the Depositor is a party,
when duly executed and delivered by the other parties hereto and thereto, shall constitute legal, valid and binding obligations of the
Depositor, enforceable against the Depositor in accordance with their respective terms, except as the enforceability thereof may be limited
by bankruptcy, insolvency, reorganization or similar laws now or hereafter in effect relating to or affecting creditors’ rights
generally and to general principles of equity (whether applied in a proceeding at law or in equity).

 

(g)            No
Consents. The Depositor is not required to obtain the consent of any other party or any consent, license, approval, registration,
authorization, or declaration of or with any governmental authority, bureau or agency in connection with the execution, delivery, performance,
validity or enforceability of this Agreement or any other Basic Document to which it is a party that has not already been obtained, other
than (i) UCC filings and (ii) consents, licenses, approvals, registrations, authorizations or declarations which, if not obtained
or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or would not materially
and adversely affect the ability of the Depositor to perform its obligations under the Basic Documents.

 

    

	 	 20	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(h)            Ordinary
Course. The transactions contemplated by this Agreement and the other Basic Documents to which the Depositor is a party are in the
ordinary course of the Depositor’s business.

 

(i)            Solvency.
The Depositor is not insolvent, nor will the Depositor be made insolvent by the transfer of the Receivables, nor does the Depositor contemplate
any pending insolvency.

 

Section 6.02 Company Existence. During
the term of this Agreement, the Depositor will keep in full force and effect its existence, rights and franchises under the laws of the
jurisdiction of its formation and will obtain and preserve its qualification to do business in each jurisdiction in which the failure
to be so qualified would materially and adversely affect the validity and enforceability of this Agreement, the Basic Documents, the
proper administration of this Agreement or the transactions contemplated hereby. In addition, all transactions and dealings between the
Depositor and its Affiliates will be conducted on an arm’s-length basis.

 

Section 6.03 Liability of Depositor.

 

(a)            The
Depositor shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Depositor under
this Agreement (which shall not include distributions on account of the Notes or the Certificates).

 

(b)            The
Issuer, the Servicer, the Indenture Trustee and the Owner Trustee, by entering into or accepting this Agreement, acknowledge and agree
that they have no right, title or interest in or to the Other Assets of the Depositor. To the extent that, notwithstanding the agreements
and provisions contained in the preceding sentence, the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee either (i) asserts
an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, 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 Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code),
then the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee further acknowledges and agrees that any such interest, claim
or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms
of the relevant documents relating to the securitization or conveyance 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 a priority of distributions or application under applicable law, including insolvency laws, and whether or not
asserted against the Depositor), including the payment of post-petition interest on such other obligations and liabilities. This subordination
agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. The Issuer,
the Servicer, the Indenture Trustee and the Owner Trustee each further acknowledges and agrees that no adequate remedy at law exists
for a breach of this Section 6.03(b) and the terms of this Section 6.03(b) may be enforced by an action
for specific performance. The provisions of this Section 6.03(b) will be for the third party benefit of those entitled
to rely thereon and will survive the termination of this Agreement.

 

    

	 	 21	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 6.04 Merger or Consolidation
of, or Assumption of the Obligations of, Depositor. Any Person (a) into which the Depositor may be merged or consolidated,
(b) resulting from any merger, conversion, or consolidation to which the Depositor is a party, (c) succeeding to the
business of the Depositor, or (d) more than 50% of the voting stock or voting power and 50% or more of the economic equity of
which is owned directly or indirectly by any affiliate of HCA, which Person in any of the foregoing cases executes an agreement of
assumption to perform every obligation of the Depositor under this Agreement, will be the successor to the Depositor under this
Agreement without the execution or filing of any document or any further act on the part of any of the parties to this Agreement.
Notwithstanding the foregoing, if the Depositor enters into any of the foregoing transactions and is not the surviving entity,
(x) the Depositor shall deliver to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating
that such merger, conversion, consolidation or succession and such agreement of assumption comply with this Section 6.04 and
that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with and
(y) the Depositor will deliver to the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of
such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are
necessary fully to preserve and protect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables, and
reciting the details of such filings, or (B) stating that, in the opinion of such counsel, no such action is necessary to
preserve and protect such interest. It shall be a condition precedent to any of the foregoing
transactions that (1) the Rating Agency Condition shall be satisfied (other than with respect to S&P, but with satisfaction
of the Rating Agency Notification with respect to S&P if S&P is rating any Outstanding Class of Notes) with respect to
such merger, consolidation or succession shall not result in a reduction, withdrawal or downgrade of the then-current rating of
each class of Notes and (2) the organizational documents of the surviving entity shall contain bankruptcy remoteness
protections that are not materially less favorable to the Noteholders than those contained in the limited liability company
agreement of the Depositor.

 

Section 6.05 Amendment of Depositor’s
Organizational Documents. The Depositor shall not amend its organizational documents except in accordance with the provisions thereof.

 

ARTICLE VII.

 

THE SERVICER

 

Section 7.01 Representations of Servicer.
The Servicer makes the following representations upon which the Issuer is deemed to have relied in acquiring the Receivables. Such representations
speak as of the Closing Date and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture.

 

    

	 	 22	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(a)            Organization
and Good Standing. The Servicer has been duly organized and is validly existing as a corporation in good standing under the laws
of the State of its incorporation, with the corporate power and authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted, and had at all relevant times, and has, the corporate power, authority
and legal right to acquire, own, and service the Receivables.

 

(b)            Due
Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary
licenses and approvals, in all jurisdictions where the failure to do so would reasonably be expected to materially and adversely affect
the Servicer’s ability to acquire, own and service the Receivables.

 

(c)            Power
and Authority. The Servicer has the power and authority to execute and deliver this Agreement and the other Basic Documents to which
it is a party and to carry out their respective terms; and the execution, delivery and performance of this Agreement and the other Basic
Documents to which it is a party have been duly authorized by the Servicer by all necessary corporate action.

 

(d)            No
Violation. The consummation of the transactions contemplated by this Agreement and the other Basic Documents to which it is a
party and the performance of its obligations under this Agreement 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 articles of incorporation or
bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer 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, mortgage, deed of trust or other instrument (other than this Agreement and the other Basic Documents), or
violate any law or, to the Servicer’s knowledge, any order, rule or regulation applicable to the Servicer of any court or
federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer
or any of 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 Servicer’s ability to perform its obligations under the Basic Documents.

 

(e)            No
Proceedings. There are no proceedings or investigations pending or, to the Servicer’s knowledge, threatened in writing, against
the Servicer before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction
over the Servicer or its properties: (i) asserting the invalidity of this Agreement or any of the other Basic Documents; (ii) seeking
to prevent the issuance of the Securities or the consummation of any of the transactions contemplated by this Agreement or any of the
other Basic Documents; (iii) seeking any determination or ruling that would materially and adversely affect the performance by the
Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the other Basic Documents; or (iv) seeking
to adversely affect the federal income tax or other federal, state or local tax attributes of the Securities.

 

(f)            Binding
Obligation. This Agreement and the other Basic Documents to which it is a party constitute legal, valid and binding obligations of
the Servicer, enforceable against the Servicer in accordance with their respective 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.

 

    

	 	 23	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(g)            No
Consents. The Servicer is not required to obtain the consent of any other party or any consent, license, approval or authorization,
or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance,
validity or enforceability of this Agreement, other than (i) UCC filings and (ii) consents, licenses, approvals, registrations,
authorizations or declarations which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility
of the Receivables or would not materially and adversely affect the ability of the Servicer to perform its obligations under the Basic
Documents.

 

Section 7.02 Indemnities of Servicer.

 

(a)            The
Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer and the
representations made by the Servicer under this Agreement.

 

(b)            The
Servicer shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Securityholders and the
Depositor and any of the officers, directors, employees and agents of the Issuer, the Owner Trustee and the Indenture Trustee from and
against any and all costs, expenses, losses, damages, claims and liabilities arising out of or resulting from the use, ownership or operation
by the Servicer or any Affiliate thereof of a Financed Vehicle, excluding any losses incurred in connection with the sale of any repossessed
Financed Vehicles in compliance with the terms of this Agreement.

 

(c)            The
Servicer shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee and the Depositor and their respective
officers, directors, agents and employees, and the Securityholders, from and against any taxes that may at any time be asserted against
any of such parties with respect to the transactions contemplated in this Agreement, including any sales, gross receipts, tangible or
intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes
asserted with respect to, and as of the date of, the transfer of the Receivables to the Trust or the issuance and original sale of the
Securities), and any costs and expenses in defending against the same.

 

(d)            The
Servicer shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, and any of the officers, directors,
employees or agents of the Issuer, the Owner Trustee and the Indenture Trustee from and against any and all costs, expenses, losses,
claims, damages and liabilities to the extent that such cost, expense, loss, claim, damage or liability arose out of, or was imposed
upon any such Person through, the negligence or willful misfeasance of the Servicer in the performance of its duties or by failure to
perform its obligations under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement.

 

    

	 	 24	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(e)            The
Servicer shall compensate and indemnify the Indenture Trustee to the extent provided in Section 6.08 of the Indenture.

 

For purposes of this Section, in the event of
the termination of the rights and obligations of HCA (or any successor thereto pursuant to Section 7.03) as Servicer pursuant to
Section 8.02, or the resignation by such Servicer pursuant to this Agreement, such Servicer shall be deemed to be the Servicer pending
appointment of a successor Servicer (other than the Indenture Trustee) pursuant to Section 8.03.

 

Indemnification under this Section shall
survive the resignation or removal of the Servicer or the termination of this Agreement, and shall include reasonable fees and
expenses of counsel and reasonable expenses of litigation, including, without limitation, any legal fees, costs and expenses
incurred in connection with any enforcement (including any action, claim or suit brought) of any indemnification or other obligation
of the Servicer). If the Servicer shall have made any indemnity payments pursuant to this Section and the Person to or on
behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such
amounts to the Servicer, without interest. The Servicer shall pay all amounts due, pursuant to this Section, with respect to the
Indenture Trustee and Owner Trustee as set forth in Section 5.05(b)(xi).

 

Section 7.03 Merger or Consolidation of,
or Assumption of the Obligations of, Servicer. The Servicer shall not merge or consolidate with any other Person, convey, transfer
or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to the Servicer’s
business unless, after such merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall
be capable of fulfilling the duties of the Servicer contained in this Agreement. Any Person (a) into which the Servicer may be merged
or consolidated, (b) resulting from any merger or consolidation to which the Servicer shall be a party, (c) that acquires by
conveyance, transfer or lease substantially all of the assets of the Servicer or (d) succeeding to the business of the Servicer,
which Person shall execute an agreement of assumption to perform every obligation of the Servicer under this Agreement, shall be the
successor to the Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of
the parties to this Agreement. The Servicer shall provide notice of any merger, consolidation or succession pursuant to this Section 7.03
to the Owner Trustee, the Indenture Trustee and each Rating Agency. Notwithstanding the foregoing, the Servicer shall not merge or consolidate
with any other Person or permit any other Person to become a successor to the Servicer’s business unless (a) immediately after
giving effect to such transaction, no representation or warranty made pursuant to Section 7.01 shall have been breached (for purposes
hereof, such representations and warranties shall speak as of the date of the consummation of such transaction) and no event that, after
notice or lapse of time or both, would become a Servicer Termination Event shall have occurred, (b) the Servicer shall have delivered
to the Owner Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section 7.03 and that all conditions precedent provided for
in this Agreement relating to such transaction have been complied with and (c) the Servicer shall have delivered to the Owner Trustee
and the Indenture Trustee an Opinion of Counsel stating that either (i) all financing statements and continuation statements and
amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust and the Indenture
Trustee, respectively, in the assets of the Trust and reciting the details of such filings or (ii) no such action shall be necessary
to preserve and protect such interest.

 

    

	 	 25	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 7.04 Limitation on Liability of
Servicer and Others. None of the Servicer or any of its directors, officers, employees or agents shall be under any liability to
the Issuer, the Depositor, the Indenture Trustee, the Owner Trustee, the Noteholders or the Certificateholders, except as provided in
this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however,
that this provision shall not protect the Servicer or any such Person against any liability that would otherwise be imposed by reason
of a breach of this Agreement or willful misfeasance or bad faith in the performance of duties. The Servicer and any director, officer,
employee or agent of the Servicer may conclusively rely in good faith on the written advice of counsel or on any document of any kind
prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement.

 

Section 7.05 Delegation of Duties.
The Servicer may, at any time without notice or consent, delegate (a) any or all of its duties (including, without limitation, its
duties as custodian) under the Basic Documents to any of its Affiliates or (b) specific duties to sub-contractors who are in the
business of performing such duties; provided, that no such delegation shall relieve the Servicer of its responsibility
with respect to such duties and the Servicer shall remain obligated and liable to the Issuer and the Indenture Trustee for its duties
hereunder as if the Servicer alone were performing such duties. The fees and expenses of any subservicer shall be as agreed between the
Servicer and such subservicer from time to time, and none of the Owner Trustee, the Indenture Trustee, the Issuer or the Securityholders
shall have any responsibility thereof. For any servicing activities delegated to third parties in accordance with this Section 7.05,
the Servicer shall follow such policies and procedures to monitor the performance of such third parties and compliance with such servicing
activities as the Servicer follows with respect to comparable motor vehicle receivables serviced by the Servicer for its own account.

 

Section 7.06 Servicer Not to Resign.

 

(a)            Subject
to the provisions of Section 7.03, the Servicer shall not resign from the obligations and duties imposed on it by this Agreement
as Servicer except upon a determination that the performance of its duties under this Agreement shall no longer be permissible under
applicable law.

 

(b)            Notice
of any determination that the performance by the Servicer of its duties hereunder is no longer permitted under applicable law shall be
communicated to the Owner Trustee and the Indenture Trustee at the earliest practicable time (and, if such communication is not in writing,
shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel
to such effect delivered by the Servicer to the Owner Trustee and the Indenture Trustee concurrently with or promptly after such notice.
No resignation of the Servicer shall become effective until a successor shall have assumed the responsibilities and obligations of the
Servicer in accordance with Section 8.03. If no successor Servicer has been appointed within 30 days of resignation or removal,
the Servicer, as the case may be, may petition any court of competent jurisdiction for such appointment.

 

    

	 	 26	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 7.07 Fidelity Bond. The Servicer
is not required to maintain a fidelity bond or errors and omissions policy.

 

ARTICLE VIII.

