Document:

Exhibit 10.1

AMERICAN
HONDA FINANCE CORPORATION,

as RPA
Seller,

  

and

 

AMERICAN
HONDA RECEIVABLES LLC,

as Purchaser

  

FORM OF

 

RECEIVABLES
PURCHASE AGREEMENT

 

Dated
[_____] 

 

     

     

    

  

TABLE OF CONTENTS

 

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

 

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

 

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

 

ARTICLE
One

 

DEFINITIONS

 

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

 

Section 1.02         Other
Definitional Provisions. The words “hereof,” “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement;
the words Section, subsection and Schedule references contained in this Agreement are references to Sections, subsections and Schedules
in or to this Agreement unless otherwise specified; the term “proceeds” shall have the meaning set forth in the applicable
UCC; and the word “including” means including without limitation.

 

ARTICLE
Two

 

CONVEYANCE
OF RECEIVABLES

 

Section 2.01         Conveyance
of Receivables.

 

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

 

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

 

(ii)         the
security interests in the Financed Vehicles;

 

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

 

(iv)        any
proceeds of Dealer Recourse;

 

     

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.03         Representations
and Warranties as to the Receivables.

 

(a)          Eligibility
of Receivables.

 

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

 

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

 

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

 

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

 

(d)          Asset
Representations Review.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
Three

 

PAYMENT
OF RECEIVABLES PURCHASE PRICE

 

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

 

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ARTICLE
Four

 

TERMINATION

 

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

 

ARTICLE
Five

 

MISCELLANEOUS
PROVISIONS

 

Section 5.01         Amendment.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     10

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     11

     

    

  

Section 5.12         RPA
Seller Indemnification.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     12

     

    

  

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

 

Section 5.14         Dispute
Resolution.

 

 (a)          If
the Purchaser, Issuer, the Owner Trustee (at the direction of a Certificateholder pursuant to the Trust Agreement) or the Indenture
Trustee (at the direction of an Investor pursuant to the Indenture) (each, a “Requesting Party”) requests that
the RPA Seller repurchase any Receivable pursuant to Section 2.03(c) of this Agreement and the repurchase request has not been
fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within one-hundred eighty (180) days of
the receipt of notice of the request by the RPA Seller, the Requesting Party will have the right to refer the matter, at its discretion,
to mediation, non-binding arbitration or binding arbitration pursuant to this Section 5.14. If both the Owner Trustee (on
behalf of one or more Certificateholders) and the Indenture Trustee (on behalf of one or more Noteholders) are Requesting Parties,
then the Indenture Trustee, as Requesting Party, shall have the right to make the selection of mediation, non-binding arbitration
or binding arbitration. 

 

 (b)          The
Requesting Party will provide notice in accordance with the provisions of Section 5.04 of its intention to refer the matter to
mediation, non-binding arbitration or binding arbitration, as applicable, to the RPA Seller, with a copy to the Issuer, the Purchaser,
the Owner Trustee and the Indenture Trustee. The RPA Seller agrees that it will participate in the resolution method selected
by the Requesting Party. Upon receipt of such notice, the Purchaser, Issuer, the Owner Trustee, and the Indenture Trustee shall
have thirty (30) days to advise the Requesting Party and the RPA Seller of an intent to join in the mediation or arbitration,
which shall result in their being joined as a Requesting Party in the proceeding. Any settlement reached in a mediation and any
decision by an arbitrator shall be binding upon the Purchaser, Issuer, the Owner Trustee, and the Indenture Trustee (regardless
of whether any such party has joined the proceeding in accordance with the preceding sentence) with respect to the Receivable
that is the subject matter of the repurchase request. Issues relating to that Receivable may not be re-litigated by the Purchaser,
Issuer, the Owner Trustee, and the Indenture Trustee or become the subject of a subsequent repurchase request in mediation, arbitration,
court, or otherwise. 

 

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

 

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

 

     13

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     14

     

    

  

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

 

     15

     

    

 

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

 

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

 

     

     

    

 

EXHIBIT A

  

REPRESENTATIONS AND WARRANTIES AS TO
THE RECEIVABLES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     A-1

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     A-2EXHIBIT 10.6

 

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

among

 

HONDA AUTO RECEIVABLES 20[ ]–[ ] OWNER
TRUST,

as Issuer,

 

AMERICAN HONDA RECEIVABLES
LLC,

as Depositor,

 

AMERICAN HONDA FINANCE CORPORATION,

as Sponsor and Servicer

 

and

 

[                       ],

 

as Asset Representations Reviewer

 

Dated as of [                 ]

 

     

     

    

  

