Document:

Exhibit
      10.1

    (Multicurrency—Cross
      Border)

     

    ISDA®

    International
      Swap Dealers Association, Inc.

     

    MASTER
      AGREEMENT

    

    dated
      as
      of September 28, 2007

     

    
      	
              HSBC
                Bank USA, National Association

            	
              and

            	
              Hyundai
                Auto Receivables Trust 2007-A

            

    

    

    have
      entered and/or anticipate entering into one or more transactions (each a
“Transaction”) that are or will be governed by this Master Agreement, which
      includes the schedule (the “Schedule”), and the documents and other confirming
      evidence (each a “Confirmation”) exchanged between the parties confirming those
      Transactions.

     

    Accordingly,
      the parties agree as follows:

     

    1. Interpretation

     

    (a) Definitions.
      The
      terms defined in Section 14 and in the Schedule will have the meanings therein
      specified for the purpose of this Master Agreement.

     

    (b) Inconsistency.
      In the
      event of any inconsistency between the provisions of the Schedule and the other
      provisions of this Master Agreement, the Schedule will prevail. In the event
      of
      any inconsistency between the provisions of any Confirmation and this Master
      Agreement (including the Schedule), such Confirmation will prevail for the
      purpose of the relevant Transaction.

     

    (c) Single
      Agreement.
      All
      Transactions are entered into in reliance on the fact that this Master Agreement
      and all Confirmations form a single agreement between the parties (collectively
      referred to as this “Agreement”), and the parties would not otherwise enter into
      any Transactions.

     

    2. Obligations

     

    (a) General
      Conditions.

     

    (i) Each
      party will make each payment or delivery specified in each Confirmation to
      be
      made by it, subject to the other provisions of this Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (ii) Payments
      under this Agreement will be made on the due date for value on that date in
      the
      place of the account specified in the relevant Confirmation or otherwise
      pursuant to this Agreement, in freely transferable funds and in the manner
      customary for payments in the required currency. Where settlement is by delivery
      (that is, other than by payment), such delivery will be made for receipt on
      the
      due date in the manner customary for the relevant obligation unless otherwise
      specified in the relevant Confirmation or elsewhere in this
      Agreement.

     

    (iii) Each
      obligation of each party under Section 2(a)(i) is subject to (1) the condition
      precedent that no Event of Default or Potential Event of Default with respect
      to
      the other party has occurred and is continuing, (2) the condition precedent
      that
      no Early Termination Date in respect of the relevant Transaction has occurred
      or
      been effectively designated and (3) each other applicable condition precedent
      specified in this Agreement.

     

    (b) Change
      of Account.
      Either
      party may change its account for receiving a payment or delivery by giving
      notice to the other party at least five Local Business Days prior to the
      scheduled date for the payment or delivery to which such change applies unless
      such other party gives timely notice of a reasonable objection to such
      change.

     

    (c) Netting.
      If on
      any date amounts would otherwise be payable:

     

    (i) in
      the
      same currency; and

     

    (ii) in
      respect of the same Transaction,

     

    by
      each
      party to the other, then, on such date, each party’s obligation to make payment
      of any such amount will be automatically satisfied and discharged and, if the
      aggregate amount that would otherwise have been payable by one party exceeds
      the
      aggregate amount that would otherwise have been payable by the other party,
      replaced by an obligation upon the party by whom the larger aggregate amount
      would have been payable to pay to the other party the excess of the larger
      aggregate amount over the smaller aggregate amount.

     

    The
      parties may elect in respect of two or more Transactions that a net amount
      will
      be determined in respect of all amounts payable on the same date in the same
      currency in respect of such Transactions, regardless of whether such amounts
      are
      payable in respect of the same Transaction. The election may be made in the
      Schedule or a Confirmation by specifying that subparagraph (ii) above will
      not
      apply to the Transactions identified as being subject to the election, together
      with the starting date (in which case subparagraph (ii) above will not, or
      will
      cease to, apply to such Transactions from such date). This election may be
      made
      separately for different groups of Transactions and will apply separately to
      each pairing of Offices through which the parties make and receive payments
      or
      deliveries. 

     

    (d) Deduction
      or Withholding for Tax.

     

    (i) Gross-Up.
      All
      payments under this Agreement will be made without any deduction or withholding
      for or on account of any Tax unless such deduction or withholding is required
      by
      any applicable law, as modified by the practice of any relevant governmental
      revenue authority, then in effect. If a party is so required to deduct or
      withhold, then that party (“X”) will:

     

    (1) promptly
      notify the other party (“Y”) of such requirement;

     

    
      
         

      

      
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    (2) pay
      to
      the relevant authorities the full amount required to be deducted or withheld
      (including the full amount required to be deducted or withheld from any
      additional amount paid by X to Y under this Section 2(d)) promptly upon the
      earlier of determining that such deduction or withholding is required or
      receiving notice that such amount has been assessed against Y;

     

    (3) promptly
      forward to Y an official receipt (or a certified copy), or other documentation
      reasonably acceptable to Y, evidencing such payment to such authorities;
      and

     

    (4) if
      such
      Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which
      Y is
      otherwise entitled under this Agreement, such additional amount as is necessary
      to ensure that the net amount actually received by Y (free and clear of
      Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount
      Y would have received had no such deduction or withholding been required.
      However, X will not be required to pay any additional amount to Y to the extent
      that it would not be required to be paid but for:

     

    (A) the
      failure by Y to comply with or perform any agreement contained in Section
      4(a)(i), 4(a)(iii) or 4(d); or

     

    (B) the
      failure of a representation made by Y pursuant to Section 3(f) to be accurate
      and true unless such failure would not have occurred but for (I) any action
      taken by a taxing authority, or brought in a court of competent jurisdiction,
      on
      or after the date on which a Transaction is entered into (regardless of whether
      such action is taken or brought with respect to a party to this Agreement)
      or
      (II) a Change in Tax Law.

     

    (ii) Liability.
      If:

     

    (1) X
      is
      required by any applicable law, as modified by the practice of any relevant
      governmental revenue authority, to make any deduction or withholding in respect
      of which X would not be required to pay an additional amount to Y under Section
      2(d)(i)(4);

     

    (2) X
      does
      not so deduct or withhold; and

     

    (3) a
      liability resulting from such Tax is assessed directly against X,

     

    then,
      except to the extent Y has satisfied or then satisfies the liability resulting
      from such Tax, Y will promptly pay to X the amount of such liability (including
      any related liability for interest, but including any related liability for
      penalties only if Y has failed to comply with or perform any agreement contained
      in Section 4(a)(i), 4(a)(iii) or 4(d)).

     

    
      
         

      

      
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    (e) Default
      Interest; Other Amounts.
      Prior
      to the occurrence or effective designation of an Early Termination Date in
      respect of the relevant Transaction, a party that defaults in the performance
      of
      any payment obligation will, to the extent permitted by law and subject to
      Section 6(c), be required to pay interest (before as well as after judgment)
      on
      the overdue amount to the other party on demand in the same currency as such
      overdue amount, for the period from (and including) the original due date for
      payment to (but excluding) the date of actual payment, at the Default Rate.
      Such
      interest will be calculated on the basis of daily compounding and the actual
      number of days elapsed. If, prior to the occurrence or effective designation
      of
      an Early Termination Date in respect of the relevant Transaction, a party
      defaults in the performance of any obligation required to be settled by
      delivery, it will compensate the other party on demand if and to the extent
      provided for in the relevant Confirmation or elsewhere in this
      Agreement.

     

    3. Representations

     

    Each
      party represents to the other party (which representations will be deemed to
      be
      repeated by each party on each date on which a Transaction is entered into
      and,
      in the case of the representations in Section 3(f), at all times until the
      termination of this Agreement) that:

     

    (a) Basic
      Representations.

     

    (i) Status.
      It is
      duly organised and validly existing under the laws of the jurisdiction of its
      organisation or incorporation and, if relevant under such laws, in good
      standing;

     

    (ii) Powers.
      It has
      the power to execute this Agreement and any other documentation relating to
      this
      Agreement to which it is a party, to deliver this Agreement and any other
      documentation relating to this Agreement that it is required by this Agreement
      to deliver and to perform its obligations under this Agreement and any
      obligations it has under any Credit Support Document to which it is a party
      and
      has taken all necessary action to authorise such execution, delivery and
      performance;

     

    (iii) No
      Violation or Conflict.
      Such
      execution, delivery and performance do not violate or conflict with any law
      applicable to it, any provision of its constitutional documents, any order
      or
      judgment of any court or other agency of government applicable to it or any
      of
      its assets or any contractual restriction binding on or affecting it or any
      of
      its assets;

     

    (iv) Consents.
      All
      governmental and other consents that are required to have been obtained by
      it
      with respect to this Agreement or any Credit Support Document to which it is
      a
      party have been obtained and are in full force and effect and all conditions
      of
      any such consents have been complied with; and

     

    (v) Obligations
      Binding.
      Its
      obligations under this Agreement and any Credit Support Document to which it
      is
      a party constitute its legal, valid and binding obligations, enforceable in
      accordance with their respective terms (subject to applicable bankruptcy,
      reorganisation, insolvency, moratorium or similar laws affecting creditors’
rights generally and subject, as to enforceability, to equitable principles
      of
      general application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

     

    
      
         

      

      
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    (b) Absence
      of Certain Events.
      No
      Event of Default or Potential Event of Default or, to its knowledge, Termination
      Event with respect to it has occurred and is continuing and no such event or
      circumstance would occur as a result of its entering into or performing its
      obligations under this Agreement or any Credit Support Document to which it
      is a
      party.

     

    (c) Absence
      of Litigation.
      There
      is not pending or, to its knowledge, threatened against it or any of its
      Affiliates any action, suit or proceeding at law or in equity or before any
      court, tribunal, governmental body, agency or official or any arbitrator that
      is
      likely to affect the legality, validity or enforceability against it of this
      Agreement or any Credit Support Document to which it is a party or its ability
      to perform its obligations under this Agreement or such Credit Support
      Document.