 

DEFAULT

 

Section 8.01 Servicer Termination Events.
For purposes of this Agreement, the occurrence and continuance of any of the following shall constitute a “Servicer Termination
Event”:

 

(a)            Any
failure by the Servicer to deposit into any Account any proceeds or payment required to be so delivered or to direct the Indenture Trustee
to make the required payment from any Account under the terms of this Agreement that continues unremedied for a period of five Business
days after written notice is received by the Servicer or after discovery of such failure by a Responsible Officer of the Servicer;

 

(b)            Failure
on the part of the Servicer duly to observe or perform, in any material respect, any covenants or agreements of the Servicer set forth
in this Agreement, which failure (i) materially and adversely affects the rights of the Securityholders and (ii) continues
unremedied for a period of 60 days after discovery of such failure by a Responsible Officer of the Servicer or after the date on which
written notice of such failure requiring the same to be remedied shall have been given to the Servicer by any of the Owner Trustee, the
Indenture Trustee or Noteholders evidencing not less than 50% of the Outstanding Amount of the Controlling Class of Notes;

 

(c)            If
any representation or warranty of the Servicer, in its capacity as Servicer, made in this Agreement shall prove to be incorrect in any
material respect as of the time when the same shall have been made and the incorrectness of such representation or warranty has a material
adverse effect on the Issuer or the Noteholders and such failure continues unremedied for 90 days after discovery thereof by a Responsible
Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or the Noteholders representing
not less than 50% of the Outstanding Amounts of the Notes; or

 

(d)            The
occurrence of an Insolvency Event with respect to the Servicer;

 

provided,
however, that a delay or failure of performance referred to under clause (a) above for a period of 10 days or clause (b) or
(c) above for a period of 30 days will not constitute a Servicer Termination Event if such delay or failure was caused by force
majeure or other similar occurrence.

 

    

	 	 27	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 8.02 Consequences of a
Servicer Termination Event. If a Servicer Termination Event shall occur, the Indenture Trustee or Noteholders evidencing more
than 50% of the voting interests of the Controlling Class may, by notice given in writing to the Servicer (and to the Indenture
Trustee, the Owner Trustee and the Depositor if given by such Noteholders), terminate all of the rights and obligations of the
Servicer under this Agreement. On or after the receipt by the Servicer of such written notice, all authority, power, obligations and
responsibilities of the Servicer under this Agreement automatically shall pass to, be vested in and become obligations and
responsibilities of the successor Servicer; provided, however, that the successor Servicer shall have no liability
with respect to any obligation that was required to be performed by the terminated Servicer prior to the date that the successor
Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The
successor Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things
necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of
the Receivables and related documents to show the Indenture Trustee (or the Owner Trustee if the Notes have been paid in full) as
lienholder or secured party on the related certificates of title of the Financed Vehicles or otherwise. The terminated Servicer
agrees to cooperate with the successor Servicer in effecting the termination of the responsibilities and rights of the terminated
Servicer under this Agreement, including the transfer to the successor Servicer for administration by it of all money and property
held by the Servicer with respect to the Receivables and other records relating to the Receivables, including any portion of the
Receivables File held by the Servicer and a computer tape in readable form as of the most recent Business Day containing all
information necessary to enable the successor Servicer to service the Receivables. The terminated Servicer shall also provide the
successor Servicer access to Servicer personnel and computer records in order to facilitate the orderly and efficient transfer of
servicing duties.

 

Section 8.03 Appointment of Successor
Servicer.

 

(a)            On
and after the time the Servicer receives a notice of termination pursuant to Section 8.02 or upon the resignation of the
Servicer pursuant to Section 7.06, the Indenture Trustee or the Noteholders evidencing more than 50% of the voting interests of
the Controlling Class shall appoint a successor Servicer which shall be the successor in all respects to the Servicer in its capacity
as Servicer under this Agreement and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination
provisions relating to the Servicer under this Agreement, except as otherwise stated herein. The Depositor, the Owner Trustee, the Indenture
Trustee and such successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such
succession. In the event that the Indenture Trustee and the Noteholders are unable to appoint a successor within thirty (30) days of
the date of the related notice of termination, the Indenture Trustee may petition a court of competent jurisdiction to appoint a successor
Servicer. If a successor Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 8.02 upon the
occurrence of any Servicer Termination Event after its appointment as successor Servicer. The original Servicer shall pay any and all
fees and expenses incurred as a result of a transfer of servicing.

 

(b)            The
Noteholders evidencing more than 50% of the voting interests of the Controlling Class shall have no liability to the Owner Trustee,
the Indenture Trustee, the Servicer, the Depositor, any Noteholders, any Certificateholders or any other Person if they exercise their
right to appoint a successor to the Servicer. Pending appointment pursuant to the preceding paragraph, the outgoing Servicer shall continue
to act as Servicer until a successor has been appointed and accepted such appointment.

 

    

	 	 28	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

 

(c)   Upon
appointment, the successor Servicer shall be the successor in all respects to the predecessor Servicer and shall be subject to all the
responsibilities, duties and liabilities arising thereafter relating thereto placed on the predecessor Servicer, and shall be entitled
to the Servicing Fee and all the rights granted to the predecessor Servicer by the terms and provisions of this Agreement.

 

Section 8.04 Notification to Securityholders.
Upon any termination of, or appointment of a successor to, the Servicer pursuant to this Article VIII, the Administrator shall give
prompt written notice thereof to the Certificateholders and each Rating Agency, and the Indenture Trustee shall give prompt written notice
thereof to the Noteholders.

 

Section 8.05 Waiver of Past Defaults.
The Noteholders evidencing more than 50% of the voting interests of the Controlling Class may, on behalf of all Securityholders,
waive in writing any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in
making any required deposits to or payments from any of the Trust Accounts in accordance with this Agreement. Upon any such waiver of
a past default, such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied
for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto.

 

ARTICLE IX.

 

TERMINATION

 

Section 9.01 Optional Purchase of All Receivables.

 

(a)  On
each Payment Date as of which the Pool Balance is equal to or less than 5% of the Initial Pool Balance, the Servicer shall have the option
to purchase the Receivables (the “Optional Purchase”). To exercise such Optional Purchase, the Servicer shall deposit
into the Collection Account pursuant to Section 5.04 an amount equal to [(i)] the aggregate Purchased Amount for the Receivables[,
less (ii) the amounts on deposit in the Reserve Account on such date,] and shall succeed to all interests in and to the Receivables.
The exercise of such option shall cause all outstanding Notes to be due and payable under the Indenture and effect a redemption, in whole
but not in part, of all outstanding Notes. [To avoid insufficient funds being available to make all payments as set forth in Section 5.05(b) in
full, any funds remaining on deposit in the Reserve Account when the Optional Purchase is exercised shall be deposited into the Collection
Account pursuant to Section 5.06(e).]

 

(b)  As
described in Article 9 of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner
Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof.

 

(c)  Following
the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders
will succeed to the rights of the Noteholders hereunder and the Trust will succeed to the rights of, and assume the obligations to make
payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.

 

    	 	29	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

 

ARTICLE X.

 

MISCELLANEOUS

 

Section 10.01 Amendment.

 

(a)    This
Agreement may be amended by the Depositor and the Servicer, but without the consent of the Indenture Trustee, the Owner Trustee, any
of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement, or for
the purpose of correcting any inconsistency with the Prospectus, or for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders
subject to the satisfaction of one of the following conditions:

 

(i)  the Depositor or the Servicer
delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that such amendment will not materially
and adversely affect the interests of the Noteholders (and, if the Certificates are then held by anyone other than the Depositor or a
U.S. Affiliate of the Depositor, the Certificateholders); or

 

(ii)  the Rating Agency Condition
is satisfied (other than with respect to S&P, but with satisfaction of the Rating Agency Notification with respect to S&P if S&P
is rating any Outstanding Class of Notes) with respect to such action.

 

(b)   This
Agreement may also be amended from time to time by the Depositor, the Servicer and the Issuer, with the prior written consent of the Indenture
Trustee and Noteholders holding not less than a majority of the Outstanding Amount of the Controlling Class of Notes, for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner
the rights of the Securityholders; provided, however, that no such amendment shall (i) 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 or (ii) reduce
the aforesaid percentage of the Outstanding Amount of the Notes, the Securityholders of which are required to consent to any such amendment,
without the consent of the Noteholders holding all Outstanding Notes and Certificateholders holding all outstanding Certificates.

 

Promptly after the execution of any amendment or
consent, the Administrator shall furnish written notification of the substance of such amendment or consent to each Securityholder, the
Indenture Trustee and each Rating Agency.

 

It shall not be necessary for the consent of Securityholders
pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof.

 

Prior to the execution of any amendment to this
Agreement, the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee shall be entitled to receive and rely upon an Opinion
of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and the Opinion of Counsel referred
to in Section 10.02(i)(i). The Owner Trustee, on behalf of the Issuer, and the Indenture Trustee may, but shall not be obligated
to, enter into any such amendment that affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights,
duties or immunities under this Agreement or otherwise.

 

    	 	30	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

Section 10.02 Protection of Title to Trust.

 

(a)   The
Servicer shall file such financing statements and cause to be filed such continuation statements, all in such a manner and in such places
as may be required by law fully to preserve, maintain and protect the interest of the Issuer and the Indenture Trustee in the Receivables
and the proceeds thereof. The Servicer shall deliver or cause to be delivered to the Owner Trustee and the Indenture Trustee file-stamped
copies of, or filing receipts for, any document filed as provided above as soon as available following such filing.

 

(b)   Neither
the Depositor nor the Servicer shall change its name, identity or organizational structure in any manner that would, could or might make
any financing statement or continuation statement filed in accordance with paragraph (a) above insufficient within the meaning of
Section 9-503 of the UCC, unless it shall have given the Owner Trustee and the Indenture Trustee at least five days’ prior
written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation
statements.

 

(c)   The
Servicer shall at all times maintain each office from which it shall service Receivables, and its principal executive office, within
the United States of America.

 

(d)   The
Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader
thereof to know at any time the status of each such Receivable, including payments and recoveries made and payments owing (and the nature
of each) and (ii) reconciliation between payments or recoveries on or with respect to each such Receivable and the amounts from
time to time deposited in the Collection Account in respect of each such Receivable.

 

(e)   The
Servicer shall maintain its computer systems so that, from and after the time of sale under this Agreement of the Receivables, the Servicer’s
master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Issuer in
such Receivable and that such Receivable is owned by the Issuer and has been pledged to the Indenture Trustee. Indication of the Issuer’s
interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related Receivable
shall have been paid in full or repurchased.

 

(f)    If
at any time the Depositor or the Servicer shall propose to sell, grant a security interest in or otherwise transfer any interest in
motor vehicle receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such
prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives)
that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and
is owned by the Issuer and has been pledged to the Indenture Trustee.

 

    	 	31	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

(g)   The
Servicer shall permit the Indenture Trustee and its agents upon reasonable notice and at any time during normal business hours to inspect,
audit and make copies of and abstracts from the Servicer’s records regarding any Receivable.

 

(h)   Upon
request, the Servicer shall furnish to the Owner Trustee or the Indenture Trustee, within fifteen Business Days, a list of all Receivables
(by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule
of Receivables and to each of the Servicer’s Certificates furnished prior to such request indicating removal of Receivables from
the Trust.

 

(i)   Upon
request, the Servicer shall deliver to the Owner Trustee and the Indenture Trustee:

 

(i)            promptly
after the execution and delivery of this Agreement and each amendment hereto, an Opinion of Counsel stating that, in the opinion of such
counsel, either (A) all financing statements and continuation statements have been filed that are necessary to fully preserve and
protect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring
to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such
interest; and

 

(ii)            within
90 days after the beginning of each calendar year beginning with the first calendar year beginning more than three months after the Cutoff
Date, an Opinion of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such counsel, either (A) all
financing statements and continuation statements have been filed that are necessary to fully preserve and protect the interest of the
Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel
in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest.

 

(j)   Restrictions
on Liens. The Servicer shall not (i) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or
consent to or permit in the future (upon the occurrence of a contingency or otherwise) the creation, incurrence or existence of any
Lien on or restriction on transferability of any Receivable except for the Lien of the Indenture and the restrictions on
transferability imposed by this Agreement or (ii) file any UCC financing statements in any jurisdiction that names HCA, the
Servicer or the Depositor as a debtor, and any Person other than the Depositor, the Indenture Trustee or the Issuer as a
secured party, or sign any security agreement authorizing any secured party thereunder to file any such financing statement with
respect to the Receivables or the related property.

 

Each Opinion of Counsel referred to in Section 10.02(i) above
shall specify any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect such interest.

 

    	 	32	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

Section 10.03
Notices. All demands, notices, communications and instructions upon or to the Depositor, the Servicer, the Issuer, the Owner Trustee,
the Indenture Trustee or any Rating Agency under this Agreement shall be in writing, personally delivered, faxed and followed by first
class mail, or mailed by certified mail, return receipt requested (or with respect to any Rating Agency, electronically delivered), and
shall be deemed to have been duly given upon receipt (a) in the case of the Depositor, to 3161 Michelson Drive, Suite 1900, Irvine,
California 92612, Attention: President and Secretary; (b) in the case of the Servicer and HCA, to 3161 Michelson Drive, Suite 1900, Irvine,
California 92612, Attention: Treasurer; (c)  in the case of the Issuer or the Owner Trustee, to [_______________]; (d) in the
case of [Fitch, to Fitch Ratings, Inc., 33 Whitehall Street, New York, NY 10004, Attention: Asset Backed Surveillance]; (e) in
the case of the Indenture Trustee, at the Corporate Trust Office; and (f) in the case of [Moody’s, to Moody’s, to Moody’s
Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, 25th Floor, New York, NY 10007] [S&P,
via electronic delivery to Servicer_reports@sandp.com or at the following address: 55 Water Street (40th Floor), New York, New
York 10041, Attention: ABS Surveillance Department]; or, as to each of the foregoing, at such other address as shall be designated by
written notice to the other parties.

 

Section 10.04 Assignment by the Depositor
or the Servicer. Notwithstanding anything to the contrary contained herein, except as provided in Sections 6.04 and 7.03 herein and
as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the
Depositor or the Servicer.

 

Section 10.05 Limitations on Rights of
Others. The provisions of this Agreement are solely for the benefit of the Depositor, the Servicer, the Issuer, the Owner Trustee,
the Certificateholders, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this
Agreement or any covenants, conditions or provisions contained herein.