Table
of Contents

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I	USAGE AND DEFINITIONS	1
	 	 	 	 
	Section 1.1.	 	Usage and Definitions	1
	 	 	 	 
	Section 1.2.	 	Additional Definitions	2
	 	 	 	 
	ARTICLE II	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	2
	 	 	 	 
	Section 2.1.	 	Engagement; Acceptance	2
	 	 	 	 
	Section 2.2.	 	Confirmation of Scope	2
	 	 	 	 
	ARTICLE III	ASSET REPRESENTATIONS REVIEW PROCESS	2
	 	 	 	 
	Section 3.1.	 	Review Notices	2
	 	 	 	 
	Section 3.2.	 	Identification of Subject Receivables	3
	 	 	 	 
	Section 3.3.	 	Review Materials	3
	 	 	 	 
	Section 3.4.	 	Performance of Reviews	3
	 	 	 	 
	Section 3.5.	 	Review Reports	4
	 	 	 	 
	Section 3.6.	 	Dispute Resolution	5
	 	 	 	 
	Section 3.7.	 	Limitations on Review Obligations	5
	 	 	 	 
	ARTICLE IV	ASSET REPRESENTATIONS REVIEWER	5
	 	 	 	 
	Section 4.1.	 	Representations and Warranties	5
	 	 	 	 
	Section 4.2.	 	Covenants	6
	 	 	 	 
	Section 4.3.	 	Fees, Expenses and Indemnities	7
	 	 	 	 
	Section 4.4.	 	Limitation on Liability	7
	 	 	 	 
	Section 4.5.	 	Indemnification by Asset Representations Reviewer	8
	 	 	 	 
	Section 4.6.	 	Indemnification of Asset Representations Reviewer	8
	 	 	 	 
	Section 4.7.	 	Inspections of Asset Representations Reviewer	9
	 	 	 	 
	Section 4.8.	 	Delegation of Obligations	9
	 	 	 	 
	Section 4.9.	 	Confidential Information	9
	 	 	 	 
	Section 4.10.	 	Personally Identifiable Information	11
	 	 	 	 
	ARTICLE V	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	13
	 	 	 	 
	Section 5.1.	 	Eligibility Requirements for Asset Representations Reviewer	13
	 	 	 	 
	Section 5.2.	 	Resignation and Removal of Asset Representations Reviewer	13
	 	 	 	 
	Section 5.3.	 	Successor Asset Representations Reviewer	13

 

    i 

     

    

 

Table
of Contents

(continued)

 

	 	 	 	Page

	 	 	 	 
	Section 5.4.	 	Merger, Consolidation or Succession	14
	 	 	 	 
	ARTICLE VI	OTHER AGREEMENTS	14
	 	 	 	 
	Section 6.1.	 	Independence of Asset Representations Reviewer	14
	 	 	 	 
	Section 6.2.	 	No Petition	15
	 	 	 	 
	Section 6.3.	 	Limitation of Liability of Owner Trustee	15
	 	 	 	 
	Section 6.4.	 	Termination of Agreement	15
	 	 	 	 
	ARTICLE VII	MISCELLANEOUS PROVISIONS	15
	 	 	 	 
	Section 7.1.	 	Amendments	15
	 	 	 	 
	Section 7.2.	 	Assignment; Benefit of Agreement; Third Party Beneficiaries	15
	 	 	 	 
	Section 7.3.	 	Notices	16
	 	 	 	 
	Section 7.4.	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	16
	 	 	 	 
	Section 7.5.	 	No Waiver; Remedies	17
	 	 	 	 
	Section 7.6.	 	Severability	17
	 	 	 	 
	Section 7.7.	 	Headings	17
	 	 	 	 
	Section 7.8.	 	Counterparts	17
	 	 	 	 
	Schedule A	 	Representations and Warranties, Review Materials and Tests	 

 

    ii 

     

    

  

ASSET REPRESENTATIONS REVIEW AGREEMENT,
dated as of                 , 20[ ] (this
“Agreement”), among HONDA AUTO RECEIVABLES 20[ ]-[ ] OWNER TRUST, a Delaware statutory trust, as Issuer, AMERICAN
HONDA RECEIVABLES LLC, a Delaware limited liability company (“AHR”), as Depositor (the “Depositor”)
AMERICAN HONDA FINANCE CORPORATION, a California Corporation (“AHFC”), as Sponsor and Servicer, and [_____],
a [_____], as Asset Representations Reviewer (the “Asset Representations Reviewer”).

 

BACKGROUND

 

WHEREAS, in the regular course of its business,
AHFC purchases certain motor vehicle retail installment sale contracts secured by new and used automobiles and light-duty trucks
from motor vehicle dealers.