     

    (d) Accuracy
      of Specified Information.
      All
      applicable information that is furnished in writing by or on behalf of it to
      the
      other party and is identified for the purpose of this Section 3(d) in the
      Schedule is, as of the date of the information, true, accurate and complete
      in
      every material respect.

     

    (e) Payer
      Tax Representation.
      Each
      representation specified in the Schedule as being made by it for the purpose
      of
      this Section 3(e) is accurate and true.

     

    (f) Payee
      Tax Representations.
      Each
      representation specified in the Schedule as being made by it for the purpose
      of
      this Section 3(f) is accurate and true.

     

    4. Agreements

     

    Each
      party agrees with the other that, so long as either party has or may have any
      obligation under this Agreement or under any Credit Support Document to which
      it
      is a party:

     

    (a) Furnish
      Specified Information.
      It will
      deliver to the other party or, in certain cases under subparagraph (iii) below,
      to such government or taxing authority as the other party reasonably
      directs:

     

    (i) any
      forms, documents or certificates relating to taxation specified in the Schedule
      or any Confirmation;

     

    (ii) any
      other
      documents specified in the Schedule or any Confirmation; and

     

    (iii) upon
      reasonable demand by such other party, any form or document that may be required
      or reasonably requested in writing in order to allow such other party or its
      Credit Support Provider to make a payment under this Agreement or any applicable
      Credit Support Document without any deduction or withholding for or on account
      of any Tax or with such deduction or withholding at a reduced rate (so long
      as
      the completion, execution or submission of such form or document would not
      materially prejudice the legal or commercial position of the party in receipt
      of
      such demand), with any such form or document to be accurate and completed in
      a
      manner reasonably satisfactory to such other party and to be executed and to
      be
      delivered with any reasonably required certification,

     

    in
      each
      case by the date specified in the Schedule or such Confirmation or, if none
      is
      specified, as soon as reasonably practicable.

     

    
      
         

      

      
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    (b) Maintain
      Authorisations.
      It will
      use all reasonable efforts to maintain in full force and effect all consents
      of
      any governmental or other authority that are required to be obtained by it
      with
      respect to this Agreement or any Credit Support Document to which it is a party
      and will use all reasonable efforts to obtain any that may become necessary
      in
      the future.

     

    (c) Comply
      with Laws.
      It will
      comply in all material respects with all applicable laws and orders to which
      it
      may be subject if failure so to comply would materially impair its ability
      to
      perform its obligations under this Agreement or any Credit Support Document
      to
      which it is a party.

     

    (d) Tax
      Agreement.
      It will
      give notice of any failure of a representation made by it under Section 3(f)
      to
      be accurate and true promptly upon learning of such failure.

     

    (e) Payment
      of Stamp Tax.
      Subject
      to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect
      of its execution or performance of this Agreement by a jurisdiction in which
      it
      is incorporated, organised, managed and controlled, or considered to have its
      seat, or in which a branch or office through which it is acting for the purpose
      of this Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the
      other party against any Stamp Tax levied or imposed upon the other party or
      in
      respect of the other party’s execution or performance of this Agreement by any
      such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with
      respect to the other party.

     

    5. Events
      of Default and Termination Events

     

    (a) Events
      of Default.
      The
      occurrence at any time with respect to a party or, if applicable, any Credit
      Support Provider of such party or any Specified Entity of such party of any
      of
      the following events constitutes an event of default (an “Event of Default”)
      with respect to such party:

     

    (i) Failure
      to Pay or Deliver.
      Failure
      by the party to make, when due, any payment under this Agreement or delivery
      under Section 2(a)(i) or 2(e) required to be made by it if such failure is
      not
      remedied on or before the third Local Business Day after notice of such failure
      is given to the party;

     

    (ii) Breach
      of Agreement.
      Failure
      by the party to comply with or perform any agreement or obligation (other than
      an obligation to make any payment under this Agreement or delivery under Section
      2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or
      obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or
      performed by the party in accordance with this Agreement if such failure is
      not
      remedied on or before the thirtieth day after notice of such failure is given
      to
      the party;

     

    
      
         

      

      
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    (iii) Credit
      Support Default.

     

    (1) Failure
      by the party or any Credit Support Provider of such party to comply with or
      perform any agreement or obligation to be complied with or performed by it
      in
      accordance with any Credit Support Document if such failure is continuing after
      any applicable grace period has elapsed;

     

    (2) the
      expiration or termination of such Credit Support Document or the failing or
      ceasing of such Credit Support Document to be in full force and effect for
      the
      purpose of this Agreement (in either case other than in accordance with its
      terms) prior to the satisfaction of all obligations of such party under each
      Transaction to which such Credit Support Document relates without the written
      consent of the other party; or

     

    (3) the
      party
      or such Credit Support Provider disaffirms, disclaims, repudiates or rejects,
      in
      whole or in part, or challenges the validity of, such Credit Support
      Document;

     

    (iv) Misrepresentation.
      A
      representation (other than a representation under Section 3(e) or (f)) made
      or
      repeated or deemed to have been made or repeated by the party or any Credit
      Support Provider of such party in this Agreement or any Credit Support Document
      proves to have been incorrect or misleading in any material respect when made
      or
      repeated or deemed to have been made or repeated;

     

    (v) Default
      under Specified Transaction.
      The
      party, any Credit Support Provider of such party or any applicable Specified
      Entity of such party (1) defaults under a Specified Transaction and, after
      giving effect to any applicable notice requirement or grace period, there occurs
      a liquidation of, an acceleration of obligations under, or an early termination
      of, that Specified Transaction, (2) defaults, after giving effect to any
      applicable notice requirement or grace period, in making any payment or delivery
      due on the last payment, delivery or exchange date of, or any payment on early
      termination of, a Specified Transaction (or such default continues for at least
      three Local Business Days if there is no applicable notice requirement or grace
      period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in
      part, a Specified Transaction (or such action is taken by any person or entity
      appointed or empowered to operate it or act on its behalf);

     

    (vi) Cross
      Default.
      If
“Cross Default” is specified in the Schedule as applying to the party, the
      occurrence or existence of (1) a default, event of default or other similar
      condition or event (however described) in respect of such party, any Credit
      Support Provider of such party or any applicable Specified Entity of such party
      under one or more agreements or instruments relating to Specified Indebtedness
      of any of them (individually or collectively) in an aggregate amount of not
      less
      than the applicable Threshold Amount (as specified in the Schedule) which has
      resulted in such Specified Indebtedness becoming, or becoming capable at such
      time of being declared, due and payable under such agreements or instruments,
      before it would otherwise have been due and payable or (2) a default by such
      party, such Credit Support Provider or such Specified Entity (individually
      or
      collectively) in making one or more payments on the due date thereof in an
      aggregate amount of not less than the applicable Threshold Amount under such
      agreements or instruments (after giving effect to any applicable notice
      requirement or grace period);

     

    
      
         

      

      
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    (vii) Bankruptcy.
      The
      party, any Credit Support Provider of such party or any applicable Specified
      Entity of such party:

     

    (1) is
      dissolved (other than pursuant to a consolidation, amalgamation or merger);
      (2)
      becomes insolvent or is unable to pay its debts or fails or admits in writing
      its inability generally to pay its debts as they become due; (3) makes a general
      assignment, arrangement or composition with or for the benefit of its creditors;
      (4) institutes or has instituted against it a proceeding seeking a judgment
      of
      insolvency or bankruptcy or any other relief under any bankruptcy or insolvency
      law or other similar law affecting creditors’ rights, or a petition is presented
      for its winding-up or liquidation, and, in the case of any such proceeding
      or
      petition instituted or presented against it, such proceeding or petition (A)
      results in a judgment of insolvency or bankruptcy or the entry of an order
      for
      relief or the making of an order for its winding-up or liquidation or (B) is
      not
      dismissed, discharged, stayed or restrained in each case within 30 days of
      the
      institution or presentation thereof; (5) has a resolution passed for its
      winding-up, official management or liquidation (other than pursuant to a
      consolidation, amalgamation or merger); (6) seeks or becomes subject to the
      appointment of an administrator, provisional liquidator, conservator, receiver,
      trustee, custodian or other similar official for it or for all or substantially
      all its assets; (7) has a secured party take possession of all or substantially
      all its assets or has a distress, execution, attachment, sequestration or other
      legal process levied, enforced or sued on or against all or substantially all
      its assets and such secured party maintains possession, or any such process
      is
      not dismissed, discharged, stayed or restrained, in each case within 30 days
      thereafter; (8) causes or is subject to any event with respect to it which,
      under the applicable laws of any jurisdiction, has an analogous effect to any
      of
      the events specified in clauses (1) to (7) (inclusive); or (9) takes any action
      in furtherance of, or indicating its consent to, approval of, or acquiescence
      in, any of the foregoing acts; or

     

    (viii) Merger
      Without Assumption.
      The
      party or any Credit Support Provider of such party consolidates or amalgamates
      with, or merges with or into, or transfers all or substantially all its assets
      to, another entity and, at the time of such consolidation, amalgamation, merger
      or transfer:

     

    (1) the
      resulting, surviving or transferee entity fails to assume all the obligations
      of
      such party or such Credit Support Provider under this Agreement or any Credit
      Support Document to which it or its predecessor was a party by operation of
      law
      or pursuant to an agreement reasonably satisfactory to the other party to this
      Agreement; or

     

    
      
         

      

      
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    (2) the
      benefits of any Credit Support Document fail to extend (without the consent
      of
      the other party) to the performance by such resulting, surviving or transferee
      entity of its obligations under this Agreement.