 

Section 10.06 Severability. Any provision
of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 10.07 Counterparts; Electronic
Signatures and Transmission.

 

(a)    This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of
this Agreement by Electronic Transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)    For
purposes of this Agreement, any reference to “written” or “in writing” means any form of written communication,
including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission.
The Indenture Trustee and the Issuer are authorized to accept written instructions, directions, reports, notices or other communications
signed manually, by way of faxed signatures, or delivered by Electronic Transmission. In the absence of bad faith or negligence on its
part, each of the Indenture Trustee and the Issuer may conclusively rely on the fact that the Person sending instructions, directions,
reports, notices or other communications or information by Electronic Transmission is, in fact, a Person authorized to give such instructions,
directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission
and, in the absence of bad faith or negligence, shall not have any liability for any losses, liabilities, costs or expenses incurred or
sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications
or information to the Indenture Trustee or the Issuer, including, without limitation, the risk of either the Indenture Trustee or Issuer
acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse
by third parties.

 

    	 	33	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

(c)    The
words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating
to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the
extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act or any
other similar state laws based on the Uniform Electronic Transactions Act.

 

(d)    Notwithstanding
anything to the contrary in this Agreement, any and all communications (both text and attachments) by or from the Indenture Trustee that
the Indenture Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive information and sent by Electronic
Transmission will be encrypted. The recipient of the Electronic Transmission may be required to complete a one-time registration process..

 

Section 10.08 Headings. The headings
of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

 

Section 10.09 GOVERNING LAW. THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section 10.10 Assignment by Issuer.
The Depositor hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the
Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer in, to and
under the Receivables or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee.

 

Section 10.11 Nonpetition Covenants.
Notwithstanding any prior termination of this Agreement, the parties hereto shall not, prior to the date that is one year and one day
after the termination of this Agreement with respect to the Issuer or the Depositor, acquiesce, petition or otherwise invoke or cause
the Issuer or the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a case
against the Issuer or the Depositor under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Issuer or the Depositor or any substantial part of its property,
or ordering the winding up or liquidation of the affairs of the Issuer or the Depositor.

 

    	 	34	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

 

Section 10.12 Limitation of Liability of
Owner Trustee and Indenture Trustee.

 

(a)    Notwithstanding
anything contained herein to the contrary, this Agreement has been executed by [                  ] not in its individual capacity but solely in its capacity
as Owner Trustee of the Issuer and in no event shall [                 ] in its individual capacity or, except as expressly provided in the Trust Agreement,
as Owner Trustee of the Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be
had solely to the assets of the Issuer in accordance with the priorities set forth herein. For all purposes of this Agreement, in the
performance of its duties or obligations hereunder or 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 Articles VI, VII and VIII of the Trust Agreement.

 

(b)    Notwithstanding
anything contained herein to the contrary, this Agreement has been accepted by [                ],
not in its individual capacity but solely as Indenture Trustee, and in no event shall [             
] have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any
of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of
the Issuer in accordance with the priorities set forth herein.

 

(c)    No
recourse under any obligation, covenant or agreement of the Issuer contained in this Agreement shall be had against any agent of the
Issuer (including the Administrator and the Owner Trustee) as such by the enforcement of any assessment or by any legal or
equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely
an obligation of the Issuer as a Delaware statutory trust, and that no personal liability whatever shall attach to or be incurred by
any agent of the Issuer (including the Administrator and the Owner Trustee), as such, under or by reason of any of the obligations,
covenants or agreements of the Issuer contained in this Agreement, or implied therefrom, and that any and all personal liability for
breaches by the Issuer of any such obligations, covenants or agreements, either at common law or at equity, or by statute or
constitution, of every such agent is hereby expressly waived as a condition of and in consideration for the execution of this
Agreement.

 

Section 10.13 Information
to Be Provided by the Indenture Trustee.

 

(a)    For
so long as the Servicer is filing reports under the Exchange Act with respect to the Issuer, the Indenture Trustee shall (i) on or
before the fifth Business Day of each month, notify the Servicer, in writing, of any Form 10-D Disclosure Item with respect to the
Indenture Trustee, together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory
to the Servicer; provided, however, that the Indenture Trustee shall not be required to provide such information in the
event that there has been no change to the information previously provided by the Indenture Trustee to Servicer, and (ii) as promptly
as practicable following notice to or discovery by a Responsible Officer of the Indenture Trustee of any changes to such information,
provide to the Servicer, in writing, such updated information.

 

    	 	35	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

(b)    As
soon as available but no later than March 15th of each calendar year for so long as the Issuer is filing reports under the Exchange
Act, commencing on March 15, [_______], the Indenture Trustee shall:

 

(i)   deliver to the Servicer a report
regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar
year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such
report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified in
Schedule I or such other criteria as mutually agreed upon by the Servicer and the Indenture Trustee;

 

(ii)   cause a firm of registered
public accountants that is qualified and independent with the meaning of Rule 2-01 of Regulation S-X under the Securities Act to
deliver a report for inclusion in the Issuer’s filing of Exchange Act Form 10-K that attests to, and reports on, the assessment
of compliance made by the Indenture Trustee and delivered to the Servicer pursuant to the preceding paragraph. Such attestation shall
be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act;

 

(iii)   deliver to the Servicer and
any other Person that will be responsible for signing the certification (a “Sarbanes Certification”) required by Rules 13a-14(d) and
15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act) on behalf of the Issuer or the Servicer
substantially in the form attached hereto as Exhibit C or such form as mutually agreed upon by the Servicer and the Indenture
Trustee; and

 

(iv)   notify the Seller in writing
of any affiliations or relationships (as described in Item 1119 of Regulation AB) between the Indenture Trustee and any Item 1119 Party,
provided, that no such notification need be made if the affiliations or relationships are unchanged from those provided in the
notification in the prior calendar year

 

The Indenture Trustee acknowledges that the parties identified in clause
(iii) above may rely on the certification provided by the Indenture Trustee pursuant to such clause in signing a Sarbanes Certification
and filing such with the Commission.

 

(c)    The
Indenture Trustee agrees to perform all duties and obligations applicable to or required of the Indenture Trustee set forth in Appendix
B attached hereto and made a part hereof in all respects and makes the representations and warranties therein applicable to it.

 

    	 	36	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

(d)    The
Indenture Trustee shall provide the Depositor and the Servicer (each, a “Hyundai Party” and, collectively, the “Hyundai
Parties”) with (i) notification, as soon as practicable and in any event within five Business Days, of all demands communicated
to the Indenture Trustee for the repurchase or replacement of any Receivable pursuant to Section 3.03 of this Agreement or
Section 7.02 of the Receivables Purchase Agreement, as applicable, including any Repurchase Request, and (ii) promptly
upon written request by a Hyundai Party, any other information reasonably requested by a Hyundai Party in the Indenture Trustee’s
possession and that can be provided to the Hyundai Parties without unreasonable effort or expense to facilitate compliance by the Hyundai
Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the
Indenture Trustee have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange
Act or Regulation AB or with any Hyundai Parties’ compliance with the Exchange Act or Regulation AB or (ii) any duty or obligation
to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities
in respect of the Basic Documents or the transactions contemplated thereby. For purposes of this section, a “demand” is limited
to a written or oral demand or enforcement of a repurchase remedy received by a Responsible Officer of the Indenture Trustee from a person
or entity entitled to request enforcement of a repurchase remedy under the terms of the Basic Documents. A demand does not include general
inquiries, including investor inquiries, regarding asset performance or possible breaches of representations or warranties.

 

Section 10.14 Form 8-K
Filings. So long as the Servicer is filing Exchange Act Reports with respect to the Issuer, the Indenture Trustee shall promptly
notify the Servicer, but in no event later than one (1) Business Day after its occurrence, of any Reportable Event of which a
Responsible Officer of the Indenture Trustee has actual knowledge (other than a Reportable Event described in clause
(a) or (b) of the definition thereof as to which the Servicer has actual knowledge). The Indenture Trustee
shall be deemed to have actual knowledge of any such event to the extent that it relates to the Indenture Trustee or any action or
failure to act by the Indenture Trustee. The statements contained in the Servicing Criteria assessment and any other information
with respect to [__________] provided by [__________] to the Seller or its affiliates under this Section 10.14 or Section 10.13
(excluding clause (b)(ii)) shall be referred to as the “Provided Information.”

 

[SIGNATURE PAGES FOLLOW]

 

    	 	37	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

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

 

	 	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

		By:	[                   ], not in its individual capacity but solely as Owner Trustee

 

			By:	
	 	 	 	Name:
	 	 	 	Title:

 

    	 	S-1	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

	 	HYUNDAI ABS FUNDING, LLC,
	 	as Depositor
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

    	 	S-2	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

 

	 	HYUNDAI CAPITAL AMERICA,
	 	as Servicer and Seller
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

    	 	S-3	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

	 	[                        ], not in its individual capacity
but solely as Indenture Trustee
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

    	 	S-4	(20[ ]-[ ] Sale and Servicing Agreement) 

     

    

 

 

Hyundai Auto Receivables Trust 20[__]-[__]

 

	Monthly
    Servicing Report	 	 	 	 	 
	Collection
    Period	 	 	 	 	[_____]
	Distribution
    Date	[_____]
	Transaction
    Month	[_____]
	30/360
    Days	[_____]
	Actual/360
    Days	[_____]

 

	
    I.  ORIGINAL DEAL PARAMETERS
	Cutoff
    Date:	[_____],
    20[__]	 	 	 	 	 	 	 	 
	Closing
    Date:	[_____],
    20[__]	 	 	 	 	 	 	 	 
	 
	 	 	Dollars
	 	Units
	 	WAC
	 	WARM
	 	 
	Original
    Pool Balance:	$	[_____________]	 	[_____]	 	[_____]	 	[_____]	 	 
	Original
    Adj. Pool Balance:	$	[_____________]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Dollar
    Amount
	 	% of
    Pool
	 	Note
    Rate
	 	 	 	Final
    Payment

 Date

	Class A-1 Notes	Fixed	$	[_____________]	 	[_____]	 	[_____]	 	 	 	[_____]
	Class A-2-A Notes	Fixed	$	[_____________]	 	[_____]	 	[_____]	 	 	 	[_____]
	Class A-2-B Notes	Floating	$	[_____________]	 	[_____]	 	[Insert
    applicable floating rate benchmark] + [_____]	 	 	 	[_____]
	Class A-3 Notes	Fixed	$	[_____________]	 	[_____]	 	[_____]	 	 	 	[_____]
	Class A-4 Notes	Fixed	$	[_____________]	 	[_____]	 	[_____]	 	 	 	[_____]
	Class B Notes	Fixed	$	[_____________]	 	[_____]	 	[_____]	 	 	 	[_____]
	Class C Notes	Fixed	$	[_____________]	 	[_____]	 	[_____]	 	 	 	[_____]
	Class D Notes	Fixed	$	[_____________]	 	[_____]	 	[_____]	 	 	 	[_____]
	Total
    Securities	$	[_____________]	 	[_____]	 	 	 	 	 	 
	Overcollateralization	$	[_____________]	 	[_____]	 	 	 	 	 	 
	YSOA	$	[_____________]	 	[_____]	 	 	 	 	 	 
	Total
    Original Pool Balance	$	[_____________]	 	[_____]	 	 	 	 	 	 

 

	II.  POOL BALANCE AND PORTFOLIO INFORMATION
	 
	 	 	 	Beginning of Period	 	 	Ending of Period	 	 	Change
	 	 	 	Balance	 	 	Note Factor	 	 	Balance	 	 	Note Factor	 	 	 
	Class A-1 Notes	 	$	[_____________]	 	 	[_____]	 	 	[_____]	 	 	[_____]	 	 	[_____]
	Class A-2-A Notes	 	$	[_____________]	 	 	[_____]	 	 	[_____]	 	 	[_____]	 	 	[_____]
	Class A-2-B Notes	 	$	[_____________]	 	 	[_____]	 	 	[_____]	 	 	[_____]	 	 	[_____]
	Class A-3 Notes	 	$	[_____________]	 	 	[_____]	 	 	[_____]	 	 	[_____]	 	 	[_____]
	Class A-4 Notes	 	$	[_____________]	 	 	[_____]	 	 	[_____]	 	 	[_____]	 	 	[_____]
	Class B Notes	 	$	[_____________]	 	 	[_____]	 	 	[_____]	 	 	[_____]	 	 	[_____]
	Class C Notes	 	$	[_____________]	 	 	[_____]	 	 	[_____]	 	 	[_____]	 	 	[_____]
	Class D Notes	 	$	[_____________]	 	 	[_____]	 	 	[_____]	 	 	[_____]	 	 	[_____]
	Total Securities	 	$	[_____________]	 	 	[_____]	 	 	[_____]	 	 	[_____]	 	 	[_____]

 

	Weighted
    Avg. Coupon (WAC)	 	[_____]	 	[_____]	 	 
	Weighted
    Avg. Remaining Maturity (WARM)	 	[_____]	 	[_____]	 	 
	Pool
    Receivables Balance	 	$    [_____________]	 	$    [_____________]	 	 
	Remaining
    Number of Receivables	 	[_____]	 	[_____]	 	 
	Adjusted
    Pool Balance	 	$   [_____________]	 	$   [_____________]	 	 
	 	 	 	 	 	 	 

 

    
	 	 A-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Hyundai Auto Receivables Trust 20[__]-[__]

 

	Monthly
    Servicing Report	 	 	 	 	 
	Collection
    Period	 	 	 	 	[_____]
	Distribution
    Date	[_____]
	Transaction
    Month	[_____]
	30/360
    Days	[_____]
	Actual/360
    Days	[_____]

 

	III.  COLLECTIONS	 	 
	 	 	 
	Principal:	 	 
	Principal
    Collections	 	$	[_____________]	 
	Repurchased
    Contract Proceeds Related to Principal	$	[_____________]	 
	Recoveries/Liquidation
    Proceeds	 	$	[_____________]	 
	Total
    Principal Collections	 	$	[_____________]	 
	 	 	 
	Interest:	 	 
	Interest
    Collections	 	$	[_____________]	 
	Late
    Fees & Other Charges	 	$	[_____________]	 
	Interest
    on Repurchase Principal	 	$	[_____________]	 
	Total
    Interest Collections	 	$	[_____________]	 
	 	 	 