 

WHEREAS, in connection with a securitization
transaction sponsored by AHFC, AHFC sold a pool of Receivables consisting of retail installment sale contracts to the Depositor,
who sold them to the Issuer.

 

WHEREAS, the Issuer has granted a security
interest in the pool of Receivables to the Indenture Trustee, for the benefit of the Holders of Notes, as security for the Notes
issued by the Issuer under the Indenture.

 

WHEREAS, the Issuer desires to engage the
Asset Representations Reviewer to perform reviews of certain Receivables for compliance with the representations and warranties
made by AHFC about the Receivables in the pool.

 

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

 

ARTICLE
I

USAGE AND DEFINITIONS

 

Section 1.1.          Usage
and Definitions. (a) Except as otherwise specified herein or if the context may otherwise require, capitalized terms
not defined in this Agreement shall have the respective meanings assigned such terms set forth in the Sale and Servicing Agreement,
dated as of the date hereof (the “Sale and Servicing Agreement”), by and among AHR, as seller, AHFC, as servicer,
RPA seller and sponsor, and Honda Auto Receivables 20[ ]-[ ] Owner Trust, as issuer.

 

(b)          With
respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender
include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing
words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments
and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited
by this Agreement; references to Persons include their permitted successors and assigns; references to laws include their amendments
and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including
without limitation;” and the term “or” is not exclusive.

 

     

     

    

  

Section 1.2.          Additional
Definitions. The following terms have the meanings given below:

 

“Asset Review” means
the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable according
to Section 3.4.

 

“Confidential Information”
has the meaning stated in Section 4.9(b).

 

“Information Recipients”
has the meaning stated in Section 4.9(a).

 

“Issuer PII” has the
meaning stated in Section 4.10(a).

 

“Personally Identifiable Information”
or “PII” has the meaning stated in Section 4.10(a).

 

“Review Fee” has the
meaning stated in Section 4.3(b).

 

“Review Materials” means,
for an Asset Review and a Subject Receivable, the documents and other materials for each Test listed under “Review Materials”
in Schedule A.

 

“Review Report” means,
for an Asset Review, the report of the Asset Representations Reviewer prepared according to Section 3.5.

 

“Test” has the meaning
stated in Section 3.4(a).

 

“Test Complete” has the
meaning stated in Section 3.4(c).

 

“Test Fail” has the meaning
stated in Section 3.4(a).

 

“Test Pass” has the meaning
stated in Section 3.4(a).

 

ARTICLE
II

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

 

Section 2.1.          Engagement;
Acceptance. The Issuer engages [     ] to act as the Asset Representations Reviewer for the Issuer.
[     ] accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer
on the terms in this Agreement.

 

Section 2.2.          Confirmation
of Scope. The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables
for compliance with the representations and warranties under the Basic Documents, except as described in this Agreement, or (b)
determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents.

 

ARTICLE
III

ASSET REPRESENTATIONS REVIEW PROCESS

 

Section 3.1.          Review
Notices. On receipt of a Review Notice from the Indenture Trustee in accordance with Section 7.05 of the Indenture, the Asset
Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will have no obligation to start an Asset
Review until a Review Notice is received.

 

    	 	2	 

     

    

  

Section 3.2.          Identification
of Subject Receivables. Within [●] [Business Days][calendar days] after receipt of a Review Notice, the Servicer
will deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the Subject Receivables.

 

Section 3.3.          Review
Materials.

 

(a)          Access
to Review Materials. The Servicer will render reasonable assistance to the Asset Representations Reviewer to facilitate the
Asset Review. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject Receivables
within [●] [Business Days][calendar days] after receipt of the Review Notice in one or more of the following ways in the
Servicer’s reasonable discretion: (i) by providing access to the Servicer’s receivables systems, either remotely or
at one of the properties of the Servicer, (ii) by electronic posting of Review Materials to a password-protected website to which
the Asset Representations Reviewer has access, (iii) by providing originals or photocopies of documents relating to the Subject
Receivables at one of the properties of the Servicer or (iv) in another manner agreed by the Servicer and the Asset Representations
Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all information in the Review Materials necessary
for the Asset Representations Reviewer to complete the Asset Review remains intact and unchanged.

 

(b)          Missing
or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if, in its
reasonable judgment, any Review Materials are missing or insufficient for the Asset Representations for the Asset Representations
Reviewer to perform any Test. If the Asset Representations Reviewer reasonably determines that any of the Review Materials are
missing or insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify
the Servicer promptly, and in any event no less than [●] [Business Days][calendar days] before completing the Review, and
the Servicer will have [●] [Business Days][calendar days] to provide the Asset Representations Reviewer access to such missing
Review Materials or other documents or information to correct the insufficiency. [If the missing or insufficient Review Materials
have not been provided by the Servicer within [●] [Business Days][calendar days], the parties agree that the Subject Receivable
will have a Test Fail for the related Test(s) and the Test(s) will be considered a Test Complete and the Review Report will indicate
the reason for the Test Fail.]