     

    (b) Termination
      Events.
      The
      occurrence at any time with respect to a party or, if applicable, any Credit
      Support Provider of such party or any Specified Entity of such party of any
      event specified below constitutes an Illegality if the event is specified in
      (i)
      below, a Tax Event if the event is specified in (ii) below or a Tax Event Upon
      Merger if the event is specified in (iii) below, and, if specified to be
      applicable, a Credit Event Upon Merger if the event is specified pursuant to
      (iv) below or an Additional Termination Event if the event is specified pursuant
      to (v) below:

     

    (i) Illegality.
      Due to
      the adoption of, or any change in, any applicable law after the date on which
      a
      Transaction is entered into, or due to the promulgation of, or any change in,
      the interpretation by any court, tribunal or regulatory authority with competent
      jurisdiction of any applicable law after such date, it becomes unlawful (other
      than as a result of a breach by the party of Section 4(b)) for such party (which
      will be the Affected Party):

     

    (1) to
      perform any absolute or contingent obligation to make a payment or delivery
      or
      to receive a payment or delivery in respect of such Transaction or to comply
      with any other material provision of this Agreement relating to such
      Transaction; or

     

    (2) to
      perform, or for any Credit Support Provider of such party to perform, any
      contingent or other obligation which the party (or such Credit Support Provider)
      has under any Credit Support Document relating to such Transaction;

     

    (ii) Tax
      Event.
      Due to
      (x) any action taken by a taxing authority, or brought in a court of competent
      jurisdiction, on or after the date on which a Transaction is entered into
      (regardless of whether such action is taken or brought with respect to a party
      to this Agreement) or (y) a Change in Tax Law, the party (which will be the
      Affected Party) will, or there is a substantial likelihood that it will, on
      the
      next succeeding Scheduled Payment Date (1) be required to pay to the other
      party
      an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4)
      (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2)
      receive a payment from which an amount is required to be deducted or withheld
      for or on account of a Tax (except in respect of interest under Section 2(e),
      6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect
      of
      such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A)
      or (B));

     

    (iii) Tax
      Event Upon Merger.
      The
      party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will
      either (1) be required to pay an additional amount in respect of an
      Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under
      Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount
      has been deducted or withheld for or on account of any Indemnifiable Tax in
      respect of which the other party is not required to pay an additional amount
      (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a
      result of a party consolidating or amalgamating with, or merging with or into,
      or transferring all or substantially all its assets to, another entity (which
      will be the Affected Party) where such action does not constitute an event
      described in Section 5(a)(viii);

     

    
      
         

      

      
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    (iv) Credit
      Event Upon Merger.
      If
“Credit Event Upon Merger” is specified in the Schedule as applying to the
      party, such party (“X”), any Credit Support Provider of X or any applicable
      Specified Entity of X consolidates or amalgamates with, or merges with or into,
      or transfers all or substantially all its assets, to, another entity and such
      action does not constitute an event described in Section 5(a)(viii) but the
      creditworthiness of the resulting, surviving or transferee entity is materially
      weaker than that of X, such Credit Support Provider or such Specified Entity,
      as
      the case may be, immediately prior to such action (and, in such event, X or
      its
      successor or transferee, as appropriate, will be the Affected Party);
      or

     

    (v) Additional
      Termination Event.
      If any
“Additional Termination Event” is specified in the Schedule or any Confirmation
      as applying, the occurrence of such event (and, in such event, the Affected
      Party or Affected Parties shall be as specified for such Additional Termination
      Event in the Schedule or such Confirmation).

     

    (c) Event
      of Default and Illegality.
      If an
      event or circumstance which would otherwise constitute or give rise to an Event
      of Default also constitutes an Illegality, it will be treated as an Illegality
      and will not constitute an Event of Default.

     

    6. Early
      Termination

     

    (a) Right
      to Terminate Following Event of Default.
      If at
      any time an Event of Default with respect to a party (the “Defaulting Party”)
      has occurred and is then continuing, the other party (the “Non-defaulting
      Party”) may, by not more than 20 days notice to the Defaulting Party specifying
      the relevant Event of Default, designate a day not earlier than the day such
      notice is effective as an Early Termination Date in respect of all outstanding
      Transactions. If, however, “Automatic Early Termination” is specified in the
      Schedule as applying to a party, then an Early Termination Date in respect
      of
      all outstanding Transactions will occur immediately upon the occurrence with
      respect to such party of an Event of Default specified in Section 5(a)(vii)(1),
      (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time
      immediately preceding the institution of the relevant proceeding or the
      presentation of the relevant petition upon the occurrence with respect to such
      party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent
      analogous thereto, (8).

     

    (b) Right
      to Terminate Following Termination Event.

     

    (i) Notice.
      If a
      Termination Event occurs, an Affected Party will, promptly upon becoming aware
      of it, notify the other party, specifying the nature of that Termination Event
      and each Affected Transaction and will also give such other information about
      that Termination Event as the other party may reasonably require.

     

    
      
         

      

      
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    (ii) Transfer
      to Avoid Termination Event.
      If
      either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there
      is
      only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened
      Party is the Affected Party, the Affected Party will, as a condition to its
      right to designate an Early Termination Date under Section 6(b)(iv), use all
      reasonable efforts (which will not require such party to incur a loss, excluding
      immaterial, incidental expenses) to transfer within 20 days after it gives
      notice under Section 6(b)(i) all its rights and obligations under this Agreement
      in respect of the Affected Transactions to another of its Offices or Affiliates
      so that such Termination Event ceases to exist.

     

    If
      the
      Affected Party is not able to make such a transfer it will give notice to the
      other party to that effect within such 20 day period, whereupon the other party
      may effect such a transfer within 30 days after the notice is given under
      Section 6(b)(i).

     

    Any
      such
      transfer by a party under this Section 6(b)(ii) will be subject to and
      conditional upon the prior written consent of the other party, which consent
      will not be withheld if such other party’s policies in effect at such time would
      permit it to enter into transactions with the transferee on the terms
      proposed.

     

    (iii) Two
      Affected Parties.
      If an
      Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two
      Affected Parties, each party will use all reasonable efforts to reach agreement
      within 30 days after notice thereof is given under Section 6(b)(i) on action
      to
      avoid that Termination Event.

     

    (iv) Right
      to Terminate.
      If:

     

    (1) a
      transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as
      the
      case may be, has not been effected with respect to all Affected Transactions
      within 30 days after an Affected Party gives notice under Section 6(b)(i);
      or

     

    (2) an
      Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional
      Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened
      Party is not the Affected Party,

     

    either
      party in the case of an Illegality, the Burdened Party in the case of a Tax
      Event Upon Merger, any Affected Party in the case of a Tax Event or an
      Additional Termination Event if there is more than one Affected Party, or the
      party which is not the Affected Party in the case of a Credit Event Upon Merger
      or an Additional Termination Event if there is only one Affected Party may,
      by
      not more than 20 days notice to the other party and provided that the relevant
      Termination Event is then continuing, designate a day not earlier than the
      day
      such notice is effective as an Early Termination Date in respect of all Affected
      Transactions.

     

    (c) Effect
      of Designation.

     

    (i) If
      notice
      designating an Early Termination Date is given under Section 6(a) or (b), the
      Early Termination Date will occur on the date so designated, whether or not
      the
      relevant Event of Default or Termination Event is then continuing.

     

    
      
         

      

      
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    (ii) Upon
      the
      occurrence or effective designation of an Early Termination Date, no further
      payments or deliveries under Section 2(a)(i) or 2(e) in respect of the
      Terminated Transactions will be required to be made, but without prejudice
      to
      the other provisions of this Agreement. The amount, if any, payable in respect
      of an Early Termination Date shall be determined pursuant to Section
      6(e).

     

    (d) Calculations.

     

    (i) Statement.
      On or
      as soon as reasonably practicable following the occurrence of an Early
      Termination Date, each party will make the calculations on its part, if any,
      contemplated by Section 6(e) and will provide to the other party a statement
      (1)
      showing, in reasonable detail, such calculations (including all relevant
      quotations and specifying any amount payable under Section 6(e)) and (2) giving
      details of the relevant account to which any amount payable to it is to be
      paid.
      In the absence of written confirmation from the source of a quotation obtained
      in determining a Market Quotation, the records of the party obtaining such
      quotation will be conclusive evidence of the existence and accuracy of such
      quotation.

     

    (ii) Payment
      Date.
      An
      amount calculated as being due in respect of any Early Termination Date under
      Section 6(e) will be payable on the day that notice of the amount payable is
      effective (in the case of an Early Termination Date which is designated or
      occurs as a result of an Event of Default) and on the day which is two Local
      Business Days after the day on which notice of the amount payable is effective
      (in the case of an Early Termination Date which is designated as a result of
      a
      Termination Event). Such amount will be paid together with (to the extent
      permitted under applicable law) interest thereon (before as well as after
      judgment) in the Termination Currency, from (and including) the relevant Early
      Termination Date to (but excluding) the date such amount is paid, at the
      Applicable Rate. Such interest will be calculated on the basis of daily
      compounding and the actual number of days elapsed.

     

    (e) Payments
      on Early Termination.
      If an
      Early Termination Date occurs, the following provisions shall apply based on
      the
      parties’ election in the Schedule of a payment measure, either “Market
      Quotation” or “Loss”, and a payment method, either the “First Method” or the
“Second Method”. If the parties fail to designate a payment measure or payment
      method in the Schedule, it will be deemed that “Market Quotation” or the “Second
      Method”, as the case may be, shall apply. The amount, if any, payable in respect
      of an Early Termination Date and determined pursuant to this Section will be
      subject to any Set-off.

     

    (i) Events
      of Default.
      If the
      Early Termination Date results from an Event of Default:

     

    (1) First
      Method and Market Quotation.
      If the
      First Method and Market Quotation apply, the Defaulting Party will pay to the
      Non-defaulting Party the excess, if a positive number, of (A) the sum of the
      Settlement Amount (determined by the Non-defaulting Party) in respect of the
      Terminated Transactions and the Termination Currency Equivalent of the Unpaid
      Amounts owing to the Non-defaulting Party over (B) the Termination Currency
      Equivalent of the Unpaid Amounts owing to the Defaulting Party.