	Collection
    Account [Interest][Investment Earnings]	 	$	[_____________]	 
	Reserve
    Account [Interest][Investment Earnings]	 	$	[_____________]	 
	[Risk
    Retention Reserve Account [Interest][Investment Earnings]]	 	$	[_____________]	 
	Servicer
    Advances	 	$	[_____________]	 
	 	 	 
	Total
    Collections	 	$	[_____________]	 
	 	 	 	 	 	 	 

 

    
	 	 A-2	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Hyundai Auto Receivables Trust 20[__]-[__]

 

	Monthly
    Servicing Report	 	 	 	 	 
	Collection
    Period	 	 	 	 	[_____]
	Distribution
    Date	[_____]
	Transaction
    Month	[_____]
	30/360
    Days	[_____]
	Actual/360
    Days	[_____]

 

	IV.  DISTRIBUTIONS
	 
	Total
    Collections	 	 	 	 	$          [_____________]
	Reserve
    Account [Release][Investment Earnings]	 	 	 	 	$          [_____________]
	Reserve
    Account Draw	 	 	 	 	$          [_____________]

	Total
    Available for Distribution	 	 	 	 	$          [_____________]
	 	 	 	 	 	 
	 	Amount Due	 	Interest Payment

Due but Unpaid

from Prior Periods	 	Amount Paid	 	 	 
	 	 	 	 	 	 	 	 	 
	1.  Servicing
    Fee @1.00%:	 	 	 	 	 
	Servicing
    Fee Due	$          [_____________]	$       [_____________]	$         [_____________]	 	$          [_____________]
	Collection
    Account Interest	 	 	 	 	$          [_____________]
	Late
    Fees & Other Charges	 	 	 	 	$          [_____________]

	Total
    due to Servicer	 	 	 	 	$          [_____________]
	 	 	 	 	 	 
	2.  Class A
    Noteholders Interest:	 	 	 	 	 
	Class A-1
    Notes	$          [_____________]	 	$          [_____________]	 	 
	Class A-2-A
    Notes	$          [_____________]	 	$          [_____________]	 	 
	Class A-2-B
    Notes	$          [_____________]	 	$          [_____________]	 	 
	Class A-3
    Notes	$          [_____________]	 	$          [_____________]	 	 
	Class A-4
    Notes	$          [_____________]
	 	$          [_____________]
	 	 
	Total
    Class A Interest:	$          [_____________]	 	$          [_____________]	 	$          [_____________]
	 	 	 	 	 	 
	3.  First
    Priority Principal Distribution:	$          [_____________]	 	$          [_____________]	 	$          [_____________]
	 	 	 	 	 	 
	4.  Class B
    Noteholders Interest:	$          [_____________]	 	$          [_____________]	 	$          [_____________]
	 	 	 	 	 	 
	5.  Second
    Priority Principal Distribution:	$          [_____________]	 	$          [_____________]	 	$          [_____________]
	 	 	 	 	 	 
	6.  Class C
    Noteholders Interest:	$          [_____________]	 	$          [_____________]	 	$          [_____________]
	 	 	 	 	 	 
	7.  Third
    Priority Principal Distribution:	$          [_____________]	 	$          [_____________]	 	$          [_____________]
	 	 	 	 	 	 
	8.  Class D
    Noteholders Interest:	$          [_____________]	 	$          [_____________]	 	$          [_____________]
	 	 	 	 	 	 
	9.
    Available Funds Remaining	 	 	 	 	$          [_____________]
	 	 	 	 	 	 
	10.  Regular
    Principal Distribution Amount:	 	 	 	 	$          [_____________]
	 	 	 	 	 	 
	 	Distributable
    Amount
	 	Paid
    Amount
	 	 
	Class A-1
    Notes	 	 	$          [_____________]	 	 
	Class A-2-A
    Notes	 	 	$          [_____________]	 	 
	Class A-2-B
    Notes	 	 	$          [_____________]	 	 
	Class A-3
    Notes	 	 	$          [_____________]	 	 
	Class A-4
    Notes	 	 	$          [_____________]
	 	 
	Class A
    Notes Total:	$          [_____________]	 	$          [_____________]	 	 
	Class B
    Notes Total:	$          [_____________]	 	$          [_____________]	 	 
	Class C
    Notes Total:	$          [_____________]	 	$          [_____________]	 	 
	Class D
    Notes Total:	$          [_____________]	 	$          [_____________]	 	 
	Total
    Noteholders Principal	$          [_____________]	 	$          [_____________]	 	 
	 	 	 	 	 	 

 

	11.  Required Deposit to the
    Reserve Account	 	 	 	$          [_____________]
	 	 	 	 	 
	12.  Trustee and Asset Representations Reviewer Expenses 	 	 	 	$          [_____________]
	 	 	 	 	 	 
	13.  Remaining Available Collections Released to Certificateholder	 	 	 	$          [_____________]

 

 

    
	 	 A-3	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

 

Hyundai Auto Receivables Trust 20[__]-[__]

 

	Monthly
    Servicing Report	 	 	 	 	 
	Collection
    Period	 	 	 	 	[_____]
	Distribution
    Date	[_____]
	Transaction
    Month	[_____]
	30/360
    Days	[_____]
	Actual/360
    Days	[_____]

  

	V.  YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA)	 
	 	 
	Beginning Period Required Amount	$	[_____________]	 
	Beginning Period Amount	$	[_____________]	 
	Current Period Amortization	$	[_____________]	 
	Ending Period Required Amount	$	[_____________]	 
	Ending Period Amount	$	[_____________]	 
	Next Distribution Date Required Amount	$	[_____________]	 

 

	VI.  RESERVE ACCOUNT	 
	 	 
	Reserve Percentage of Initial Adjusted Pool Balance	[_____________]	%
	Beginning Period Required Amount	$	[_____________]	 
	Beginning Period Amount	$	[_____________]	 
	Current Period Release to Collection Account	$	[_____________]	 
	Current Period Deposit	$	[_____________]	 
	Current Period Release to Depositor	$	[_____________]	 
	Ending Period Required Amount ([0.25]% of APB of cut-off date)	$	[_____________]	 
	Ending Period Amount	$	[_____________]	 

 

	[VII.  RISK RETENTION RESERVE ACCOUNT]
	 
	[Beginning Period Amount]	$	[_____________]	 
	[Current Period Release to Collection Account]	$	[_____________]	 
	[Ending Period Amount]	$	[_____________]	 

 

VIII.  OVERCOLLATERALIZATION

 

	Overcollateralization Target 	[_____]%
	Overcollateralization
  Floor	[_____]%

 

	 	 	Beginning	 	Ending	 	Target
	Overcollateralization Amount	 	$	[_____________]	 	$	[_____________]	 	$	[_____________]
	Overcollateralization as a % of Original Adjusted Pool	 	 	[_____]	 	 	[_____]	 	 	[_____]
	Overcollateralization as a % of Current Adjusted Pool	 	 	[_____]	 	 	[_____]	 	 	[_____]

 

    
	 	A-4	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Hyundai Auto Receivables Trust 20[__]-[__]

 

	Monthly
    Servicing Report	 	 	 	 	 
	Collection
    Period	 	 	 	 	[_____]
	Distribution
    Date	[_____]
	Transaction
    Month	[_____]
	30/360
    Days	[_____]
	Actual/360
    Days	[_____]

 

IX.  DELINQUENCY AND NET LOSS ACTIVITY

 

		 	Units Percent	 	Units	 	Dollars Percent	 	Dollar Amount
	Delinquent Receivables:	 	 	 	 	 	 	 	 
	Current	 	[_____]	 	[_____]	 	[_____]	 	$         [_____________]
	30 – 60 Days	 	[_____]	 	[_____]	 	[_____]	 	$         [_____________]
	61 – 90 Days	 	[_____]	 	[_____]	 	[_____]	 	$         [_____________]
	91 – 120 Days	 	[_____]	 	[_____]	 	[_____]	 	$         [_____________]
	121 + Days	 	[_____]	 	[_____]	 	[_____]	 	$         [_____________]
	Total	 	 	 	[_____]	 	 	 	$         [_____________]
	 	 	 	 	 	 	 	 	 
	Delinquent Receivables 30+ days past due	 	[_____]	 	[_____]	 	[_____]	 	$         [_____________]
	Current Period	 	 	 	[_____]	 	[_____]	 	[_____]
	1st Preceding Collection Period	 	 	 	[_____]	 	[_____]	 	[_____]
	2nd Preceding Collection Period	 	[_____]	 	[_____]	 	[_____]	 	$         [_____________]
	3rd Preceding Collection Period	 	[_____]	 	[_____]	 	[_____]	 	$         [_____________]
	Four-Month Average	 	 	 	[_____]	 	 	 	[_____]
	 	 	 	 	 	 	 	 	 
	Ratio of 61+ Delinquency Receivables Balance to EOP Pool Balance	 	 	 	[_____]	 	 	 	 
	Delinquency Percentage exceeds Delinquency Trigger of [  ]% (Y/N)	 	 	 	[_____]	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Repossession in Current Period	 	 	 	[_____]	 	 	 	$         [_____________]
	Repossession Inventory	 	 	 	[_____]	 	 	 	$         [_____________]
	 	 	 	 	 	 	 	 	 
	Current Charge-Offs	 	 	 	 	 	 	 	 
	Gross Principal of Charge-Off	 	 	 	 	 	 	 	 
	Recoveries	 	 	 	 	 	 	 	$         [_____________]
	Net Loss	 	 	 	 	 	 	 	$         [_____________]
	 	 	 	 	 	 	 	 	 
	Ratio of Current Net Loss to Beginning Pool Balance (annualized)	 	 	 	 	 	 	 	[_____]
	 	 	 	 	 	 	 	 	 
	Average Pool Balance for Current Period	 	 	 	 	 	$         [_____________]	 	 
	 	 	 	 	 	 	 	 	 
	Ratio of Current Net Loss to Average Pool Balance (annualized)	 	 	 	 	 	 	 	 
	Current Period	 	 	 	 	 	 	 	[_____]
	1st Preceding Collection Period	 	 	 	 	 	 	 	[_____]
	2nd Preceding Collection Period	 	 	 	 	 	 	 	[_____]
	3rd Preceding Collection Period	 	 	 	 	 	 	 	[_____]
	Four-Month Average	 	 	 	 	 	 	 	[_____]

 

    
	 	A-5	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Hyundai Auto Receivables Trust 20[__]-[__]

 

	Monthly
    Servicing Report	 	 	 	 	 
	Collection
    Period	 	 	 	 	[_____]
	Distribution
    Date	[_____]
	Transaction
    Month	[_____]
	30/360
    Days	[_____]
	Actual/360
    Days	[_____]

 

	Cumulative Charge-Offs:	 	Change in units
    from prior period	 	Cumulative Units	 	Cumulative Amount	 
	Gross Principal of Charge-Offs	 	[_____]	 	[_____]	 	$         [_____________]	 
	Recoveries	 	[_____]	 	[_____]	 	$         [_____________]	 
	Net Loss	 	 	 	 	 	$         [_____________]	 
	Cumulative Net Losses as a % of Initial Pool Balance	 	 	 	 	 	[_____]	 
	 	 	 	 	 	 	 	 
	Net Loss for Receivables that have experienced a Net Loss*	 	[_____]	 	[_____]	 	$         [_____________]	 
	Average Net Loss for Receivables that have experienced a Net Loss	 	 	 	 	 	$         [_____________]	 
	 	 	 	 	 	 	 	 
	Principal Balance of Extensions	 	 	 	 	 	$         [_____________]	 
	Number of Extensions	 	 	 	 	 	[_____]	 

 

* Excludes receivables with recovered amounts equal to or in excess
of principal charge-offs due to the recovery of assessments, such as interest and fees

 

	[IX.  CREDIT RISK RETENTION INFORMATION]	 
	 	 	 
	[Fair Value of Notes and Certificate on the Closing Date:	 	 
	  (i) Class A-1 Notes:	 	 
	         (a) Fair Value of Class A Notes in Dollars:	$	[_____]	 
	         (b) Fair Value of Class A Notes as a percentage of Total:	[____]	%
	  (ii) Class A-2[-A] Notes:	 	 
	         (a) Fair Value of Class A-2[-A] Notes in Dollars:	$	[_____]	 
	         (b) Fair Value of Class A-2[-A] Notes as a percentage of Total:	[____]	%
	  [(iii) Class A-2-B Notes:	 	 
	         (a) Fair Value of Class A-2-B Notes in Dollars:	$	[_____]	 
	         (b) Fair Value of Class A-2-B Notes as a percentage of Total:	[____]	]%
	  (iv) Class A-3 Notes:	 	 
	         (a) Fair Value of Class A-3  Notes in Dollars:	$	[_____]	 
	         (b) Fair Value of Class A-3  Notes as a percentage of Total:	[____]	%
	  (v) Class A-4 Notes:	 	 
	         (a) Fair Value of Class A-4  Notes in Dollars:	$	[_____]	 
	         (b) Fair Value of Class A-4  Notes as a percentage of Total:	[____]	%
	  (vi) Class B Notes:	 	 
	         (a) Fair Value of Class B Notes in Dollars:	$	[_____]	 
	         (b) Fair Value of Class B Notes as a percentage of Total:	[____]	%
	  (vii) Class C Notes:	 	 
	         (a) Fair Value of Class C Notes in Dollars:	$	[_____]	 
	         (b) Fair Value of Class C Notes as a percentage of Total:	[____]	%
	  (viii) Class D Notes:	 	 
	         (a) Fair Value of Class D Notes in Dollars:	$	[_____]	 
	         (b) Fair Value of Class D Notes as a percentage of Total:	[____]	%
	  (ix) Certificate	 	 
	         (a) Fair Value of the Certificate in Dollars:	$	[_____]	 
	         (b) Fair Value of the Certificate as a percentage of Total:	[____]	%
	Reserve Account	 	 
	  (i) Amount on deposit on the Closing Date in Dollars:	$	[_____]	 
	  (ii) Amount on deposit on the Closing Date as a percentage of Total:	[____]	%
	 	 	 
	 
Total Fair Value of Notes and Certificate in Dollars
	$	[_____]	 
	Total Fair Value of Notes and Certificate as a percentage of Total	[____]	%
	Sum of the Fair Value of the Certificate and the Amount on Deposit in the Reserve Account	 	 
	(i) In Dollars:	$	[_____]	 
	(ii) As a percentage of Total:	[____]	%
	[There were no material changes in the retained interest in the transaction.]	 