 

Section 3.4.          Performance
of Reviews.

 

(a)          Test
Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Subject Receivable the procedures
listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”),
using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations
Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”) or if the
Test has not been satisfied (a “Test Fail”). The Asset Representations Reviewer will use such determination
for all Subject Receivables that are subject to the same Test.

 

    	 	3	 

     

    

  

(b)          Review
Period. The Asset Representations Reviewer will complete the Review of all of the Subject Receivables within [●] [Business
Days][calendar days] after receiving access to the Review Materials under Section 3.3(a). However, if additional Review
Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the review period will be extended for
an additional [●] [Business Days][calendar days].

 

(c)          Completion
of Review for Certain Subject Receivables. Following the delivery of the list of the Subject Receivables and before the delivery
of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject
Receivable is paid in full by the Obligor or purchased from the Issuer by the Sponsor or the Servicer according to the applicable
Basic Document. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables
and the Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Review
Report will indicate a Test Complete for the Receivables and the related reason.

 

(d)          Previously
Reviewed Receivable. If any Subject Receivable was included in a prior Asset Review, the Asset Representations Reviewer will
not perform any Tests on it, but will include the results of the previous Tests in the Review Report for the current Asset Review.

 

(e)          Termination
of Review. If an Asset Review is in process and the Notes will be paid in full on the next Distribution Date, the Servicer
will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Distribution Date. On
receipt of notice, the Asset Representations Reviewer will terminate the Asset Review immediately and will have no obligation to
deliver a Review Report.

 

Section 3.5.          Review
Reports. (a) Within [●] [Business Days][calendar days] after the end of the Asset Review period under Section 3.4(b),
the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating
for each Subject Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Receivable was a
Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations
Reviewer with respect to the Asset Review to be included in the Issuer’s Form 10-D report for the Collection Period in which
the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer
PII.

 

(b)          Questions
About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written
questions or requests for clarification of any Review Report from the Indenture Trustee or the Servicer until the earlier of (i)
payment in full of the Notes and (ii) one year after the delivery of the Review Report. The Asset Representations Reviewer will
have no obligation to respond to questions or requests for clarification from Noteholders or any Person other than the Indenture
Trustee or the Servicer and will direct such Persons to submit written questions or requests to the Indenture Trustee.

 

    	 	4	 

     

    

 

 Section 3.6.          Dispute
Resolution. If a Receivable that was reviewed by the Asset Representations Reviewer is the subject of a dispute resolution
proceeding under Section 5.14 of the Receivables Purchase Agreement, the Asset Representations Reviewer will participate in the
dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations
Reviewer for its participation in any dispute resolution proceeding will be paid by a party or parties to the dispute resolution
as determined in accordance with Section 5.14 of the Receivables Purchase Agreement. 

 

Section 3.7.          Limitations
on Review Obligations.

 

(a)          Review
Process Limitations. The Asset Representations Reviewer will have no obligation:

 

(i)          to
determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset
Review under the Indenture, and may rely on the information in any Review Notice delivered by the Indenture Trustee;

 

(ii)         to
determine which Receivables are subject to an Asset Review, and may rely on the lists of Subject Receivables provided by the Servicer;

 

(iii)        to
obtain or confirm the validity of the Review Materials and no liability for any errors in the Review Materials and may rely on
the accuracy and completeness of the Review Materials;

 

(iv)        to
obtain missing or insufficient Review Materials from any party or any other source; or

 

(v)         to
take any action or cause any other party to take any action under any of the Basic Documents or otherwise to enforce any remedies
against any Person for breaches of representations or warranties about the Subject Receivables.

 

(b)          Testing
Procedure Limitations. The Asset Representations Reviewer will only be required to perform the testing procedures listed under
“Tests” in Schedule A, and will have no obligation to perform additional procedures on any Subject Receivable
or to provide any information other than a Review Report indicating for each Subject Receivable whether there was a Test Pass or
a Test Fail for each Test, or whether the Subject Receivable was a Test Complete and the related reason. However, the Asset Representations
Reviewer may provide additional information about any Subject Receivable that it determines in good faith to be material to the
Review.

 

ARTICLE
IV

ASSET REPRESENTATIONS REVIEWER

 

Section 4.1.          Representations
and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer as of the Closing Date:

 

    	 	5	 

     

    

 

(a)          Organization
and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a [     ] in good standing under
the laws of [      ]. The Asset Representations Reviewer is qualified as a foreign [     ] in good standing
and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or
the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications,
licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s
ability to perform its obligations under this Agreement.