     

    
      
         

      

      
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    (2) First
      Method and Loss.
      If the
      First Method and Loss apply, the Defaulting Party will pay to the Non-defaulting
      Party, if a positive number, the Non-defaulting Party’s Loss in respect of this
      Agreement.

     

    (3) Second
      Method and Market Quotation.
      If the
      Second Method and Market Quotation apply, an amount will be payable equal to
      (A)
      the sum of the Settlement Amount (determined by the Non-defaulting Party) in
      respect of the Terminated Transactions and the Termination Currency Equivalent
      of the Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination
      Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
      that
      amount is a positive number, the Defaulting Party will pay it to the
      Non-defaulting Party; if it is a negative number, the Non-defaulting Party
      will
      pay the absolute value of that amount to the Defaulting Party.

     

    (4) Second
      Method and Loss.
      If the
      Second Method and Loss apply, an amount will be payable equal to the
      Non-defaulting Party’s Loss in respect of this Agreement. If that amount is a
      positive number, the Defaulting Party will pay it to the Non-defaulting Party;
      if it is a negative number, the Non-defaulting Party will pay the absolute
      value
      of that amount to the Defaulting Party.

     

    (ii) Termination
      Events.
      If the
      Early Termination Date results from a Termination Event:

     

    (1) One
      Affected Party.
      If
      there is one Affected Party, the amount payable will be determined in accordance
      with Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4),
      if
      Loss applies, except that, in either case, references to the Defaulting Party
      and to the Non-defaulting Party will be deemed to be references to the Affected
      Party and the party which is not the Affected Party, respectively, and, if
      Loss
      applies and fewer than all the Transactions are being terminated, Loss shall
      be
      calculated in respect of all Terminated Transactions.

     

    (2) Two
      Affected Parties.
      If
      there are two Affected Parties:

     

    (A) if
      Market
      Quotation applies, each party will determine a Settlement Amount in respect
      of
      the Terminated Transactions, and an amount will be payable equal to (I) the
      sum
      of (a) one-half of the difference between the Settlement Amount of the party
      with the higher Settlement Amount (“X”) and the Settlement Amount of the party
      with the lower Settlement Amount (“Y”) and (b) the Termination Currency
      Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency
      Equivalent of the Unpaid Amounts owing to Y; and

     

    
      
         

      

      
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    (B) if
      Loss
      applies, each party will determine its Loss in respect of this Agreement (or,
      if
      fewer than all the Transactions are being terminated, in respect of all
      Terminated Transactions) and an amount will be payable equal to one-half of
      the
      difference between the Loss of the party with the higher Loss (“X”) and the Loss
      of the party with the lower Loss (“Y”).

     

    If
      the
      amount payable is a positive number, Y will pay it to X; if it is a negative
      number, X will pay the absolute value of that amount to Y.

     

    (iii) Adjustment
      for Bankruptcy.
      In
      circumstances where an Early Termination Date occurs because “Automatic Early
      Termination” applies in respect of a party, the amount determined under this
      Section 6(e) will be subject to such adjustments as are appropriate and
      permitted by law to reflect any payments or deliveries made by one party to
      the
      other under this Agreement (and retained by such other party) during the period
      from the relevant Early Termination Date to the date for payment determined
      under Section 6(d)(ii).

     

    (iv) Pre-Estimate.
      The
      parties agree that if Market Quotation applies an amount recoverable under
      this
      Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount
      is payable for the loss of bargain and the loss of protection against future
      risks and except as otherwise provided in this Agreement neither party will
      be
      entitled to recover any additional damages as a consequence of such
      losses.

     

    7. Transfer

     

    Subject
      to Section 6(b)(ii), neither this Agreement nor any interest or obligation
      in or
      under this Agreement may be transferred (whether by way of security or
      otherwise) by either party without the prior written consent of the other party,
      except that:

     

    (a) a
      party
      may make such a transfer of this Agreement pursuant to a consolidation or
      amalgamation with, or merger with or into, or transfer of all or substantially
      all its assets to, another entity (but without prejudice to any other right
      or
      remedy under this Agreement); and

     

    (b) a
      party
      may make such a transfer of all or any part of its interest in any amount
      payable to it from a Defaulting Party under Section 6(e).

     

    Any
      purported transfer that is not in compliance with this Section will be
      void.

     

    8. Contractual
      Currency

     

    (a) Payment
      in the Contractual Currency.
      Each
      payment under this Agreement will be made in the relevant currency specified
      in
      this Agreement for that payment (the “Contractual Currency”). To the extent
      permitted by applicable law, any obligation to make payments under this
      Agreement in the Contractual Currency will not be discharged or satisfied by
      any
      tender in any currency other than the Contractual Currency, except to the extent
      such tender results in the actual receipt by the party to which payment is
      owed,
      acting in a reasonable manner and in good faith in converting the currency
      so
      tendered into the Contractual Currency, of the full amount in the Contractual
      Currency of all amounts payable in respect of this Agreement. If for any reason
      the amount in the Contractual Currency so received falls short of the amount
      in
      the Contractual Currency payable in respect of this Agreement, the party
      required to make the payment will, to the extent permitted by applicable law,
      immediately pay such additional amount in the Contractual Currency as may be
      necessary to compensate for the shortfall. If for any reason the amount in
      the
      Contractual Currency so received exceeds the amount in the Contractual Currency
      payable in respect of this Agreement, the party receiving the payment will
      refund promptly the amount of such excess.

     

    
      
         

      

      
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    (b) Judgments.
      To the
      extent permitted by applicable law, if any judgment or order expressed in a
      currency other than the Contractual Currency is rendered (i) for the payment
      of
      any amount owing in respect of this Agreement, (ii) for the payment of any
      amount relating to any early termination in respect of this Agreement or (iii)
      in respect of a judgment or order of another court for the payment of any amount
      described in (i) or (ii) above, the party seeking recovery, after recovery
      in
      full of the aggregate amount to which such party is entitled pursuant to the
      judgment or order, will be entitled to receive immediately from the other party
      the amount of any shortfall of the Contractual Currency received by such party
      as a consequence of sums paid in such other currency and will refund promptly
      to
      the other party any excess of the Contractual Currency received by such party
      as
      a consequence of sums paid in such other currency if such shortfall or such
      excess arises or results from any variation between the rate of exchange at
      which the Contractual Currency is converted into the currency of the judgment
      or
      order for the purposes of such judgment or order and the rate of exchange at
      which such party is able, acting in a reasonable manner and in good faith in
      converting the currency received into the Contractual Currency, to purchase
      the
      Contractual Currency with the amount of the currency of the judgment or order
      actually received by such party. The term “rate of exchange” includes, without
      limitation, any premiums and costs of exchange payable in connection with the
      purchase of or conversion into the Contractual Currency.

     

    (c) Separate
      Indemnities.
      To the
      extent permitted by applicable law, these indemnities constitute separate and
      independent obligations from the other obligations in this Agreement, will
      be
      enforceable as separate and independent causes of action, will apply
      notwithstanding any indulgence granted by the party to which any payment is
      owed
      and will not be affected by judgment being obtained or claim or proof being
      made
      for any other sums payable in respect of this Agreement.

     

    (d) Evidence
      of Loss.
      For the
      purpose of this Section 8, it will be sufficient for a party to demonstrate
      that
      it would have suffered a loss had an actual exchange or purchase been
      made.

     

    9. Miscellaneous

     

    (a) Entire
      Agreement.
      This
      Agreement constitutes the entire agreement and understanding of the parties
      with
      respect to its subject matter and supersedes all oral communication and prior
      writings with respect thereto.

     

    (b) Amendments.
      No
      amendment, modification or waiver in respect of this Agreement will be effective
      unless in writing (including a writing evidenced by a facsimile transmission)
      and executed by each of the parties or confirmed by an exchange of telexes
      or
      electronic messages on an electronic messaging system.

     

    
      
         

      

      
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    (c) Survival
      of Obligations.
      Without
      prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties
      under this Agreement will survive the termination of any
      Transaction.

     

    (d) Remedies
      Cumulative.
      Except
      as provided in this Agreement, the rights, powers, remedies and privileges
      provided in this Agreement are cumulative and not exclusive of any rights,
      powers, remedies and privileges provided by law.

     

    (e) Counterparts
      and Confirmations.

     

    (i) This
      Agreement (and each amendment, modification and waiver in respect of it) may
      be
      executed and delivered in counterparts (including by facsimile transmission),
      each of which will be deemed an original.

     

    (ii) The
      parties intend that they are legally bound by the terms of each Transaction
      from
      the moment they agree to those terms (whether orally or otherwise). A
      Confirmation shall be entered into as soon as practicable and may be executed
      and delivered in counterparts (including by facsimile transmission) or be
      created by an exchange of telexes or by an exchange of electronic messages
      on an
      electronic messaging system, which in each case will be sufficient for all
      purposes to evidence a binding supplement to this Agreement. The parties will
      specify therein or through another effective means that any such counterpart,
      telex or electronic message constitutes a Confirmation.

     

    (f) No
      Waiver of Rights.
      A
      failure or delay in exercising any right, power or privilege in respect of
      this
      Agreement will not be presumed to operate as a waiver, and a single or partial
      exercise of any right, power or privilege will not be presumed to preclude
      any
      subsequent or further exercise, of that right, power or privilege or the
      exercise of any other right, power or privilege.

     

    (g) Headings.
      The
      headings used in this Agreement are for convenience of reference only and are
      not to affect the construction of or to be taken into consideration in
      interpreting this Agreement.