 

    
	 	A-6	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

 

EXHIBIT B

 

Form of Servicer’s Certificate

 

Collection
Period:     ________________ 

Distribution
Date:     ________________

 

Hyundai Auto Receivables Trust 20[__]-[_]

 

The undersigned certifies that he is an officer
of Hyundai Capital America, a California corporation (“HCA”) and that as such he is duly authorized to execute and deliver
this certificate on behalf of HCA pursuant to Section 4.09 of the Sale and Servicing Agreement dated [          ], 20[__] among Hyundai Auto
Receivables Trust 20[__]-[_], as Issuer, Hyundai ABS Funding, LLC, as Depositor, HCA, as Seller and Servicer and [          ], as Indenture Trustee
(the “Sale and Servicing Agreement”) (all capitalized terms used herein without definition have the respective meanings specified
in the Sale and Servicing Agreement) and further certifies that:

 

1.            The
Servicer’s report for the period from _________ to _________ attached to this certificate is complete and accurate and contains
all information required by Section 4.09 of the Sale and Servicing Agreement; and

 

2.            As
of _____________, no Servicer Termination Events have occurred.

 

IN WITNESS WHEREOF, I have fixed hereunto
my signature this ___ day of ___________.

 

	 	HYUNDAI CAPITAL AMERICA, 
	 	as Servicer
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

 

    	 	B-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

EXHIBIT C

 

Form of Indenture Trustee’s Annual
Sarbanes Certification

 

		Re:	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

[_____], not in its individual capacity but solely
as indenture trustee (the “Indenture Trustee”), certifies to Hyundai Capital America (the “Servicer”),
and its officers, with the knowledge and intent that they will rely upon this certification, that:

 

(1)            It
has reviewed the report on assessment of the Indenture Trustee’s compliance provided in accordance with Rules 13a-18 and 15d-18
under the Securities Exchange Act of 1934, as amended, and Item 1122 of Regulation AB (the “Servicing Assessment”)
that was delivered by the Indenture Trustee to the Servicer pursuant to the Sale and Servicing Agreement (the “Agreement”),
dated as of [_______], 20[ ], by and among Hyundai Auto Receivables Trust 20[ ]-[ ], Hyundai ABS Funding, LLC, the Servicer, Hyundai Capital
America, as seller, and the Indenture Trustee;

 

(2)            To
the best of its knowledge, the Servicing Assessment, taken as a whole, does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made,
not misleading with respect to the period of time covered by the Servicing Assessment; and

 

(3)            To
the best of its knowledge, all of the Provided Information required to be provided by the Indenture Trustee under the Agreement has been
provided to the Seller.

 

	 	[__________],
	 	not in its individual capacity but solely as Indenture Trustee
	Date: 	 	 

 

    	 	C-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

SCHEDULE A

 

Schedule of Receivables

 

[Delivered to the Trust at Closing]

 

    	 	Sched. A-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

SCHEDULE B

 

Yield Supplement Overcollateralization Amount

 

With respect to any Payment Date, the “Yield
Supplement Overcollateralization Amount” is the amount specified below:

 

	
    Payment Date
	
    Yield Supplement
    Overcollateralization

 Amount

	Closing Date	 

 

    	 	Sched. B-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

APPENDIX A

 

DEFINITIONS

 

The following terms have the meanings set forth,
or referred to, below:

 

“61-Day Delinquent Receivables”
means all Receivables outstanding and held by the Issuer (other than Purchased Receivables, charged-off Receivables and Receivables in
repossession or bankruptcy status) that are 61 or more days delinquent, as determined in accordance with the Servicer’s customary
servicing practices.

 

“AAA” means the American Arbitration
Association.

 

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

 

“Adjusted Pool Balance” means
(a) as of the Closing Date, an amount equal to (x) the Pool Balance as of the Cutoff Date minus (y) the Yield Supplement
Overcollateralization Amount for the Closing Date and (b) for any Payment Date, an amount equal to (x) the Pool Balance as of
the end of the Collection Period preceding that Payment Date less (y) the Yield Supplement Overcollateralization Amount with respect
to such Payment Date.

 

“Administration Agreement” means
the Owner Trust Administration Agreement, dated as of [_____], 20[__] 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.

 

“Advance” means, as to any Payment
Date, an advance made by the Servicer on such Payment Date pursuant to Section 5.08 of the Sale and Servicing Agreement in
respect of the aggregate of all Scheduled Payments of interest and/or principal for which the original scheduled due date occurred before
or during which were due during the related Collection Period that remained unpaid at the end of such Collection Period.

 

“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.

 

“Amount Financed” means with
respect to a Receivable, the amount advanced under the Receivable toward the purchase price of the Financed Vehicle and any related costs.

 

“Annual Percentage Rate” or
 “APR” of a Receivable means the annual rate of finance charges stated in the related Contract.

 

“Asset Representations
Review” means a review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of
all Subject Receivables for compliance with the representations and warranties set forth in Exhibit A to the Receivables
Purchase Agreement.

 

     

     

    

 

“Asset Representations Review Agreement”
means the asset representations review agreement, dated as of [________], 20[__], among the Issuer, the Servicer and the Asset Representations
Reviewer.

 

“Asset Representations Reviewer”
means [_____].

 

“Asset Representations Reviewer Fees and
Expenses” means all of the accrued and unpaid Asset Representations Reviewer’s fees and any amounts due to the Asset Representations
Reviewer for reimbursement of expenses or in respect of indemnification to the extent not previously paid to the Asset Representations
Reviewer by the Servicer.

 

“Authenticating Agent” shall
have the meaning assigned to such term in Section 3.13(a) of the Trust Agreement and shall initially be [_______].

 

“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).

 

“Available Amounts” means, with
respect to any Payment Date, the sum of the following amounts (without duplication) with respect to the related Collection Period: (i) all
Collections on Receivables, (ii) the Purchased Amount of each Receivable that becomes a Purchased Receivable, (iii) Advances,
(iv) Recoveries[,] [and] (v) any amounts paid by the Servicer in connection with a purchase of Receivables pursuant to Section 9.01(a) of
the Sale and Servicing Agreement [and (vi) any Investment Earnings on amounts on deposit in the Reserve Account];  provided, however,
that Available Amounts shall not include any payments or other amounts (including Liquidation Proceeds and Recoveries received with respect
to any Receivable) to the extent that the Servicer has elected to receive reimbursement from payments in respect of such Receivable or
other amounts prior to such Payment Date pursuant to Section 5.08 of the Sale and Servicing Agreement.

 

“Available Amounts Shortfall”
means, with respect to any Payment Date, the positive difference, if any, of the Total Required Payment for such Payment Date minus the
Available Amounts for such Payment Date.

 

“Basic Documents” means
the Trust Agreement, [the Securities Account Control Agreement,] the Indenture, the Sale and Servicing Agreement, the Receivables
Purchase Agreement, the Administration Agreement, the Note Depository Agreement, the Asset Representations Review Agreement and
other documents and certificates delivered in connection therewith.

 

    2 

     

    

 

“Benefit Plan Investor” means
an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to Title I of ERISA, a “plan”
as defined in and subject to Section 4975 of the Code or an entity or account deemed to hold the plan assets of any of the foregoing.

 

“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 of the Indenture.

 

“Business Day” means any day
other than a Saturday, a Sunday or a day on which a commercial banking institution in the states of [California, Delaware or New York]
are authorized or obligated by law or executive order to remain closed.

 

“Calculation Agent” shall mean
[______], a [______] and its successors in interest and any successor calculation agent.

 

“Certificate” means a certificate
evidencing the beneficial interest of a Certificateholder in the Trust.

 

“Certificate Distribution Account”
shall have the meaning assigned to such term in Section 5.01 of the Trust Agreement.

 

“Certificate of Trust” shall
mean the Certificate of Trust substantially in the form of Exhibit E to the Trust Agreement and filed for the Trust pursuant
to Section 3810 of the Statutory Trust Act.

 

“Certificate Percentage Interest”
means with respect to any Trust Certificate, the percentage interest of ownership in the Trust represented thereby as set forth on the
face thereof.

 

“Certificate Register” and “Certificate
Registrar” means the register mentioned in and the registrar appointed pursuant to Section 3.04 of the Trust Agreement.

 

“Certificateholder” or “Holder”
means a Person in whose name a Trust Certificate is registered.

 

“CFR” means the Code of Federal
Regulations.

 

“Class” means any one of the
classes of Notes.

 

“Class A Noteholders” means
the Class A-1 Noteholders, the Class A-2[-A] Noteholders, [the Class A-2-B Noteholders,] the Class A-3 Noteholders
and the Class A-4 Noteholders.

 

    3 

     

    

 

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

 

“Class A-1 Noteholder”
means the Person in whose name a Class A-1 Note is registered in the Note Register.

 

“Class A-1 Notes” means
the [__]% Asset Backed Notes, Class A-1, substantially in the form of Exhibit A-1 to the Indenture.

 

“Class A-1 Rate” means
[__]% per annum, computed on the basis of an actual/360-day year.

 

“Class A-2[-A] Noteholder”
means the Person in whose name a Class A-2[-A] Note is registered in the Note Register.

 

“Class A-2[-A] Notes” means
the [__]% Asset Backed Notes, Class A-2[-A], substantially in the form of Exhibit A-2 to the Indenture.

 

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

 

[“Class A-2-B Noteholder”
means the Person in whose name a Class A-2-B Note is registered in the Note Register.]

 

[“Class A-2-B Notes” means
the [insert applicable floating rate benchmark] + [__]% Asset Backed Notes, Class A-2-B, substantially in the form of Exhibit A-2-B
to the Indenture.]

 

[“Class A-2-B Rate” means
[insert applicable floating rate benchmark] + [__]% per annum, computed on the basis of an actual/360-day year; provided, however, that,
for any Interest Period for which the sum of [insert applicable floating rate benchmark] + [__]% is less than 0.00%, the Class A-2-B
Rate shall be deemed to be 0.00%.]

 

“Class A-3 Noteholder”
means the Person in whose name a Class A-3 Note is registered in the Note Register.

 

“Class A-3 Notes” means
the [__]% Asset Backed Notes, Class A-3, substantially in the form of Exhibit A-3 to the Indenture.

 

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

 

“Class A-4 Noteholder”
means the Person in whose name a Class A-4 Note is registered in the Note Register.

 

    4 

     

    

 

“Class A-4 Notes” means
the [__]% Asset Backed Notes, Class A-4, substantially in the form of Exhibit A-4 to the Indenture.

 

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

 

“Class B Noteholder” means
the Person in whose name a Class B Note is registered in the Note Register.

 

“Class B Notes” means the
[__]% Asset Backed Notes, Class B, substantially in the form of Exhibit B to the Indenture.

 

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

 

“Class C Noteholder” means
the Person in whose name a Class C Note is registered in the Note Register.

 

“Class C Notes” means the
[__]% Asset Backed Notes, Class C, substantially in the form of Exhibit C to the Indenture.

 

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

 

“Class D Noteholder” means
the Person in whose name a Class D Note is registered in the Note Register.

 

“Class D Notes” means the
[__]% Asset Backed Notes, Class D, substantially in the form of Exhibit D to the Indenture.

 

“Class D Rate” means [__]%
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 [_____],
20[__].

 

“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 the Indenture.

 

    5 

     

    

 

“Collection Account” means the
account designated as such, established and maintained pursuant to Section 5.01 of the Sale and Servicing Agreement.

 

“Collection Period” means each
fiscal month of the Servicer during the term of the Sale and Servicing Agreement; provided, however, that the first Collection
Period is the period from but excluding the Cutoff Date through and including [_____], 20[__]. With respect to any Determination Date
or Payment Date, the “related Collection Period” means the Collection Period preceding the fiscal month in which such Determination
Date or Payment Date occurs.

 

“Collections” means, with respect
to any Receivable and to the extent identified by the Servicer after the Cutoff Date, (a) any monthly payment by or on behalf of
the Obligor thereunder, (b) full or partial prepayment of that Receivable, (c) all Liquidation Proceeds and (d) any other
amounts identified by the Servicer which, in accordance with its customary servicing practices, would be applied to the payment of accrued
interest or to reduce the Principal Balance of that Receivable; provided, however, that the term “Collections”
in no event will include (i) any amounts in respect of any Receivable purchased by the Servicer, the Seller or the Depositor on a
prior Payment Date or (ii) any late fees, extension fees, non-sufficient funds charges and any and all other administrative fees
or similar charges allowed by applicable law with respect to any Receivable and payable to the Servicer.

 

“Commission” means the Securities
and Exchange Commission.

 

“Contract” means a motor vehicle
retail installment sale contract.

 

“Controlling Class” means with
respect to any Notes that are Outstanding, the Class A Notes (voting together as a single class) so long as the Class A Notes
are Outstanding, and thereafter the Class B Notes so long as any Class B Notes are Outstanding, and thereafter 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,
excluding in each case, Notes held by the Depositor, the Servicer or their affiliates.

 

“Conveyed Assets” has the meaning
provided in Section 2.01 of the Sale and Servicing Agreement.

 

“Corporate Trust Office”
shall mean, (i) with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee located at
[_____], Attention: [_____], or at such other address in the State of Delaware as the Owner Trustee may designate by notice to the
Certificateholders and the Depositor, or the principal corporate trust office of any successor Owner Trustee at the address (which
shall be in the State of Delaware) designated by such successor Owner Trustee by notice to the Certificateholders and the Depositor
and (ii) with respect to the Indenture Trustee, the location at which its corporate trust business is administered, which
office at the Closing Date is located at (a) solely for the purposes of the transfer, surrender or exchange of Notes, [_____],
Attention: [_____] and (b) for all other purposes [_____], facsimile number [_____]; 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.

 

“Credit and Collection Policy”
means the credit and collection practices, policies and procedures of HCA from time to time.

 

“Cutoff Date” means the close
of business on [_____], 20[__].

 

    6 

     

    

 

 

“Dealer” means the dealer who
sold a Financed Vehicle and who originated the related Receivable and assigned it to HCA pursuant to a Dealer Agreement.

 

“Dealer Agreement” means an
agreement between HCA and a Dealer pursuant to which such Dealer sells Contracts to HCA.

 

“Debt-For-Tax Opinion” means
an Opinion of Counsel, of nationally recognized tax counsel, delivered to the Depositor and the Indenture Trustee stating that the Notes
will be debt for U.S. federal income tax purposes.