 

(b)          Power,
Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform
its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance
of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable
against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating
to the enforcement of creditors’ rights or by general equitable principles.

 

(c)          No
Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset
Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under,
any indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument under which the Asset Representations
Reviewer is a debtor or guarantor, (B) result in the creation or imposition of any Lien on any of the properties or assets of the
Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar
agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law
or, to the Asset Representations Reviewer’s knowledge, any order, rule or regulation of a federal or State court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or
its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a
material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(d)          No
Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or
threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Asset Representations Reviewer or its properties (A) asserting the invalidity of this Agreement, (B)
seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling
that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform
its obligations under, or the validity or enforceability of, this Agreement.

 

(e)          Eligibility.
The Asset Representations Reviewer meets the eligibility requirements in Section 5.1.

 

Section 4.2.          Covenants.
The Asset Representations Reviewer covenants and agrees that:

 

(a)          Eligibility.
It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in Section 5.1.

 

    	 	6	 

     

    

  

(b)          Review
Systems; Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform
each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will
ensure that these systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored
as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to
conduct Asset Reviews as required by this Agreement.

 

(c)          Maintenance
of Review Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset
Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement.

 

Section 4.3.          Fees,
Expenses and Indemnities.

 

(a)          [Monthly][Annual]
Fee. The Sponsor will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations
Reviewer under this Agreement, [a monthly][an annual] fee of $[●]. The [monthly][annual] fee will be paid as agreed in this
Section 4.3(a) by the Sponsor until this Agreement is terminated.

 

(b)          Review
Fee. Following the completion of an Asset Representations Review and the delivery to the Indenture Trustee, the Depositor,
the Sponsor and the Servicer of the Review Report, or the termination of an Asset Representations Review according to Section
3.4(e), and the delivery to the Sponsor of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee
of [$[●] for each Account containing a Subject Receivable][$[●] per hour][insert any other rate agreed upon by the
Asset Representations Reviewer and the Sponsor (the “Review Fee”). However, no Review Fee will be charged for
any Tests that were performed in a prior Asset Representations Review or for any Asset Representations Review in which no Tests
were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Representations Review
in accordance with Section 3.4(e). The Sponsor will pay the Review Fee to the Asset Representations Reviewer in accordance
with the terms of the detailed invoice from the Asset Representations Reviewer. If an Asset Representations Review is terminated
according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated
Asset Review no later than five Business Days before the final Payment Date in order to be reimbursed no later than the final Payment
Date.

 

(c)          Reimbursement
of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, the Sponsor will reimburse
the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Representations Review
upon receipt of a detailed invoice.

 

Section 4.4.          Limitation
on Liability. The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good
faith under this Agreement. However, the Asset Representations Reviewer will be liable for its willful misfeasance, bad faith,
breach of this Agreement or negligence in performing its obligations under this Agreement. In no event will the Asset Representations
Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations
Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

    	 	7	 

     

    

  

Section 4.5.          Indemnification
by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Depositor, the
Servicer, the Sponsor, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents
for all costs, expenses, losses, damages and liabilities resulting from (a) the willful misconduct, bad faith or negligence of
the Asset Representations Reviewer in performing its obligations under this Agreement, (b) the Asset Representations Reviewer’s
failure to comply with the requirements of applicable federal, state or local laws and regulations in the performance of its duties
hereunder or (c) the Asset Representations Reviewer’s breach of any of its representations, warranties, covenants or other
obligations in this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive
the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

 

Section 4.6.          Indemnification
of Asset Representations Reviewer.

 

(a)          Indemnification
The Sponsor will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified
Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations
under this Agreement (including the costs and expenses of defending itself against any loss, damage or liability), but excluding
any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct,
bad faith or negligence, (ii) the Asset Representations Reviewer’s failure to comply with the requirements of applicable
federal, state and local laws and regulations in the performance of its duties hereunder or (iii) the Asset Representations Reviewer’s
breach of any of its representations, warranties, covenants or other obligations in this Agreement.

 

(b)          Proceedings.
Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to
be made under Section 4.6(a), notify the Seller of the Proceeding. The Seller may participate in and assume the defense
and settlement of a Proceeding at its expense. If the Seller notifies the Indemnified Person of its intention to assume the defense
of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Seller assumes the defense
of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Seller will not be liable for legal expenses
of counsel to the Indemnified Person unless there is a conflict between the interests of the Seller, and an Indemnified Person.
If there is a conflict, the Seller will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.
No settlement of a Proceeding may be made without the approval of the Seller and the Indemnified Person, which approval will not
be unreasonably withheld.