     

    10. Offices;
      Multibranch Parties

     

    (a) If
      Section 10(a) is specified in the Schedule as applying, each party that enters
      into a Transaction through an Office other than its head or home office
      represents to the other party that, notwithstanding the place of booking office
      or jurisdiction of incorporation or organisation of such party, the obligations
      of such party are the same as if it had entered into the Transaction through
      its
      head or home office. This representation will be deemed to be repeated by such
      party on each date on which a Transaction is entered into.

     

    (b) Neither
      party may change the Office through which it makes and receives payments or
      deliveries for the purpose of a Transaction without the prior written consent
      of
      the other party.

     

    
      
         

      

      
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    (c) If
      a
      party is specified as a Multibranch Party in the Schedule, such Multibranch
      Party may make and receive payments or deliveries under any Transaction through
      any Office listed in the Schedule, and the Office through which it makes and
      receives payments or deliveries with respect to a Transaction will be specified
      in the relevant Confirmation.

     

    11. Expenses

     

    A
      Defaulting Party will, on demand, indemnify and hold harmless the other party
      for and against all reasonable out-of-pocket expenses, including legal fees
      and
      Stamp Tax, incurred by such other party by reason of the enforcement and
      protection of its rights under this Agreement or any Credit Support Document
      to
      which the Defaulting Party is a party or by reason of the early termination
      of
      any Transaction, including, but not limited to, costs of
      collection.

     

    12. Notices

     

    (a) Effectiveness.
      Any
      notice or other communication in respect of this Agreement may be given in
      any
      manner set forth below (except that a notice or other communication under
      Section 5 or 6 may not be given by facsimile transmission or electronic
      messaging system) to the address or number or in accordance with the electronic
      messaging system details provided (see the Schedule) and will be deemed
      effective as indicated:

     

    (i) if
      in
      writing and delivered in person or by courier, on the date it is
      delivered;

     

    (ii) if
      sent
      by telex, on the date the recipient’s answerback is received;

     

    (iii) if
      sent
      by facsimile transmission, on the date that transmission is received by a
      responsible employee of the recipient in legible form (it being agreed that
      the
      burden of proving receipt will be on the sender and will not be met by a
      transmission report generated by the sender’s facsimile machine);

     

    (iv) if
      sent
      by certified or registered mail (airmail, if overseas) or the equivalent (return
      receipt requested), on the date that mail is delivered or its delivery is
      attempted; or

     

    (v) if
      sent
      by electronic messaging system, on the date that electronic message is
      received,

     

    unless
      the date of that delivery (or attempted delivery) or that receipt, as
      applicable, is not a Local Business Day or that communication is delivered
      (or
      attempted) or received, as applicable, after the close of business on a Local
      Business Day, in which case that communication shall be deemed given and
      effective on the first following day that is a Local Business Day.

     

    (b) Change
      of Addresses.
      Either
      party may by notice to the other change the address, telex or facsimile number
      or electronic messaging system details at which notices or other communications
      are to be given to it.

     

    
      
         

      

      
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    13. Governing
      Law and Jurisdiction

     

    (a) Governing
      Law.
      This
      Agreement will be governed by and construed in accordance with the law specified
      in the Schedule.

     

    (b) Jurisdiction.
      With
      respect to any suit, action or proceedings relating to this Agreement
      (“Proceedings”), each party irrevocably:

     

    (i) submits
      to the jurisdiction of the English courts, if this Agreement is expressed to
      be
      governed by English law, or to the non-exclusive jurisdiction of the courts
      of
      the State of New York and the United States District Court located in the
      Borough of Manhattan in New York City, if this Agreement is expressed to be
      governed by the laws of the State of New York; and

     

    (ii) waives
      any objection which it may have at any time to the laying of venue of any
      Proceedings brought in any such court, waives any claim that such Proceedings
      have been brought in an inconvenient forum and further waives the right to
      object, with respect to such Proceedings, that such court does not have any
      jurisdiction over such party.

     

    Nothing
      in this Agreement precludes either party from bringing Proceedings in any other
      jurisdiction (outside, if this Agreement is expressed to be governed by English
      law, the Contracting States, as defined in Section 1(3) of the Civil
      Jurisdiction and Judgments Act 1982 or any modification, extension or
      re-enactment thereof for the time being in force) nor will the bringing of
      Proceedings in any one or more jurisdictions preclude the bringing of
      Proceedings in any other jurisdiction.

     

    (c) Service
      of Process.
      Each
      party irrevocably appoints the Process Agent (if any) specified opposite its
      name in the Schedule to receive, for it and on its behalf, service of process
      in
      any Proceedings. If for any reason any party’s Process Agent is unable to act as
      such, such party will promptly notify the other party and within 30 days appoint
      a substitute process agent acceptable to the other party. The parties
      irrevocably consent to service of process given in the manner provided for
      notices in Section 12. Nothing in this Agreement will affect the right of either
      party to serve process in any other manner permitted by law.

     

    (d) Waiver
      of Immunities.
      Each
      party irrevocably waives, to the fullest extent permitted by applicable law,
      with respect to itself and its revenues and assets (irrespective of their use
      or
      intended use), all immunity on the grounds of sovereignty or other similar
      grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way
      of
      injunction, order for specific performance or for recovery of property, (iv)
      attachment of its assets (whether before or after judgment) and (v) execution
      or
      enforcement of any judgment to which it or its revenues or assets might
      otherwise be entitled in any Proceedings in the courts of any jurisdiction
      and
      irrevocably agrees, to the extent permitted by applicable law, that it will
      not
      claim any such immunity in any Proceedings.

     

    14. Definitions

     

    As
      used
      in this Agreement:

     

    “Additional
      Termination Event”
      has the
      meaning specified in Section 5(b).

     

    
      
         

      

      
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    “Affected
      Party”
      has the
      meaning specified in Section 5(b).

     

    “Affected
      Transactions”
      means
      (a) with respect to any Termination Event consisting of an Illegality, Tax
      Event
      or Tax Event Upon Merger, all Transactions affected by the occurrence of such
      Termination Event and (b) with respect to any other Termination Event, all
      Transactions.

     

    “Affiliate”
      means,
      subject to the Schedule, in relation to any person, any entity controlled,
      directly or indirectly, by the person, any entity that controls, directly or
      indirectly, the person or any entity directly or indirectly under common control
      with the person. For this purpose, “control” of any entity or person means
      ownership of a majority of the voting power of the entity or
      person.

     

    “Applicable
      Rate”
      means:

     

    (a) in
      respect of obligations payable or deliverable (or which would have been but
      for
      Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

     

    (b) in
      respect of an obligation to pay an amount under Section 6(e) of either party
      from and after the date (determined in accordance with Section 6(d)(ii)) on
      which that amount is payable, the Default Rate;

     

    (c) in
      respect of all other obligations payable or deliverable (or which would have
      been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
      Rate;
      and

     

    (d) in
      all
      other cases, the Termination Rate.

     

    “Burdened
      Party”
      has the
      meaning specified in Section 5(b).

     

    “Change
      in Tax Law”
      means
      the enactment, promulgation, execution or ratification of, or any change in
      or
      amendment to, any law (or in the application or official interpretation of
      any
      law) that occurs on or after the date on which the relevant Transaction is
      entered into.

     

    “consent”
      includes
      a consent, approval, action, authorisation, exemption, notice, filing,
      registration or exchange control consent.

     

    “Credit
      Event Upon Merger”
      has the
      meaning specified in Section 5(b).

     

    “Credit
      Support Document”
      means
      any agreement or instrument that is specified as such in this
      Agreement.

     

    “Credit
      Support Provider”
      has the
      meaning specified in the Schedule.

     

    “Default
      Rate”
      means a
      rate per annum equal to the cost (without proof or evidence of any actual cost)
      to the relevant payee (as certified by it) if it were to fund or of funding
      the
      relevant amount plus 1% per annum.

     

    “Defaulting
      Party”
      has the
      meaning specified in Section 6(a).

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    “Early
      Termination Date”
      means
      the date determined in accordance with Section 6(a) or 6(b)(iv).

     

    “Event
      of Default” has
      the
      meaning specified in Section 5(a) and, if applicable, in the
      Schedule.

     

    “Illegality” has
      the
      meaning specified in Section 5(b).

     

    “Indemnifiable
      Tax”
      means
      any Tax other than a Tax that would not be imposed in respect of a payment
      under
      this Agreement but for a present or former connection between the jurisdiction
      of the government or taxation authority imposing such Tax and the recipient
      of
      such payment or a person related to such recipient (including, without
      limitation, a connection arising from such recipient or related person being
      or
      having been a citizen or resident of such jurisdiction, or being or having
      been
      organised, present or engaged in a trade or business in such jurisdiction,
      or
      having or having had a permanent establishment or fixed place of business in
      such jurisdiction, but excluding a connection arising solely from such recipient
      or related person having executed, delivered, performed its obligations or
      received a payment under, or enforced, this Agreement or a Credit Support
      Document).

     

    “law”
      includes
      any treaty, law, rule or regulation (as modified, in the case of tax matters,
      by
      the practice of any relevant governmental revenue authority) and “lawful”
      and
“unlawful” will
      be
      construed accordingly.

     

    “Local
      Business Day”
      means,
      subject to the Schedule, a day on which commercial banks are open for business
      (including dealings in foreign exchange and foreign currency deposits) (a)
      in
      relation to any obligation under Section 2(a)(i), in the place(s) specified
      in
      the relevant Confirmation or, if not so specified, as otherwise agreed by the
      parties in writing or determined pursuant to provisions contained, or
      incorporated by reference, in this Agreement, (b) in relation to any other
      payment, in the place where the relevant account is located and, if different,
      in the principal financial centre, if any, of the currency of such payment,
      (c)
      in relation to any notice or other communication, including notice contemplated
      under Section 5(a)(i), in the city specified in the address for notice provided
      by the recipient and, in the case of a notice contemplated by Section 2(b),
      in
      the place where the relevant new account is to be located and (d) in relation
      to
      Section 5(a)(v)(2), in the relevant locations for performance with respect
      to
      such Specified Transaction.