 

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

 

“Defaulted Receivables” means
any Receivable (a) on which any installment is unpaid more than sixty (60) days past its original due date or (b) where the
Servicer’s records show that the Obligor has suffered an Insolvency Event.

 

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

 

“Definitive Trust Certificates”
shall have the meaning set forth in Section 3.10 of the Trust Agreement.

 

“Delinquency Percentage” means,
for each Payment Date, an amount equal to the ratio (expressed as a percentage) of (i) the Pool Balance of all 61-Day Delinquent
Receivables as of the last day of the calendar month immediately preceding such Payment Date to (ii) the Pool Balance of all outstanding
Receivables held by the Issuer as of the last day of the calendar month immediately preceding such Payment Date.

 

“Delinquency Trigger” means,
for any Payment Date and the related preceding calendar month, [__]%.

 

“Deliver” or “Delivered”:
when used with respect to Trust Account Property means when the relevant steps specified below are accomplished with respect to such Trust
Account Property:

 

(a)            if
such Trust Account Property is an instrument or a certificated security (each as defined in the UCC), by (i) delivering such instrument
or security certificate to the Eligible Institution then maintaining the applicable Eligible Account either registered in the name of
such Eligible Institution, or indorsed, by an effective endorsement, to the Eligible Institution or in blank (provided, that
no endorsement shall be required for certificated securities in bearer form), (ii) causing such Eligible Institution to maintain
(on behalf of the Indenture Trustee) continuous possession of such instrument or security certificate, (iii) causing the Eligible
Institution to credit such instrument or certificated security to the appropriate Eligible Account, (iv) causing the Eligible Institution
to agree to treat all such instruments and certificated securities as “financial assets” (as defined in the UCC) and (v) causing
the Eligible Institution to agree pursuant to a Control Agreement that it will comply with “entitlement orders” (as defined
in the UCC) originated by the Indenture Trustee with respect to each security entitlement (as defined in the UCC) relating to such instruments
and certificated securities without further consent by the Depositor, the Issuer or any other Person;

 

    7 

     

    

 

(b)            if
such Trust Account Property is a security entitlement (as defined in the UCC), by (i) causing the Eligible Institution then maintaining
the applicable Eligible Account to become the entitlement holder of such security entitlement, (ii) causing the Eligible Institution
to credit such security entitlement to the appropriate Eligible Account thereby creating a securities entitlement with respect to the
financial asset underlying such securities entitlement and (iii) causing the Eligible Institution to agree pursuant to a Control
Agreement that it will comply with “entitlement orders” (as defined in the UCC) originated by the Indenture Trustee with respect
to each security entitlement (as defined in the UCC) without further consent by the Depositor, Issuer or any other Person;

 

(c)            if
such Trust Account Property is an uncertificated security (as defined in the UCC), by (i) causing the Eligible Institution then maintaining
the applicable Eligible Account to become the registered owner of such uncertificated security, (ii) causing such registration to
remain effective, (iii) causing the Eligible Institution to credit such uncertificated security to the appropriate Eligible Account
thereby creating a securities entitlement with respect to the uncertificated security, and (iv) causing the Eligible Institution
to agree pursuant to a Control Agreement that it will comply with “entitlement orders” (as defined in the UCC) originated
by the Indenture Trustee with respect to each security entitlement (as defined in the UCC) without further consent by the Depositor, Issuer
or any other Person;

 

(d)            if
such Trust Account Property consists of deposit accounts (as defined in the UCC) by either (i) causing the Indenture Trustee to be
the customer with respect to such deposit accounts or (ii) causing the bank maintaining such deposit account to enter into a Control
Agreement pursuant to which it agrees to comply with all instructions issued by the Indenture Trustee without further consent by the Depositor, Issuer
or any other Person;

 

(e)            in
the case of any general intangibles, by causing an effective financing statement naming the Issuer as debtor and the Indenture Trustee
as secured party and covering such general intangibles to be filed in the location (within the meaning of Section 9-307 of the UCC)
of the Issuer; and

 

(f)            in
the case of any Trust Account Property not covered above or as an additional method of delivery for any of the foregoing, by delivering
to the Indenture Trustee a legal opinion of counsel reasonably satisfactory to the Indenture Trustee specifying another method of delivery
that will result in the Indenture Trustee having a valid and perfected security interest therein and by delivery in compliance with the
method specified in such legal opinion.

 

“Depositor” means Hyundai ABS
Funding, LLC, a Delaware limited liability company, its successors and assigns.

 

    8 

     

    

 

“Determination Date” means,
with respect to each Payment Date, the tenth calendar day of the month in which such Payment Date occurs (or if such tenth day is not
a Business Day, the next succeeding Business Day).

 

“Domestic Corporation” means
an entity that is treated as a corporation for United States federal income tax purposes and is a United States person under Section 7701(a)(30)
of the Code.

 

“Electronic Transmission” means
any form of communication not directly involving the physical transmission of paper, including the use of, or participation in (a) electronically
imaged signatures or (b) one or more electronic networks or databases (including one or more distributed electronic networks or databases)
provided by Adobe PDF, DocSign or any other digital signature provider as may be mutually agreed to by the sender and the Indenture Trustee
or Owner Trustee, as applicable, and that creates a record that may be retained, retrieved and reviewed by a recipient thereof.

 

“Eligible Account” means a segregated
securities account with an Eligible Institution.

 

“Eligible Institution” means
the following:

 

(a)            a
depository institution or trust company

 

(i)            whose
commercial paper, short-term unsecured debt obligations or other short-term deposits are rated [“F-1” by Fitch] [“Prime-1”
by Moody’s] and [“A1+” by S&P], if the deposits are to be held in the account for 30 days or less, or

 

(ii)            whose
long-term unsecured debt obligations are rated at least [“AA-” by Fitch] [“Aa3” by Moody’s] and [“AA-”
by S&P], if the deposits are to be held in the account more than 30 days, or

 

(b)            the
trust department of a federal or state-chartered depository institution having a combined capital and surplus of at least $50,000,000
and subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations Section 9.10(b),
so long as the long-term unsecured debt of such depository institution shall have a credit rating [from S&P of at least “BBB”]
[and] [from Moody’s of at least “Baa3”], if [either][it] is a Rating Agency, or

 

(c)            any
other institution with respect to which the Rating Agency Condition shall be satisfied in the case of Moody’s, and with satisfaction
of the Rating Agency Notification with respect to S&P if S&P is rating any Outstanding Class of Notes.

 

provided,
that any Eligible Institution’s deposits shall be insured by the Federal Deposit Insurance Corporation; provided, further,
that a foreign financial institution shall be deemed to satisfy the forgoing proviso if such foreign financial institution meets the requirements
of Rule 13k-1(b)(1) under the Exchange Act (17 CFR §240.13k-1(b)(1)).

 

    9 

     

    

 

“Eligible Investments” means
one or more of the following instruments, obligations and securities:

 

(a)            direct
obligations of, and obligations fully guaranteed as to the full and timely payment by, the United States of America or any agency thereof,
provided such obligations are backed by the full faith and credit of the United States of America;

 

(b)            demand
deposits, time deposits or certificates of deposit of any depository institution (including any affiliate of the Depositor, the Servicer,
the Indenture Trustee or the Owner Trustee) or trust company incorporated under the laws of the United States of America or any state
thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or
state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as
custodian with respect to any obligation referred to in the first bullet point above or a portion of such obligation for the benefit of
the holders of such depository receipts); provided that at the time of the investment or contractual commitment to invest therein
(which shall be deemed to be made again each time funds are reinvested following each Payment Date), the commercial paper or other short-term
senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a person other than such
depository institution or trust company) of such depository institution or trust company shall have a rating from each Rating Agency in
the highest investment category granted thereby for such obligations;

 

(c)            commercial
paper (including commercial paper of any affiliate of Depositor, the Servicer, the Indenture Trustee or the Owner Trustee) having, at
the time of the investment or contractual commitment to invest therein, a rating from each Rating Agency in the highest investment category
granted thereby for such obligations;

 

(d)            securities
bearing interest or sold at a discount (including commercial paper) issued by any corporation incorporated under the laws of the United
States or any state thereof, the District of Columbia or the Commonwealth of Puerto Rico, so long as at the time of such investment or
contractual commitment providing for such investment either the long-term unsecured debt of such corporation has a rating from each Rating
Agency in the highest investment category granted thereby for such obligations or the commercial paper or other short-term debt which
is then rated has a rating from each Rating Agency in the highest investment category granted thereby for such obligations;

 

(e)            certificates
of deposit issued by any bank, trust company, savings bank or other savings institution, having a rating in the highest investment category
from each Rating Agency, and fully insured by the Federal Deposit Insurance Corporation;

 

(f)            investments
in money market funds (including funds for which the Depositor, the Servicer, the Indenture Trustee or the Owner Trustee or any of their
respective affiliates is investment manager or advisor) having, at the time of the investment or contractual commitment to invest therein,
a rating from each Rating Agency in the highest investment category granted thereby for such obligations;

 

(g)            bankers’
acceptances issued by any depository institution or trust company referred to in clause (b) above;

 

    10 

     

    

 

(h)            repurchase
obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America or any agency
or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either
case entered into with a depository institution or trust company (acting as principal) described in clause (b) above;

 

(i)            any
other mutual fund, money market fund, common trust fund or other pooled investment vehicle having a rating, at the time of such investment,
from each Rating Agency in the highest investment category granted thereby (including, but not limited to funds of which the Indenture
Trustee or an affiliate thereof is the manager or financial advisor); or

 

(j)            any
other investment with respect to which the Rating Agency Condition is satisfied (other than with respect to S&P, but with satisfaction
of the Rating Agency Notification with respect to S&P if S&P is rating any Outstanding Class of Notes);

 

[provided, that funds on deposit in the [Risk Retention]
Reserve Account shall only be invested in Eligible Investments deemed to be “cash equivalents” for purposes of 17 CFR Part 246.4(b)(2) of
Regulation RR, as determined by the Servicer.]

 

“Eligible Servicer” means HCA
or any other Person that at the time of its appointment as Servicer (a) is servicing a portfolio of motor vehicle retail installment
sale contracts or motor vehicle installment loans, (b) is legally qualified and has the capacity to service the Receivables, (c) has
demonstrated the ability professionally and competently to service a portfolio of motor vehicle retail installment sale contracts or motor
vehicle installment loans similar to the Receivables with reasonable skill and care and (iv) has a minimum net worth of $100,000,000.

 

“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 of the Indenture.

 

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

 

“Exchange Act Reports” means
any reports on Form 10-D, Form 8-K and Form 10-K filed or to be filed by the Servicer with respect to the Issuer under
the Exchange Act.

 

“Executive Officer” means, with
respect to any corporation or limited liability company, 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 or limited liability company; and with respect to any partnership, any general partner thereof.

 

“Expenses” shall have the meaning
assigned to such term in Section 8.02 of the Trust Agreement.

 

“FATCA” Sections 1471 through
1474 of the Code, any current or future regulations or official interpretations thereunder or official interpretations thereof, any agreements
entered into pursuant to Section 1471(b)(1) of the Code, any applicable intergovernmental agreement entered into in connection
with the implementation of the foregoing and any fiscal or regulatory legislation, rules or official practices adopted pursuant to
any such intergovernmental agreement.

 

    11 

     

    

 

“FATCA Withholding Tax” means
any withholding or deduction required pursuant to FATCA.

 

“Financed Vehicle” means a new
or used automobile, light-duty truck or minivan, together with all accessions thereto, securing an Obligor’s indebtedness under
the related Contract.

 

“First Priority
Principal Distribution Amount” means, with respect to any Payment Date, an amount, not less than zero, equal to the result
of (a) the aggregate outstanding principal amount of the Class A Notes as of the preceding Payment Date (after giving
effect to any principal payments made on the Class A Notes on that preceding Payment Date), minus (b) the Adjusted Pool
Balance at the end of the Collection Period preceding that Payment Date; provided that the First Priority Principal
Distribution Amount on and after the Stated Maturity Date of a Class of Class A Notes shall not be less than the amount
that is necessary to reduce the Outstanding Amount of the Class A Notes and all earlier maturing classes of Class A Notes
to zero.

 

[“Fitch” means Fitch Ratings, Inc.]

 

“Form 10-D Disclosure Item”
means, with respect to any Person, (a) any legal proceedings pending against such Person or of which any property of such Person
is then subject, or (b) any proceedings known to be contemplated by governmental authorities against such Person or of which any
property of such Person would be subject, in each case that would be material to the Noteholders.

 

“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 the 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.

 

“Hague Securities Convention”
means the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities held with an Intermediary (concluded July 5,
2006).

 

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

 

    12 

     

    

 

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

 

“Indemnified Losses” shall have
the meaning specified in Section 6.01 of the Receivables Purchase Agreement.

 

“Indemnified Party” shall have
the meaning assigned to such term in Section 8.02 of the Trust Agreement.

 

“Indenture” means the Indenture,
dated as of [_____], 20[__], between the Issuer and the Indenture Trustee, as amended, supplemented, amended and restated or otherwise
modified from time to time.

 

“Indenture Trustee” shall mean
[_____], a [_____] and its successors in interest and any successor trustee under the 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 of the Indenture, 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 the Indenture and that the signer is Independent within the meaning
thereof.

 

“Initial Certificate Transfer Opinion”
means an opinion rendered by nationally recognized tax counsel (i) upon the initial transfer by the Depositor of a Certificate that
results in the Issuer being treated as a partnership for U.S. federal income tax purposes and (ii) while any Note retained by the
Issuer or a Person that is considered the same Person as the Issuer for U.S. federal income tax purposes is outstanding that (x) such
Notes will be debt for U.S. federal income tax purposes or (y) the transfer by the Depositor of such Certificate will not cause the
Issuer to be treated as an association or publicly traded partnership taxable as a corporation.

 

“Initial Class A-1 Note Balance”
means $[___].

 

“Initial Class A-2[-A] Note Balance”
means $[___].

 

[“Initial Class A-2-B Note Balance”
means $[___].]

 

“Initial Class A-3 Note Balance”
means $[___].

 

    13 

     

    

 

“Initial Class A-4 Note Balance”
means $[___].

 

“Initial Class B Note Balance”
means $[___].

 

“Initial Class C Note Balance”
means $[___].

 

“Initial Class D Note Balance”
means $[___].

 

“Initial Pool Balance” means,
an amount equal to the aggregate Principal Balance of the Receivables as of the Cutoff Date.