 

(c)          Survival
of Obligations. The Issuer’s obligations under this Section 4.6 will survive the resignation or removal of the
Asset Representations Reviewer and the termination of this Agreement.

 

    	 	8	 

     

    

  

(d)          Repayment.
If the Sponsor makes any payment under this Section 4.6 and the Indemnified Person later collects any of the amounts for
which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Sponsor.

 

Section 4.7.          Inspections
of Asset Representations Reviewer. The Asset Representations Reviewer agrees that, with reasonable prior notice not more than
once during any year, it will permit authorized representatives of the Issuer, the Servicer, the Sponsor or the Depositor, during
the Asset Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports
and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations
Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for
its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations
Reviewer will permit the Issuer’s, the Servicer’s, the Sponsor’s or the Depositor’s representatives to
make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers
and employees. Each of the Issuer, the Servicer, the Sponsor and the Depositor will, and will cause its authorized representatives
to, hold in confidence the information except if disclosure may be required by law or if the Issuer, the Servicer, the Sponsor
or the Depositor reasonably determines that it is required to make the disclosure under this Agreement or the other Basic Documents.
The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period
of at least two years after the termination of its obligations under this Agreement.

 

Section 4.8.          Delegation
of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to
any Person without the consent of without the consent of the parties to this Agreement, which may be withheld in such party’s
sole discretion.

 

Section 4.9.          Confidential
Information.

 

(a)          Treatment.
The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence
and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the
confidentiality of the Confidential Information. The Confidential Information will not, without the prior consent of the Issuer,
the Depositor, the Sponsor and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors,
employees, agents, representatives or affiliates, including legal counsel (collectively, the “Information Recipients”)
other than for the purposes of performing Asset Reviews of Subject Receivables or performing its obligations under this Agreement.
The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities
issued by AHFC or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential
Information for the preparation of research reports, newsletters or other publications or similar communications.

 

    	 	9	 

     

    

 

(b)          Definition.
“Confidential Information” means oral, written and electronic materials (irrespective of its source or form
of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes
contemplated by this Agreement, including:

 

(i)          lists
of Subject Receivables and any related Review Materials;

 

(ii)         origination
and servicing guidelines, policies and procedures and form contracts; and

 

(iii)        notes,
analyses, compilations, studies or other documents or records prepared by the Depositor, the Sponsor or the Servicer, which contain
information supplied by or on behalf of the Depositor, the Sponsor or the Servicer or their representatives.

 

However, Confidential Information will not include information
that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B)
was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other
than the Issuer, the Depositor, the Sponsor or the Servicer before its disclosure to the Information Recipients who, to the knowledge
of the Information Recipient is not bound by a confidentiality agreement with the Issuer, the Depositor, the Sponsor or the Servicer
and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information
Recipients without the use of the Confidential Information, as shown by the Information Recipients’ files and records or
other evidence in the Information Recipients’ possession or (D) the Issuer, the Depositor, the Sponsor or the Servicer provides
permission to the applicable Information Recipients to release.

 

(c)          Protection.
The Asset Representations Reviewer will use best efforts to protect the secrecy of and avoid disclosure and unauthorized use of
Confidential Information, including those measures that it takes to protect its own confidential information and not less than
a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also
subject to the additional requirements in Section 4.9.

 

(d)          Disclosure.
If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental,
regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information.
However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will
use its reasonable efforts to provide the Issuer, the Depositor, the Sponsor and the Servicer with notice of the requirement and
will cooperate, at the Sponsor’s expense, in the Issuer’s and the Sponsor’s pursuit of a proper protective order
or other relief for the disclosure of the Confidential Information. If the Issuer or the Sponsor is unable to obtain a protective
order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will
disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

 

(e)          Responsibility
for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this Section 4.9
by its Information Recipients.

 

    	 	10	 

     

    

 

(f)          Violation.
The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer, the Depositor,
the Sponsor and the Servicer and the Issuer, the Depositor, the Sponsor and the Servicer may seek injunctive relief in addition
to legal remedies. If an action is initiated by the Issuer or the Servicer to enforce this Section 4.9, the prevailing party
will be entitled to reimbursement of costs and expenses, including reasonable attorney’s fees, incurred by it for the enforcement.

 

Section 4.10.         Personally
Identifiable Information.