     

    “Loss”
      means,
      with respect to this Agreement or one or more Terminated Transactions, as the
      case may be, and a party, the Termination Currency Equivalent of an amount
      that
      party reasonably determines in good faith to be its total losses and costs
      (or
      gain, in which case expressed as a negative number) in connection with this
      Agreement or that Terminated Transaction or group of Terminated Transactions,
      as
      the case may be, including any loss of bargain, cost of funding or, at the
      election of such party but without duplication, loss or cost incurred as a
      result of its terminating, liquidating, obtaining or reestablishing any hedge
      or
      related trading position (or any gain resulting from any of them). Loss includes
      losses and costs (or gains) in respect of any payment or delivery required
      to
      have been made (assuming satisfaction of each applicable condition precedent)
      on
      or before the relevant Early Termination Date and not made, except, so as to
      avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies.
      Loss
      does not include a party’s legal fees and out-of-pocket expenses referred to
      under Section 11. A party will determine its Loss as of the relevant Early
      Termination Date, or, if that is not reasonably practicable, as of the earliest
      date thereafter as is reasonably practicable. A party may (but need not)
      determine its Loss by reference to quotations of relevant rates or prices from
      one or more leading dealers in the relevant markets.

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    “Market
      Quotation” means,
      with respect to one or more Terminated Transactions and a party making the
      determination, an amount determined on the basis of quotations from Reference
      Market-makers. Each quotation will be for an amount, if any, that would be
      paid
      to such party (expressed as a negative number) or by such party (expressed
      as a
      positive number) in consideration of an agreement between such party (taking
      into account any existing Credit Support Document with respect to the
      obligations of such party) and the quoting Reference Market-maker to enter
      into
      a transaction (the “Replacement Transaction”) that would have the effect of
      preserving for such party the economic equivalent of any payment or delivery
      (whether the underlying obligation was absolute or contingent and assuming
      the
      satisfaction of each applicable condition precedent) by the parties under
      Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
      Transactions that would, but for the occurrence of the relevant Early
      Termination Date, have been required after that date. For this purpose, Unpaid
      Amounts in respect of the Terminated Transaction or group of Terminated
      Transactions are to be excluded but, without limitation, any payment or delivery
      that would, but for the relevant Early Termination Date, have been required
      (assuming satisfaction of each applicable condition precedent) after that Early
      Termination Date is to be included. The Replacement Transaction would be subject
      to such documentation as such party and the Reference Market-maker may, in
      good
      faith, agree. The party making the determination (or its agent) will request
      each Reference Market-maker to provide its quotation to the extent reasonably
      practicable as of the same day and time (without regard to different time zones)
      on or as soon as reasonably practicable after the relevant Early Termination
      Date. The day and time as of which those quotations are to be obtained will
      be
      selected in good faith by the party obliged to make a determination under
      Section 6(e), and, if each party is so obliged, after consultation with the
      other. If more than three quotations are provided, the Market Quotation will
      be
      the arithmetic mean of the quotations, without regard to the quotations having
      the highest and lowest values. If exactly three such quotations are provided,
      the Market Quotation will be the quotation remaining after disregarding the
      highest and lowest quotations. For this purpose, if more than one quotation
      has
      the same highest value or lowest value, then one of such quotations shall be
      disregarded. If fewer than three quotations are provided, it will be deemed
      that
      the Market Quotation in respect of such Terminated Transaction or group of
      Terminated Transactions cannot be determined.

     

    “Non-default
      Rate”
      means a
      rate per annum equal to the cost (without proof or evidence of any actual cost)
      to the Non-defaulting Party (as certified by it) if it were to fund the relevant
      amount.

     

    “Non-defaulting
      Party”
      has the
      meaning specified in Section 6(a).

     

    “Office”
      means a
      branch or office of a party, which may be such party’s head or home
      office.

     

    “Potential
      Event of Default”
      means
      any event which, with the giving of notice or the lapse of time or both, would
      constitute an Event of Default.

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    “Reference
      Market-makers”
      means
      four leading dealers in the relevant market selected by the party determining
      a
      Market Quotation in good faith (a) from among dealers of the highest credit
      standing which satisfy all the criteria that such party applies generally at
      the
      time in deciding whether to offer or to make an extension of credit and (b)
      to
      the extent practicable, from among such dealers having an office in the same
      city.

     

    “Relevant
      Jurisdiction”
      means,
      with respect to a party, the jurisdictions (a) in which the party is
      incorporated, organised, managed and controlled or considered to have its seat,
      (b) where an Office through which the party is acting for purposes of this
      Agreement is located, (c) in which the party executes this Agreement and (d)
      in
      relation to any payment, from or through which such payment is
      made.

     

    “Scheduled
      Payment Date”
      means a
      date on which a payment or delivery is to be made under Section 2(a)(i) with
      respect to a Transaction.

     

    “Set-off”
      means
      set-off, offset, combination of accounts, right of retention or withholding
      or
      similar right or requirement to which the payer of an amount under Section
      6 is
      entitled or subject (whether arising under this Agreement, another contract,
      applicable law or otherwise) that is exercised by, or imposed on, such
      payer.

     

    “Settlement
      Amount”
      means,
      with respect to a party and any Early Termination Date, the sum of:

     

    (a) the
      Termination Currency Equivalent of the Market Quotations (whether positive
      or
      negative) for each Terminated Transaction or group of Terminated Transactions
      for which a Market Quotation is determined; and

     

    (b) such
      party’s Loss (whether positive or negative and without reference to any Unpaid
      Amounts) for each Terminated Transaction or group of Terminated Transactions
      for
      which a Market Quotation cannot be determined or would not (in the reasonable
      belief of the party making the determination) produce a commercially reasonable
      result.

     

    “Specified
      Entity”
      has the
      meaning specified in the Schedule.

     

    “Specified
      Indebtedness”
      means,
      subject to the Schedule, any obligation (whether present or future, contingent
      or otherwise, as principal or surety or otherwise) in respect of borrowed
      money.

     

    “Specified
      Transaction”
      means,
      subject to the Schedule, (a) any transaction (including an agreement with
      respect thereto) now existing or hereafter entered into between one party to
      this Agreement (or any Credit Support Provider of such party or any applicable
      Specified Entity of such party) and the other party to this Agreement (or any
      Credit Support Provider of such other party or any applicable Specified Entity
      of such other party) which is a rate swap transaction, basis swap, forward
      rate
      transaction, commodity swap, commodity option, equity or equity index swap,
      equity or equity index option, bond option, interest rate option, foreign
      exchange transaction, cap transaction, floor transaction, collar transaction,
      currency swap transaction, cross-currency rate swap transaction, currency option
      or any other similar transaction (including any option with respect to any
      of
      these transactions), (b) any combination of these transactions and (c) any
      other
      transaction identified as a Specified Transaction in this Agreement or the
      relevant confirmation.

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    “Stamp
      Tax”
      means
      any stamp, registration, documentation or similar tax.

     

    “Tax”
      means
      any present or future tax, levy, impost, duty, charge, assessment or fee of
      any
      nature (including interest, penalties and additions thereto) that is imposed
      by
      any government or other taxing authority in respect of any payment under this
      Agreement other than a stamp, registration, documentation or similar
      tax.

     

    “Tax
      Event”
      has the
      meaning specified in Section 5(b).

     

    “Tax
      Event Upon Merger”
      has the
      meaning specified in Section 5(b).

     

    “Terminated
      Transactions” means
      with respect to any Early Termination Date (a) if resulting from a Termination
      Event, all Affected Transactions and (b) if resulting from an Event of Default,
      all Transactions (in either case) in effect immediately before the effectiveness
      of the notice designating that Early Termination Date (or, if “Automatic Early
      Termination” applies, immediately before that Early Termination
      Date).

     

    “Termination
      Currency”
      has the
      meaning specified in the Schedule.

     

    “Termination
      Currency Equivalent”
      means,
      in respect of any amount denominated in the Termination Currency, such
      Termination Currency amount and, in respect of any amount denominated in a
      currency other than the Termination Currency (the “Other Currency”), the amount
      in the Termination Currency determined by the party making the relevant
      determination as being required to purchase such amount of such Other Currency
      as at the relevant Early Termination Date, or, if the relevant Market Quotation
      or Loss (as the case may be), is determined as of a later date, that later
      date,
      with the Termination Currency at the rate equal to the spot exchange rate of
      the
      foreign exchange agent (selected as provided below) for the purchase of such
      Other Currency with the Termination Currency at or about 11:00 a.m. (in the
      city
      in which such foreign exchange agent is located) on such date as would be
      customary for the determination of such a rate for the purchase of such Other
      Currency for value on the relevant Early Termination Date or that later date.
      The foreign exchange agent will, if only one party is obliged to make a
      determination under Section 6(e), be selected in good faith by that party and
      otherwise will be agreed by the parties.

     

    “Termination
      Event”
      means an
      Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be
      applicable, a Credit Event Upon Merger or an Additional Termination
      Event.

     

    “Termination
      Rate”
      means a
      rate per annum equal to the arithmetic mean of the cost (without proof or
      evidence of any actual cost) to each party (as certified by such party) if
      it
      were to fund or of funding such amounts.