 

“Insolvency Event” means, with
respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect
of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s
affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement
by such Person 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 such Person to the entry of an order for relief in an involuntary case under any such law, or the consent
by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit
of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person
in furtherance of any of the foregoing.

 

“Interest Period” means, with
respect to the Class A-1 Notes [and the Class A-2-B Notes], the period from and including the most recent Payment Date on which
interest has been paid (or, in the case of the first Interest Period, the Closing Date) to but excluding the current Payment Date and,
with respect to the Class A-2[-A] Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C
Notes and the Class D Notes, the period from and including the [__] day of the calendar month (or, in the case of the first Interest
Period, from and including the Closing Date) to but excluding the [__] day of the current calendar month.

 

“Interest Rate” means the Class A-1
Rate, the Class A-2[-A] Rate, [the Class A-2-B 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.

 

“Investment Earnings” means,
with respect to any Payment Date, any investment earnings (net of losses and investment expenses) on amounts on deposit in a Trust Account.

 

“Issuer” means Hyundai Auto
Receivables Trust 20[__]-[__] until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained
in the Basic Documents 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.

 

    14 

     

    

 

“Item 1119 Party” means the
Seller, the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, the Asset Representations Reviewer, any underwriter of
the Notes, and any other material transaction party identified by the Servicer to the Indenture Trustee and the Owner Trustee in writing.

 

“Lien” means a security interest,
lien, charge, pledge, equity or encumbrance of any kind, other than tax liens, mechanics’ liens and any liens that attach to the
respective Receivable by operation of law as a result of any act or omission by the related Obligor.

 

“Liquidated Receivable” means
a Receivable with respect to which the earliest of the following shall have occurred: (a) the related Financed Vehicle has been repossessed
and liquidated, (b) the related Financed Vehicle has been repossessed for [30] days or more and has not yet been liquidated, (c) the
end of the Collection Period in which the Receivable becomes more than 120 days delinquent, or (d) the Servicer has determined in
accordance with its collection policies that all amounts that it expects to identify with respect to the Receivable have been identified.

 

“Liquidation Proceeds” means,
with respect to any Liquidated Receivable, all proceeds of the liquidation of such Liquidated Receivable, net of the sum of any out-of-pocket
expenses of the Servicer reasonably allocated to the auction, repossession, transport, reconditioning and liquidation and any amounts
required by law to be remitted or allocated to the account of the Obligor on such Liquidated Receivable.

 

[“London Business Day” means
any day other than a Saturday, Sunday or day on which banking institutions in London, England are authorized or obligated by law or government
decree to be closed.]

 

[“Moody’s” means Moody’s
Investors Service, Inc. and its successor.]

 

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

 

“Note Balance” means, as of
any date of determination, an amount equal to (a) the sum of (i) the Initial Class A-1 Note Balance, (ii) the Initial
Class A-2[-A] Note Balance, (iii) [the Initial Class A-2-B Note Balance,] (iv) the Initial Class A-3 Note Balance,
(v) the Initial Class A Note Balance, (vi) the Initial Class B Note Balance, (vii) the Initial Class C Note
Balance and (viii) the Initial Class D Note Balance less (b) all amounts distributed to Noteholders on or prior to such
date and allocable to principal thereon.

 

“Note Depository Agreement”
means the agreement dated [_____], 20[__] executed by the Issuer in favor of The Depository Trust Company, relating to the Notes, as the
same may be amended or supplemented from time to time.

 

“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).

 

    15 

     

    

 

“Note
Factor” means, with respect to each Class of Notes as of the close of business on the last day of a Collection
Period, a seven-digit decimal figure equal to the Outstanding Amount of such Class of Notes (after giving effect to any
reductions thereof to be made on the immediately following Payment Date) divided by the original Outstanding Amount of such
Class of Notes. The Note Factor will be 1.0000000 as of the Closing Date; thereafter, the Note Factor will decline to reflect
reductions in the Outstanding Amount of such Class of Notes.

 

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

 

“Noteholders” means the Class A-1
Noteholders, the Class A-2[-A] Noteholders, [the Class A-2-B Noteholders,] the Class A-3 Noteholders, the Class A-4
Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders.

 

“Notes” means the Class A
Notes, the Class B Notes, the Class C Notes and the Class D Notes.

 

“Obligor” means a Person who
obtained installment credit for the purchase of a Financed Vehicle the terms of which are evidenced by a Contract, and any other Person
obligated to make payments thereunder.

 

“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 of the Indenture, and delivered to the Indenture Trustee. Unless otherwise specified,
any reference in the Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer
of the Issuer.

 

“Officers’ Certificate”
means a certificate signed by (a) the chairman of the board, any vice president, the controller or any assistant controller and (b) the
president, a treasurer, assistant treasurer, secretary or assistant secretary of the Depositor or the Servicer, as appropriate.

 

“Opinion of Counsel” means one
or more written opinions of counsel, who may be an employee of or counsel to the Issuer, Seller or the Servicer, which counsel shall be
reasonably acceptable to the Indenture Trustee, the Owner Trustee or the Rating Agencies, as applicable, and which shall be addressed
to the Owner Trustee and the Indenture Trustee.

 

“Optional Purchase” has the
meaning assigned thereto in Section 9.01 of the Sale and Servicing Agreement.

 

“Other Assets” means any assets
(or interests therein) (other than the Trust Estate) conveyed or purported to be conveyed by the Depositor to another Person or Persons
other than the Issuer, whether by way of a sale, capital contribution or by virtue of the granting of a lien.

 

    16 

     

    

 

“Outstanding” means, as of any
date of determination, all Notes theretofore authenticated and delivered under the 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 the Indenture or provision for such notice has been made, satisfactory to the Indenture
Trustee); and

 

(c)            Notes
exchanged for or in lieu of which other Notes have been authenticated and delivered pursuant to the 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 [_____],
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 of the
Indenture 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, with respect
to each Collection Period, the [__] day of the following month or, if such day is not a Business Day, the immediately following Business
Day, commencing on [_____], 20[__].

 

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

 

    17 

     

    

 

“Plan” means an “employee
benefit plan” as defined in Section 3(3) of ERISA whether or not subject to Title I of ERISA, a “plan” as
defined in Section 4975 of the Code or an entity or account deemed to hold the plan assets of any of the foregoing.

 

“Pool Balance” means, with respect
to any Payment Date, an amount equal to the aggregate Principal Balance of the Receivables at the end of the related Collection Period,
after giving effect to all payments of principal identified from Obligors and Purchased Amounts to be remitted by the Servicer for such
Collection Period and reduction to zero of the aggregate outstanding Principal Balance of all Receivables that became Liquidated Receivables
during such Collection Period.

 

“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 of the Indenture 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.

 

“Principal Balance” means, as
of any time with respect to any Receivable, the principal balance of such Receivable as of the close of business on the last day of the
preceding Collection Period under the terms of the Receivable determined in accordance with the customary servicing practices.

 

“Principal Distribution Amount”
means, with respect to any Payment Date, an amount equal to the sum of the First Priority Principal Distribution Amount, Second Priority
Principal Distribution Amount, Third Priority Principal Distribution Amount and Regular Principal Distribution Amount.

 

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

 

“Prospectus” means the final
prospectus dated [________], 20[__] relating to the Notes.

 

“Purchase Price” shall have
the meaning specified in Section 2.01(a) of the Receivables Purchase Agreement.

 

“Purchased Amount” means, with
respect to any Purchased Receivable, the unpaid principal balance owed by the Obligor thereon plus interest on such amount at the applicable
APR accrued to and including the last day of the Collection Period preceding the date that such Purchased Receivable was purchased by
the Seller or the Servicer, as applicable.

 

“Purchased Assets” shall have
the meaning specified in Section 2.01(a) of the Receivables Purchase Agreement.

 

“Purchased
Receivable” means a Receivable purchased (i) by or on behalf of the Servicer pursuant to Section 4.07 of
the Sale and Servicing Agreement, (ii) by or on behalf of the Seller pursuant to Section 3.03 of the Sale and
Servicing Agreement or Section 7.02 of the Receivables Purchase Agreement or (iii) by the Servicer pursuant to Section 9.01
of the Sale and Servicing Agreement pursuant the Servicer’s exercise of an optional purchase of all Receivables.

 

    18 

     

    

 

 

“Rating Agency” means [Moody’s]
[Fitch] or [S&P], as the context may require. If none of [Moody’s] [Fitch], [S&P] or a successor thereto remains in existence,
 “Rating Agency” shall mean any nationally recognized statistical rating organization or other comparable Person designated
by the Depositor and, written notice of which designation shall be given to the Owner Trustee, the Indenture Trustee and the Servicer.

 

“Rating Agency Condition” means,
with respect to any action, that each Rating Agency shall have been given 10 days’ (or such shorter period as shall be acceptable
to each Rating Agency) prior notice thereof and that each Rating Agency shall not have notified the Issuer or the Indenture Trustee in
writing that such action will result in a reduction, withdrawal or down-grade of the then-current rating of each class of Notes.

 

“Rating Agency Notification”
means with respect to any action, that each Rating Agency shall have been given prior written notice of such action.

 

“Realized Losses” means, with
respect to any Receivable that becomes a Liquidated Receivable, the excess of the Principal Balance thereof over the portion of related
Liquidation Proceeds allocable to principal.

 

“Receivable” shall mean any
Contract listed on Schedule I to the Receivables Purchase Agreement and Schedule A to the Sale and Servicing Agreement (which
Schedule may be in electronic format).

 

“Receivable Files” means the
following documents with respect to each Financed Vehicle:

 

(i)            the
fully executed original of each Receivable (with respect to tangible chattel paper) or an “authoritative copy” (as such term
is used in 9-105 of the UCC) of the Receivable (with respect to electronic chattel paper) (in each case, together with any agreements
modifying each such Receivable, including any extension agreement);

 

(ii)            the
original credit application, or a copy thereof, fully executed by each Obligor thereon;

 

(iii)            the
original certificate of title or such other documents evidencing the security interest of the Seller in the related Financed Vehicle;
and

 

(iv)            any
and all other documents that the Servicer shall have kept on file in accordance with its customary procedures relating to Receivables,
Obligors or Financed Vehicles.

 

“Receivables Purchase Agreement”
means the Receivables Purchase Agreement dated as of [_____], 20[__], between the Seller and the Depositor, as amended, supplemented,
amended and restated or otherwise modified from time to time.

 

“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.

 

    19

     

    

 

“Recoveries” means, with respect
to any Receivable that becomes a Liquidated Receivable, monies collected in respect thereof (other than Liquidation Proceeds), from whatever
source, net of the sum of any amounts expended (and not otherwise reimbursed) by the Servicer for the account of the Obligor and any amounts
required by law to be remitted or allocated to the account of the Obligor.

 

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

 

“Redemption Price” means in
the case of a redemption of the Notes pursuant to Section 10.01 of the Indenture, an amount equal to the unpaid Note Balance
of all 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.

 

“Registrar of Titles” means
with respect to any state, the governmental agency or body responsible for the registration of, and the issuance of certificates of title
relating to, motor vehicles and liens thereon.

 

“Regular Principal Distribution
Amount” means, with respect to any Payment Date, an amount no less than zero equal to (1) the excess, if any, of
(a) the aggregate outstanding principal amount of the Notes immediately preceding such Payment Date over (b)(i) the
Adjusted Pool Balance as of the last day of the related Collection Period minus (ii) the Target Overcollateralization
Amount with respect to such Payment Date minus (2) the First Priority Principal Distribution Amount minus
(3) the Second Priority Principal Distribution Amount minus (4) the Third Priority Principal Distribution Amount; provided, however,
that the Regular Principal Distribution Amount shall not exceed the Note Balance on such Payment Date (after giving effect to any
principal payments made on the Notes on such Payment Date in respect of the First Priority Principal Distribution Amount, the Second
Priority Principal Distribution Amount and the Third Priority Principal Distribution Amount, if any); and provided further,
that the Regular Principal Distribution Amount on or after the Class D Stated Maturity Date shall not be less than the amount
that is necessary to reduce the Outstanding Balance of the Class D Notes to zero.

 

“Regulation AB” means Subpart
229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such regulation may be amended from time
to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff of the Commission,
or as may be provided in writing by the Commission or its staff from time to time.

 

    20

     

    

 

“Regulation RR” means 17 C.F.R.
Part 246, as such may be amended from time to time, and subject to such clarification and interpretation as may be provided by the
Commission or its staff from time to time.

 

“Reportable Event” means any
event required to be reported on Form 8-K of the Issuer, and in any event, the following:

 

(a)            entry
into a material definitive agreement related to the Issuer or the Notes or an amendment to a Basic Document (e.g., a servicing agreement
with a servicer contemplated by Item 1108(a)(3) of Regulation AB);

 

(b)            termination
of a Basic Document (other than by expiration of the agreement on its stated termination date or as a result of all parties completing
their obligations under such agreement) (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3) of Regulation
AB);

 

(c)            with
respect to the Servicer only, the occurrence of a Servicer Termination Event;

 

(d)            an
Event of Default under the Indenture;

 

(e)            the
resignation, removal, replacement, or substitution of the Indenture Trustee or the Owner Trustee; and

 

(f)            with
respect to the Indenture Trustee only, a required distribution to holders of the Notes is not made as of the required Payment Date under
the Indenture.

 

“Repurchase Event” shall have
the meaning specified in Section 7.02 of the Receivables Purchase Agreement.

 

“Repurchase Request” means
a written request from a Requesting Party that the Seller repurchase a Receivable due to an alleged breach of a representation and
warranty in Exhibit A to the Receivables Purchase Agreement. A Repurchase Request from a Requesting Party shall set
forth (i) each Receivable that is subject to such Repurchase Request, (ii) the specific representation or warranty
contained in Exhibit A to the Receivables Purchase Agreement it alleges was breached and (iii) the material adverse
effect of such breach on the interests of the Issuer or the Noteholders that triggers the Repurchase Request.

 

“Requesting Party” means any
Note Owner that has submitted a Repurchase [Request].

 

“Reserve Account” means the
account designated as such, established by the Issuer and maintained by the Indenture Trustee pursuant to Section 5.01(a)(ii) of
the Sale and Servicing Agreement.

 

“Reserve Account Deposit” means
$[___].