 

(a)          Definitions.
“Personally Identifiable Information” or “PII” means information in any format about an identifiable
individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification
number or “VIN”, any other actual or assigned attribute associated with or identifiable to an individual and any information
that when used separately or in combination with other information could identify an individual. “Issuer PII”
means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or
otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

 

(b)          Use
of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII. None of the Issuer, the
Depositor, the Sponsor or the Servicer intend to share, provide or supply any Issuer PII to the Asset Representations Reviewer.
However, if the Asset Representations Reviewer receives any Issuer PII, the Asset Representations Reviewer will immediately (i)
notify the Servicer and (ii) indefeasibly delete and destroy such Issuer PII. Notwithstanding the foregoing, the Asset Representations
Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including
any legally required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations
Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical
and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated
threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII
and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee
training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection
and data transmission protection) and physical security measures.

 

(c)          Additional
Limitations. In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations
Reviewer’s disclosure of Issuer PII is also subject to the following requirements:

 

(i)          The
Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII [except
(A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Review, (B) with the prior consent
of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII will be limited to
the specific information necessary for the individual to complete the assigned task.] The Asset Representations Reviewer will inform
personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to
Issuer PII on the proper use and protection of Issuer PII.

 

    	 	11	 

     

    

  

(ii)         The
Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the prior
consent of the Issuer.

 

(d)          Notice
of Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected
security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer
PII and, where applicable, immediately take action to prevent any further breach.

 

(e)          Return
or Disposal of Issuer PII. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the
completion of the Asset Representations Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations
Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or
(ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable
copies, in both cases, without charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations
Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable
law.

 

(f)          Compliance;
Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset
Representations Reviewer’s compliance with this Section 4.10. The Asset Representations Reviewer and the Issuer agree
to modify this Section 4.10 as necessary from time to time for either party to comply with applicable law.

 

(g)          Audit
of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its authorized representatives
to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations Reviewer’s
normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year
unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described
in this Section 4.10 with the inspections described in Section 4.7. The Asset Representations Reviewer will also
permit the Issuer and its authorized representatives during normal business hours on reasonable advance written notice to audit
any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations
under this Agreement.

 

(h)          Affiliates
and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party
when performing an Asset Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such
Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to
benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms of this Section
4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

 

    	 	12	 

     

    

 

 ARTICLE V

RESIGNATION AND REMOVAL;

SUCCESSOR ASSET REPRESENTATIONS REVIEWER

 

Section 5.1.          Eligibility
Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be a Person who (a) is not Affiliated
with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was
not, and is not Affiliated with a Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the
Receivables prior to the Closing Date.

 

Section 5.2.          Resignation
and Removal of Asset Representations Reviewer.

 

(a)          No
Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset Representations
Reviewer unless (a) the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1 or (b)
upon determination that the performance of its duties under this Agreement is no longer permissible under applicable law. The Asset
Representations Reviewer will deliver [__] day’s prior written notice of its resignation to the Sponsor, the Servicer, the
Depositor, the Issuer, and the Indenture Trustee, together with an Opinion of Counsel supporting its determination.

 

(b)          Removal
of Asset Representations Reviewer. If any of the following events occur, the Indenture Trustee may, or , at the discretion
of Noteholders evidencing a majority of the aggregate Outstanding Amount of the Notes shall, by notice to the Asset Representations
Reviewer, remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement:

 

(i)          [the
Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

 

(ii)         the
Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement;
or

 

(iii)        an
Insolvency Event of the Asset Representations Reviewer occurs.]

 

(c)          Notice
of Resignation or Removal. The Servicer will notify the Issuer, the Owner Trustee and the Indenture Trustee of any resignation
or removal of the Asset Representations Reviewer.

 

(d)          Continue
to Perform After Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective,
and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations
Reviewer has accepted its engagement according to Section 5.3(b).

 

Section 5.3.          Successor
Asset Representations Reviewer.

 

(a)          Engagement
of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer, the
Indenture Trustee (at the discretion of the Noteholders) will appoint a successor Asset Representations Reviewer who meets the
eligibility requirements of Section 5.1.

 

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(b)          Effectiveness
of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the successor
Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement
and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement
with the Issuer on substantially the same terms as this Agreement.

 

(c)          Transition
and Expenses. If the Asset Representations Review resigns or is removed, the Asset Representations Reviewer will cooperate
with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations
Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations
Reviewer will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset Representations
Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations
on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer.

 

Section 5.4.          Merger,
Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting
from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the
Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the successor
to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer
an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens
by operation of law).

 

ARTICLE
VI

OTHER AGREEMENTS

 

Section 6.1.          Independence
of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject
to the supervision of the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance
of its obligations under this Agreement. Unless authorized by the Issuer, the Indenture Trustee or the Owner Trustee, respectively,
the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner
Trustee and will not be considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee. Nothing in this Agreement
will make the Asset Representations Reviewer and either of the Issuer, the Indenture Trustee or the Owner Trustee members of any
partnership, joint venture or other separate entity or impose any liability as such on any of them.