     

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

     

    “Unpaid
      Amounts”
      owing to
      any party means, with respect to an Early Termination Date, the aggregate of
      (a)
      in respect of all Terminated Transactions, the amounts that became payable
      (or
      that would have become payable but for Section 2(a)(iii)) to such party under
      Section 2(a)(i) on or prior to such Early Termination Date and which remain
      unpaid as at such Early Termination Date and (b) in respect of each Terminated
      Transaction, for each obligation under Section 2(a)(i) which was (or would
      have
      been but for Section 2(a)(iii)) required to be settled by delivery to such
      party
      on or prior to such Early Termination Date and which has not been so settled
      as
      at such Early Termination Date, an amount equal to the fair market value of
      that
      which was (or would have been) required to be delivered as of the originally
      scheduled date for delivery, in each case together with (to the extent permitted
      under applicable law) interest, in the currency of such amounts, from (and
      including) the date such amounts or obligations were or would have been required
      to have been paid or performed to (but excluding) such Early Termination Date,
      at the Applicable Rate. Such amounts of interest will be calculated on the
      basis
      of daily compounding and the actual number of days elapsed. The fair market
      value of any obligation referred to in clause (b) above shall be reasonably
      determined by the party obliged to make the determination under Section 6(e)
      or,
      if each party is so obliged, it shall be the average of the Termination Currency
      Equivalents of the fair market values reasonably determined by both
      parties.

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF the parties have executed this document on the respective dates
      specified below with effect from the date specified on the first page of this
      document.

     

    
      	
              HSBC
                BANK USA, NATIONAL ASSOCIATION

            	 	 	
              HYUNDAI
                AUTO RECEIVABLES TRUST 

              2007-A

            
	 	 	 	 
	 	 	 	
              By:
                Wilmington Trust Company, not in its individual capacity but solely
                as owner trustee

            
	 	 	 	 
	 	 	 	 
	
              By:
                /s/
                Jason Saturno

            	 	 	
              By:
                /s/
                W. Chris Sponenberg

            
	
              
                

              

            	 	 	
              
                

              

            
	
              Name:
                Jason Saturno

              Title:
                Vice President

              Date:
                September 28, 2007

            	 	 	
              Name:
                W. Chris Sponenberg

              Title:
                Vice President

              Date:
                September 28, 2007

            

    

    

     

    
      
         

      

      
        S-1Exhibit
        10.2

       

      ISDA

    

    
      International
        Swap Dealers Association, Inc.

      

      SCHEDULE

      to
        the 

      Master
        Agreement

      

      dated
        as
        of September 28, 2007

      

      between

      

      HSBC
        Bank
        USA, National Association (“Party A”) and 

      Hyundai
        Auto Receivables Trust 2007-A (“Party B”)

      

      Part
        1. Termination
        Provisions.

      

      
        	
                (a)

              	
                The
                  following shall apply:

              

      

      

      (i) Termination
        by Party A - Events of Default. Notwithstanding
        the provisions of Section 5(a), the only events which will constitute Events
        of
        Default when they occur in relation to Party B will be those events specified
        in
        Sections 5(a)(i) (Failure To Pay Or Deliver), Section 5(a)(iii)(1) (Credit
        Support Default) solely with respect to the return of Posted Collateral and
        Section 5(a)(vii) (Bankruptcy), provided
        that
        with respect to Party B the provisions of Section 5(a)(vii) clauses (2),
        (7) and
        (9) will not be applicable as an Event of Default; clause (3) will not apply
        to
        Party B to the extent it refers to any assignment, arrangement or composition
        that is effected by or pursuant to the Indenture; clause (4) will not apply
        to
        Party B to the extent that it refers to proceedings or petitions instituted
        or
        presented by Party A or any of its Affiliates; clause(6) will not apply to
        Party
        B to the extent that it refers to (i) any appointment that is contemplated
        or
        effected by the Indenture (as defined herein) or (ii) any appointment that
        Party
        B has not become subject to); clause (8) will not apply to Party B to the
        extent
        that it applies to Section 5(a)(vii)(2), (4), (6), and (7) (except to the
        extent
        that such provisions are not disapplied with respect to Party B).

      

      
        	 	
                Accordingly,
                  the provisions of Section 5(a)(ii) (Breach Of Agreement), the provisions
                  of Section 5(a)(iii) (Credit Support Default) (other than Section
                  5(a)(iii)(1)), the provisions of Section 5(a)(iv) (Misrepresentation),
                  the
                  provisions of Section 5(a)(v) (Default Under Specified Transaction),
                  the
                  provisions of Section 5(a)(vi) (Cross Default), the provisions
                  of Section
                  5(a)(vii) (Bankruptcy) set forth in the proviso in the preceding
                  paragraph
                  and the provisions of Section 5(a)(viii) (Merger Without Assumption)
                  will
                  in no circumstances be regarded as having given rise to an Event
                  of
                  Default with respect to Party B.

              

      

      

      (ii) Termination
        by Party A - Termination Events Notwithstanding
        the provisions of Section 5(b), and save as otherwise provided herein, the
        only
        events which will constitute Termination Events when they occur in relation
        to
        Party B will be those events specified in Section 5(b)(i) (Illegality), Section
        5(b)(ii) (Tax Event), Section 5(b)(iii) (Tax Event Upon Merger) and Section
        5(b)(v) (Additional Termination Event); provided
        that
        Party A shall not be entitled to designate an Early Termination Date by
        reason of a Tax Event Upon Merger in respect of which it is the Affected
        Party.
        Accordingly, the provisions of Section 5(b)(iv) (Credit Event Upon Merger)
        will
        not be regarded as having given rise to a Termination Event with respect
        to
        Party B.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      (iii) Termination
        by Party B
        -
Events
        of Default and Termination Events.
        Save as
        otherwise provided herein, the provisions of Section 5 will apply with respect
        to Party A without amendment. For purposes of Section 5(a)(vi) (Cross Default),
        the Threshold Amount applicable to Party A shall be 3% of shareholder equity
        (excluding deposits).

      

      
        	 	
                Notwithstanding
                  anything to the contrary in Section 5(a)(iii)(1), any failure by
                  Party A
                  to comply with or perform any obligation to be complied with or
                  performed
                  by Party A under the Credit Support Annex shall not constitute
                  an Event of
                  Default under Section 5(a)(iii) unless the Moody’s Second Rating Trigger
                  Requirements apply and 30 or more Local Business Days have elapsed
                  since
                  the last time the Moody’s Rating Second Trigger Requirements did not
                  apply.

              

      

      

      
        	
                (b)

              	
                “Specified
                  Entity” none
                  specified in relation to either Party A or Party
                  B.

              

      

      

      
        	
                (c)

              	
                “Specified
                  Transaction” will
                  have the meaning specified in Section 14 of this
                  Agreement.

              

      

      

      
        	
                (d)

              	
                The
                  “Automatic
                  Early Termination”
                  provision of Section 6(a) of this Agreement will not apply to Party
                  A and
                  will not apply to Party B.

              

      

      

      
        	
                (e)

              	
                Payments
                  on Early Termination.
                  For the purpose of Section 6(e) of this
                  Agreement:

              

      

      

      
        	 	
                Market
                  Quotation will apply and the Second Method will apply; provided,
                  however,
                  with respect to an early termination in which Party A is the Defaulting
                  Party or sole Affected Party in respect of an Additional Termination
                  Event
                  or Tax Event Upon Merger, notwithstanding Section 6 of this Agreement,
                  the
                  following amendment to this Agreement set forth in paragraphs (i)
                  to (vi)
                  below shall apply:

              

      

      

      (i) The
        definition of “Market Quotation” shall be deleted in its entirety and replaced
        with the following:

      

      
        	 	
                “Market
                  Quotation”
                  means, with respect to one or more Terminated Transactions, a Firm
                  Offer
                  which is (1) made by a Reference Market-maker that is an Eligible
                  Replacement, (2) for an amount that would be paid to Party B (expressed
                  as
                  a negative number) or by Party B (expressed as a positive number)
                  in
                  consideration of an agreement between Party B and such Reference
                  Market-maker to enter into a transaction (the “Replacement
                  Transaction”)
                  that would have the effect of preserving for such party the economic
                  equivalent of any payment or delivery (whether the underlying obligation
                  was absolute or contingent and assuming the satisfaction of each
                  applicable condition precedent) by the parties under Section 2(a)(i)
                  in
                  respect of such Terminated Transactions or group of Terminated
                  Transactions that would, but for the occurrence of the relevant
                  Early
                  Termination Date, have been required after that Date, (3) made
                  on the
                  basis that Unpaid Amounts in respect of the Terminated Transaction
                  or
                  group of Transactions are to be excluded but, without limitation,
                  any
                  payment or delivery that would, but for the relevant Early Termination
                  Date, have been required (assuming satisfaction of each applicable
                  condition precedent) after that Early Termination Date is to be
                  included
                  and (4) made in respect of a Replacement Transaction with commercial
                  terms
                  substantially the same as those of this Agreement (save for the
                  exclusion
                  of provisions relating to Transactions that are not Terminated
                  Transactions).”

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (ii) The
        definition of “Settlement Amount” shall be deleted in its entirety and replaced
        with the following:

      

      “Settlement
        Amount”
means,
        with respect to any Early Termination Date, an amount (as determined by Party
        B)
        equal to:

      

      (a)
         if,
        on or
        prior to such Early Termination Date, a Market Quotation for the relevant
        Terminated Transaction or group of Terminated Transactions is accepted by
        Party
        B so as to become legally binding, the Termination Currency Equivalent of
        the
        amount (whether positive or negative) of such Market Quotation;

       

      (b)
         if,
        on
        such Early Termination Date, no Market Quotation for the relevant Terminated
        Transaction or group of Terminated Transactions is accepted by Party B so
        as to
        become legally binding and one or more Market Quotations have been communicated
        to Party B and remain capable of becoming legally binding upon acceptance
        by
        Party B, the Termination Currency Equivalent of the amount (whether positive
        or
        negative) of the lowest of such Market Quotations;

       

      (c)
         if,
        on
        such Early Termination Date, no Market Quotation for the relevant Terminated
        Transaction or group of Terminated Transactions is accepted by Party B so
        as to
        become legally binding and no Market Quotations have been communicated to
        Party
        B and remain capable of becoming legally binding upon acceptance by Party
        B,
        Party B’s Loss (whether positive or negative and without reference to Unpaid
        Amounts) for the relevant Terminated Transaction or group of Terminated
        Transactions; and

       

      (d)
         at
        any
        time on or before such Early Termination Date at which two or more Market
        Quotations have been communicated to Party B and remain capable of becoming
        legally binding upon acceptance by Party B, Party B shall be entitled to
        accept
        only the lowest of such Market Quotations (for the avoidance of doubt, (i)
        a
        Market Quotation expressed as a negative number is lower than a Market Quotation
        expressed as a positive number and (ii) the lower of two Market Quotations
        expressed as negative numbers is the one with the largest absolute
        value).“

       

      (iii) For
        the
        purpose of sub-paragraph (4) of the definition of Market Quotation, Party B
        shall determine in its sole discretion, acting in a commercially reasonable
        manner, whether a Firm Offer is made in respect of a Replacement Transaction
        with commercial terms substantially the same as those of this Agreement (save
        for the exclusion of provisions relating to Transactions that are not Terminated
        Transactions).