 

    21

     

    

 

“Reserve Account Required Amount”
means, with respect to any Payment Date, an amount equal to [__]% of the Adjusted Pool Balance as of the Cutoff Date; provided,
however, that in no event shall the Reserve Account Required Amount on any Payment Date be more than the aggregate Outstanding
Amount of the Notes on such Payment Date (after giving effect to the allocation of principal payments on such Payment Date)[; provided,
further that, if pursuant to Section 9.01 of the Sale and Servicing Agreement, all amounts on deposit in the Reserve Account on such
Payment Date are transferred from the Reserve Account to the Collection Account and applied to make payments pursuant to Section 5.05(b) of
the Sale and Servicing Agreement, the Reserve Account Required Amount shall be $0 for such Payment Date].

 

“Reserve Account Withdrawal Amount”
means, with respect to each Payment Date, the lesser of (x) the Available Amounts Shortfall with respect to such Payment Date and
(y) and the amount on deposit in the Reserve Account on such Payment Date[; provided, that, the Reserve Account Withdrawal Amount
with respect to each Payment Date shall be reduced by any unreimbursed Advance and any amounts payable to HCA or any Affiliate thereof].

 

“Responsible Officer” means
(a) with respect to the Servicer, the chief financial officer, the chairman of the board, the president, any executive vice president,
any vice president, the treasurer, any assistant treasurer, the secretary, or any assistant secretary of the Servicer, (b) 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 and (c) with respect to the Administrator, any officer having direct responsibility for the administration of the Basic
Documents.

 

“Restricted Notes” means any
Notes (i) that were retained by the Issuer or a Person that is considered the same person as the Issuer for U.S. federal income tax
purposes as of the Closing Date, and (ii) for which no Debt-For-Tax Opinion has been rendered with respect to such Notes at any time
after the Closing Date.

 

“Retained Note” shall mean any
Notes held by the Issuer (or any other person treated as the same person as the Issuer for U.S. federal income tax purposes), but only
so long as such Notes are held by such entity, until such time as such Notes are transferred in accordance with the terms and conditions
of Section 2.04 of the Indenture.

 

“Review Conditions” means (i) the
Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger for that Payment Date and (ii) the required percentage
of Noteholders or Note Owners, as applicable, have voted to direct an Asset Representations Review of the Subject Receivables.

 

“Review Notice” means a notice
from the Indenture Trustee to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to conduct
an Asset Representations Review.

 

[“Risk Retention Reserve Account Deposit”
means $[___].]

 

    22

     

    

 

[“S&P” means S&P Global
Ratings and its successors.]

 

“Sale and Servicing Agreement”
shall mean the Sale and Servicing Agreement dated as of [_____], 20[__], among the Depositor, HCA, as Seller and Servicer, the Issuer
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 to the Sale and Servicing Agreement or Schedule I to the Receivables Purchase
Agreement (which Schedule may be in electronic form).

 

“Scheduled Payment” means, with
respect to each Receivable, the scheduled monthly payment amount set forth in the related Contract and required to be paid by the Obligor
during each Collection Period.

 

“SEC” means the Securities and
Exchange Commission.

 

“Second Priority Principal Distribution
Amount” means, with respect to any Payment Date, an amount not less than zero equal to (a) an amount equal to (i) the
sum of the aggregate outstanding principal amount of the Class A Notes and the Class B Notes as of the preceding Payment Date
(after giving effect to any principal payments made on the Class A Notes and the Class B Notes on that preceding Payment Date),
minus (ii) the Adjusted Pool Balance at the end of the Collection Period preceding that Payment Date, minus (b) the First Priority
Principal Distribution Amount; provided that the Second Priority Principal Distribution Amount on and after the Class B Maturity
Date shall not be less than the amount that is necessary to reduce the Outstanding Amount of the Class B Notes to zero.

 

“Secretary of State” shall mean
the Secretary of State of the State of Delaware.

 

“Section 385 Controlled Partnership”
means the meaning set forth in Treasury Regulation section 1.385-1(c)(1) for a “controlled partnership”.

 

“Section 385 Expanded Group”
means the meaning set forth in Treasury Regulation section 1.385-1(c)(4) for an “expanded group”.

 

“Securities” means the Notes
and the Certificates.

 

[“Securities Account Control Agreement”
means the Securities Account Control Agreement dated as of [_____], 20[__] between the Trust, the Indenture Trustee and the Securities
Intermediary, as amended, supplemented, amended and restated or otherwise modified from time to time.]

 

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

 

[“Securities Intermediary” means
[_____], in its capacity as the securities intermediary in the Securities Account Control Agreement.]

 

    23

     

    

 

“Securityholders” means the
Noteholders and/or the Certificateholders, as the context may require.

 

“Seller” shall mean HCA in its
capacity as Seller under the Receivables Purchase Agreement, a California corporation, and its successors and assigns.

 

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

 

“Servicer Termination Event”
has the meaning set forth in Section 8.01 of the Sale and Servicing Agreement.

 

“Servicer’s Certificate”
means a certificate of the Servicer delivered pursuant to Section 4.09 of the Sale and Servicing Agreement, substantially
in the form of Exhibit B to the Sale and Servicing Agreement.

 

“Servicing Criteria” means the
 “servicing criteria” set forth in Item 1122(d) of Regulation AB.

 

“Servicing Fee” means, for any
Payment Date, the product of (A) one-twelfth (or, in the case of the first payment date, [__]/360), (B) the Servicing Fee Rate
and (C) the aggregate Principal Balance of the Receivables as of the first day of the related Collection Period (or, in the case
of the first Payment Date, as of the Cutoff Date).

 

“Servicing Fee Rate” means [__]%
per annum.

 

“Similar Law” means any law
that is substantially similar to Title I of ERISA or Section 4975 of the Code.

 

“Simple Interest Method” means
the method of allocating the monthly payments identified with respect to a Receivable to interest in an amount equal to the product of
(a) the applicable APR, (b) the period of time (expressed as a fraction of a year, based on the actual number of days in the
calendar month and 365 days in the calendar year) elapsed since the preceding payment was made under such Receivable and (c) the
Outstanding Amount of such Receivable, and allocating the remainder of each such monthly payment to principal.

 

“Simple Interest Receivable”
means any Receivable under which the portion of a payment allocable to interest and the portion allocable to principal is determined in
accordance with the Simple Interest Method.

 

[“Standard & Poor’s”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and its successors.]

 

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

 

    24

     

    

 

“Stated Maturity Date” means,
for each class of Notes, the respective date set forth opposite such class of Notes in the table below or, if such date is not a Business
Day, the next succeeding Business Day:

 

	Class	 	Stated Maturity Date
	Class A-1 Notes	 	[_____], 20[ __]
	Class A-2[-A] Notes	 	[_____], 20[ __]
	[Class A-2-B Notes	 	[_____], 20[ __]]
	Class A-3 Notes	 	[_____], 20[ __]
	Class A-4 Notes	 	[_____], 20[ __]
	Class B Notes	 	[_____], 20[ __]
	Class C Notes	 	[_____], 20[ __]
	Class D Notes	 	[_____], 20[ __]

 

“Statutory Trust Act” shall
mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code ss. 3801 et seq., as the same may be amended from time to time.

 

“Subject Receivables” means,
for any Asset Representations Review, all Receivables outstanding and held by the Issuer which are 60 or more days delinquent as of the
first day on which the Review Conditions are satisfied; provided, however, that any Receivable that becomes a Purchased Receivable
or is paid off after such date will no longer be a Subject Receivable.

 

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

 

“Target Overcollateralization Amount”
means, with respect to any Payment Date, [__]% of the Adjusted Pool Balance as of the Cut-off Date. Notwithstanding the foregoing, the
Target Overcollateralization Amount shall not exceed the Adjusted Pool Balance on such Payment Date.

 

“Tax Information” means information
and/or properly completed and signed tax certifications sufficient to eliminate the imposition of or to determine the amount of any withholding
of tax, including FATCA Withholding Tax.

 

“Third Priority Principal Distribution
Amount” means, with respect to any Payment Date, an amount not less than zero equal to (a) an amount equal to (i) the
sum of the aggregate outstanding principal amount of the Class A Notes, the Class B Notes and the Class C Notes as of the
preceding Payment Date (after giving effect to any principal payments made on the Class A Notes, the Class B Notes and the Class C
Notes on that preceding Payment Date), minus (ii) the Adjusted Pool Balance at the end of the Collection Period, minus (b) the
sum of (i) the First Priority Principal Distribution Amount, plus (ii) the Second Priority Principal Distribution Amount; provided,
that the Third Priority Principal Distribution Amount on and after the Class C Maturity Date shall not be less than the amount that
is necessary to reduce the Outstanding Amount of the Class C Notes to zero.

 

    25

     

    

 

“Total Required Payment” means
(a) with respect to any Payment Date prior to the occurrence of an “Event of Default” under the Indenture which has resulted
in the acceleration of the Notes, the sum of (i) the Servicing Fee for the related Collection Period and all unpaid Servicing Fees
from prior Collection Periods, (ii) unreimbursed Advances that will be reimbursed on such Payment Date pursuant to Section 5.08
of the Sale and Servicing Agreement, (iii) the accrued and unpaid interest on the Notes, (iv) an amount equal to the lesser
of (x) the change in the Adjusted Pool Balance during the related Collection Period and (y) the Principal Distribution Amount
and (v) on or after the Stated Maturity Date of any class of Notes, an amount necessary to reduce the Outstanding Amount of such
class of Notes to zero, and (b) with respect to any Payment Date following the occurrence and during the continuation of an “Event
of Default” under the Indenture which has resulted in an acceleration of the Notes, until the Payment Date on which the Outstanding
Amount of all the Notes has been paid in full, the sum of (i) the specified amounts payable to the Indenture Trustee, (ii) the
Servicing Fee for the related Collection Period and all unpaid Servicing Fees from prior Collection Periods, (iii) unreimbursed Advances,
(iv) the accrued and unpaid interest on the Notes and (v) the amount necessary to reduce the Outstanding Amount of all of the
Notes to zero. For the avoidance of doubt, on any Redemption Date, the Total Required Payment shall include the amount necessary to pay
all outstanding amounts due on the Notes.

 

“Treasury Regulations” shall
mean regulations, including proposed or temporary Regulations, promulgated under the Code. References herein to specific provisions of
proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

 

“Trust” means the Issuer.

 

“Trust Account Property” means
the Trust Accounts, all amounts and investments held from time to time in any Trust Account and all proceeds of the foregoing.

 

“Trust Accounts” shall mean
the Collection Account[, the Risk Retention Reserve Account] and the Reserve Account.

 

“Trust Agreement” means the
Amended and Restated Trust Agreement, dated as of [_____], 20[__], between the Depositor, the Administrator and the Owner Trustee, as
amended, supplemented, amended and restated or otherwise modified from time to time.

 

“Trust Certificate” shall mean
a certificate evidencing the beneficial interest of a Certificateholder in the Trust, substantially in the form attached to the Trust
Agreement as Exhibit A.

 

“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 the 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.

 

    26

     

    

 

“Trust Officer” means, in the
case of the Indenture Trustee or any Officer within the Corporate Trust Office of the Indenture Trustee, as the case may be, including
any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary or any other officer of the Indenture 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 Indenture and, with respect to the Owner Trustee, any officer
of the Owner Trustee with direct responsibility for the administration of the Trust Agreement and the other Basic Documents on behalf
of the Owner Trustee.

 

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

 

“Yield Supplement Overcollateralization
Amount” means with respect to any Payment Date, the dollar amount set forth next to such Payment Date on Schedule B to
the Sale and Servicing Agreement.

 

The foregoing definitions shall be equally applicable
to both the singular and plural forms of the defined terms. Unless otherwise inconsistent with the terms of this Agreement, all accounting
terms used herein shall be interpreted, and all accounting determinations hereunder

shall be made, in accordance with GAAP. Amounts to be calculated hereunder
shall be continuously recalculated at the time any information relevant to such calculation changes.

 

    27

     

    

 

APPENDIX B

 

REGULATION AB REPRESENTATIONS, WARRANTIES AND COVENANTS

 

PART I

 

DEFINED TERMS

 

Section 1.01. Unless otherwise defined herein,
terms used in this Appendix B that are defined in the Agreement to which this Appendix B is attached shall have the same meanings herein
as in the Agreement.

 

PART II

 

COMPLIANCE WITH REGULATION AB

 

Section 2.01. Intent of the Parties; Reasonableness.

 

Each of the Issuer, the Depositor, the Seller,
the Servicer and the Indenture Trustee acknowledges and agrees that the purpose of Part II of this Appendix B is to facilitate compliance
by the Issuer, the Depositor, the Seller, the Servicer and the Indenture Trustee with the provisions of Regulation AB and the related
rules and regulations of the Commission.

 

Neither the Issuer nor the Seller shall exercise
its right to request delivery of information, reports or other performance under these provisions for purposes other than compliance with
Regulation AB. Each of the Issuer, the Seller and the Servicer acknowledges that interpretations of the requirements of Regulation AB
may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the
asset-backed securities markets, advice of counsel, or otherwise. For so long as the Issuer is subject to the reporting requirements under
the Securities Exchange Act of 1934, as amended, each of the Issuer, the Depositor, the Seller, the Servicer and the Indenture Trustee
hereby agrees to reasonably comply with all reasonable requests made by any of the other parties hereto (including any of its assignees
or designees), as the case may be, in good faith for delivery of such information or reports, including, without limitation, any Servicer
compliance statements and reports (solely with respect to the Servicer), and assessments of compliance and attestation, as may be required
under the then-current interpretations of Regulation AB. The servicing criteria to be addressed in the Indenture Trustee’s assessment
of compliance and attestation shall be set forth on Schedule I attached hereto and such assessments of compliance and attestations shall
be provided by March 15th and shall only be required for years in which a 10-K is required to be filed.

 

    	 	Appendix B-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

SCHEDULE I

 

Servicing Criteria To Be Addressed In Assessment
Of Compliance

 

The assessment of compliance to be delivered by
the Indenture Trustee, shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”:

 

	Reference	 	Criteria
	 	 	 
	 	 	Cash Collection and Administration  
	 	 	 
	1122(d)(2)(ii)	 	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.  
	 	 	 
	 	 	Investor Remittances and Reporting  
	 	 	 
	1122(d)(3)(ii)	 	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.*  
	 	 	 
	1122(d)(3)(iii)	 	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.  
	 	 	 
	1122(d)(3)(iv)	 	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

 

* Solely with respect to remittances.

 

    	 	Schedule-1	(20[ ]-[ ] Sale and Servicing Agreement)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]