 

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Section 6.2.          No
Petition. Each of the parties, by entering into this Agreement, agrees that, before the date that is one year and one day (or,
if longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a trust
for which the Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in starting
or pursuing against (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination
of this Agreement.

 

Section 6.3.          Limitation
of Liability of Owner Trustee. This Agreement has been signed on behalf of the Issuer by [     ] not
in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will [     ]
in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations under this Agreement.
For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

 

Section 6.4.          Termination
of Agreement. This Agreement will terminate, except for the obligations under Section 4.5 or as otherwise stated in
this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture
and (b) the date the Issuer is terminated under the Trust Agreement.

 

ARTICLE
VII

MISCELLANEOUS PROVISIONS

 

Section 7.1.          Amendments.

 

(a)          This
Agreement only can be modified in a written document executed by the parties hereto without the consent of the Noteholders or any
other Person; provided, that, except with respect to amendments (i) to clarify an ambiguity, correct an error or correct or supplement
any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate
the acceptance of this Agreement by, a successor Asset Representations Reviewer or (ii) to convert or supplement any provision
in a manner consistent with the intent of this Agreement, either (a) such amendment shall not, as evidenced by an opinion of counsel
or officer’s certificate, materially and adversely affect the interests of the holders of any outstanding Note or (b) the
Rating Agency Condition is satisfied with respect to such amendment. With respect to any amendment for which clauses (a) or (b)
of the immediately preceding sentence cannot be satisfied, this Agreement can be amended with the consent of the Noteholders of
a majority of the Outstanding Principal Balance of the Notes of each adversely affected Series.

 

(b)          Notice
of Amendments. The Servicer will notify the Rating Agencies in advance of any amendment. Promptly after the execution of an
amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies.

 

Section 7.2.          Assignment;
Benefit of Agreement; Third Party Beneficiaries.

 

(a)          Assignment.
Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent
of the Sponsor, the Servicer and the Depositor.

 

    	 	15	 

     

    

 

(b)          Benefit
of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their
permitted successors and assigns. The Indenture Trustee, for the benefit of the Noteholders, will be a third-party beneficiary
of this Agreement and entitled to enforce this Agreement against the Asset Representations Reviewer. No other Person will have
any right or obligation under this Agreement.

 

Section 7.3.          Notices.

 

(a)          Delivery
of Notices. All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing
and will be considered given:

 

(i)          For
overnight mail, on delivery or, for a letter mailed by registered first class mail, postage prepaid, three days after deposit in
the mail;

 

(ii)         for
a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)        for
an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)        for
an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of
confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred.

 

(b)          Notice
Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to: (i) (a) in the
case of the Sponsor and the Servicer, to American Honda Finance Corporation, 20800 Madrona Avenue, Torrance, CA 90503, Attention:
Program Services & Investor Relations, (b) in the case of the Depositor, to American Honda Finance Corporation, 20800 Madrona
Avenue, Torrance, CA 90503, Attention: Program Services & Investor Relations, (c) in the case of the Issuer or the Owner Trustee,
to Honda Auto Receivables 20[         ]-[         ] Owner Trust, c/o [_______________________],[_______________________], Attention: Honda Auto
Receivables 20[_]-[_] Owner Trust, (d) in the case of the Indenture Trustee, to [_______________________], Attention: [__________________],
and (e) in the case of the Asset Representations Reviewer, to [_______] or, (ii) as to each party, at such other address or email
as shall be designated by such party in a written notice to each other party.

 

Section 7.4.          Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

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

 

    	 	16	 

     

    

  

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

 

Section 7.5.          No
Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate
as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power,
right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in
addition to any powers, rights and remedies under law.

 

Section 7.6.          Severability.
If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement
and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.7.          Headings.
The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.8.          Counterparts.
This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together
be one document.

 

[Remainder of Page Left
Blank]

 

    	 	17	 

     

    

 

EXECUTED BY:

 

	 	HONDA AUTO RECEIVABLES 20[ ]-[ ] OWNER TRUST,
	 	 	as Issuer
	 	 	 
	 	By:	                      , not in its individual capacity,
	 	 	but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  
	 	 	 
	 	AMERICAN HONDA RECEIVABLES LLC, as Depositor
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  
	 	 	 
	 	AMERICAN HONDA FINANCE CORPORATION,
	 	 	as Sponsor and Servicer
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  
	 	 	 
	 	 	                                                                                                ,
	 	 	as Asset Representations Reviewer
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  

 

[Signature Page to Asset Representations
Review Agreement]

 

     

     

    

 

Schedule A

 

Representations and Warranties, Review Materials
and Tests

 

	Representations and Warranty	 	Review Materials	 	Tests

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