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      (iv) Party
        B
        undertakes to use its reasonable efforts to obtain at least one Market Quotation
        before the Early Termination Date.

      

      (v) If
        Party
        B requests Party A in writing to obtain Market Quotations, Party A shall
        use its
        reasonable efforts to do so before the Early Termination Date.

      

      (vi) If
        the
        Settlement Amount is a negative number, Section 6(e)(i)(3) of this Agreement
        shall be deleted in its entirety and replaced with the following:

      

      “Second
        Method and Market Quotation”.
        If
        Second Method and Market Quotation apply, (1) Party B shall pay to Party
        A an
        amount equal to the absolute value of the Settlement Amount in respect of
        the
        Terminated Transactions, (2) Party B shall pay to Party A the Termination
        Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party
        A shall
        pay to Party B the Termination Currency Equivalent of the Unpaid Amounts
        owing
        to Party B, provided that, (i) the amounts payable under (2) and (3) shall
        be
        subject to netting in accordance with Section 2(c) of this Agreement and
        (ii)
        notwithstanding any other provision of this Agreement, any amount payable
        by
        Party A under (3) shall not be netted-off against any amount payable by Party
        B
        under (1).”

      

      
        	
                (f)

              	
                “Termination
                  Currency” means
                  U.S. Dollars. 

              

      

      

      
        	
                (g)

              	
                Additional
                  Termination Event will
                  apply. Each of the following events shall constitute an Additional
                  Termination Event hereunder: 

              

      

      

      (i) Liquidations
        of Collateral.
        The
        following shall constitute an Additional Termination Event in which Party
        B
        shall be the sole Affected Party: Any liquidation of 

      the
        Collateral occurs following an Event of Default under the Indenture or the
        Notes
        are otherwise redeemed or prepaid in full other than in connection with an
        optional purchase of Receivables pursuant to Section 9.01 of the Sale and
        Servicing Agreement.

      

      (ii) Amendment
        to Indenture.
        The
        following shall constitute an Additional Termination Event in which Party
        B
        shall be the sole Affected Party: An amendment and/or supplement is made
        to the
        Indenture without the prior written consent of Party A if such amendment
        and/or
        supplement would materially and adversely affect Party A’s interests hereunder
        or under the Transaction and such consent is required under the
        Indenture.

      

      (iii) Regulation
        AB Financial Disclosure.
        The
        following shall constitute an Additional Termination Event in which Party
        A
        shall be the sole Affected Party: The failure of Party A to materially comply
        with or materially perform any agreement or undertaking to be complied with
        or
        performed by Party A under Part 5(t) of this Schedule.

      

      (iv) S&P
        or Fitch Downgrade of Party A.
        The
        failure by Party A to post Eligible Collateral in accordance with the terms
        of
        the Credit Support Annex or to obtain a Eligible Guarantee in accordance
        with
        Part 5(q) of this Schedule or to transfer its rights and obligations hereunder
        to an Eligible Replacement in accordance with Part 5(q) of this Schedule
        shall
        constitute an Additional Termination Event for which Party A shall be the
        sole
        Affected Party.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (v) Moody’s
        First Rating Trigger Collateral.
        The
        following shall constitute an Additional Termination Event in which Party
        A is
        the sole Affected Party: Party A has failed to comply with or perform any
        obligation to be complied with or performed by Party A in accordance with
        the
        Credit Support Annex and either (x) the Moody’s Second Rating Trigger
        Requirements do not apply or (y) less than 30 Local Business Days have elapsed
        since
        the
        last time the Moody’s
        Second
        Rating Trigger Requirements did not apply.

      

      (vi) Moody’s
        Second Rating Trigger Replacement.
        The
        following shall constitute an Additional Termination Event in which Party
        A is
        the sole Affected Party: (x) The Moody’s Second Rating Trigger Requirements
        apply and 30 or more Local Business Days have elapsed since the last time
        the
        Moody’s Second Rating Trigger Requirements did not apply and (y) (A) at least
        one Eligible Replacement has made a Firm Offer (which remains capable of
        becoming legally binding upon acceptance) to be the transferee of a transfer
        to
        be made in accordance with Part 5(e) below and/or (B) at least one entity
        with
        the Moody’s First Trigger Required Ratings and/or the Moody’s Second Trigger
        Required Ratings has made a Firm Offer (which remains capable of becoming
        legally binding upon acceptance by the offeree) to provide an Eligible Guarantee
        in respect of all of Party A’s present and future obligations under this
        Agreement.

      

      (A) The
        “Moody’s First Rating Trigger Requirements” shall apply so long as no Relevant
        Entity has the Moody’s First Trigger Required Ratings.

      

      An
        entity
        shall have the “Moody’s
        First Trigger Required
        Ratings”
(x)
        where such entity is the subject of a Moody’s Short-term Rating, if such rating
        is “Prime-1”
        and its long-term, unsecured and unsubordinated debt obligations are rated
“A2”
or above by Moody’s and (y) where such entity is not the subject of a Moody’s
        Short-term Rating, if its long-term, unsecured and unsubordinated debt
        obligations are rated “A1” or above by Moody’s.

      

      (B) So
        long
        as the Moody’s
        First
        Rating Trigger Requirements apply,
        Party A
        will at its own cost use commercially reasonable efforts to, as soon as
        reasonably practicable, (x)
        procure an Eligible Guarantee
        in
        respect of all of Party A’s present and future obligations under this Agreement
        to be provided by a guarantor
        with the
        Moody’s First Trigger Required Ratings, (y) transfer to Party B the amount
        of Eligible Collateral required under the Credit Support Annex or
        (z)
        transfer this Agreement in accordance with Part 5(e) below.

      

      (C) The
        “Moody’s Second Rating Trigger Requirements” shall apply so long as no Relevant
        Entity has the Moody’s Second Trigger Required Ratings.

      

      An
        entity
        shall have the “Moody’s Second
        Trigger Required Ratings”
(x)
        where such entity is the subject of a Moody’s Short-term Rating, if such rating
        is “Prime-2”
        or above and its long-term, unsecured and unsubordinated debt obligations
        are
rated“A3”
or
        above by Moody’s and (y) where such entity is not the subject of a Moody’s
        Short-term Rating, if its long-term, unsecured and unsubordinated debt
        obligations are rated “A3” or above by Moody’s.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (D) So
        long
        as the Moody’s
        Second
        Rating Trigger Requirements apply,
        Party A
        will at its own cost use commercially reasonable efforts to, as soon as
        reasonably practicable, either (x)
        procure an Eligible Guarantee
        in
        respect of all of Party A’s present and future obligations under this Agreement
        to be provided by a guarantor with the Moody’s First Trigger Required Ratings
        and/or the Moody’s Second Trigger Required Ratings or (y) transfer this
        Agreement in accordance with Part 5(e) below, and
        in
        both the case of (x) and (y), transfer to Party B the amount of Eligible
        Collateral required under the Credit Support Annex.

      

      In
        the
        event of an Early Termination Date in respect of a Party A Rating Downgrade,
        an
        S&P Required Ratings Downgrade, a Fitch Required Ratings Downgrade, a
        Moody’s First Rating Trigger Replacement or a Moody’s Second Rating Trigger
        Replacement and the entering into by Party B of alternative swap arrangements,
        Party A shall pay all reasonable out-of-pocket expenses, including legal
        fees
        and stamp taxes, relating to the entering into of such alternative swap
        arrangements.

      

      
        
          Part
            2. Tax
            Representations

        

      

      

      
        	(a)	
                Payer
                  Representations.
                  For the purpose of Section 3(e) of this Agreement, Party A will make
                  the following representation and Party B will make the following
                  representation:

              

      

      

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental revenue authority, of any Relevant Jurisdiction to make any
        deduction or withholding for or on account of any Tax from any payment (other
        than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
        be made
        by it to the other party under this Agreement. In making this representation,
        it
        may rely on (i) the accuracy of any representations made by the other party
        pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the
        agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and
        the
        accuracy and effectiveness of any document provided by the other party pursuant
        to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction
        of
        the agreement of the other party contained in Section 4(d) of this Agreement,
        provided that it shall not be a breach of this representation where reliance
        is
        placed on clause (ii) and the other party does not deliver a form or document
        under Section 4(a)(iii) of this Agreement by reason of material prejudice
        to its
        legal or commercial position.

      

      
        	(b)	
                Payee
                  Representations.
                  For the purpose of Section 3(f) of this Agreement, Party A and
                  Party B
                  will make the representations in (i) and (ii)
                  below.

              

      

      

      (i) Party
        A
        represents that it is a national banking association organized under the
        laws of
        the United States.

      

      (ii) Party
        B
        represents that it is a Delaware statutory trust organized or formed under
        the
        laws of the State of Delaware.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        
          Part
            3. Agreement
            to Deliver Documents.

        

      

      

      For
        the
        purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees
        to
        deliver the following documents, as applicable:

      

      (a) Tax
        forms, documents or certificates to be delivered are:

      

      Party
        A
        and Party B shall promptly deliver to the other party (or as directed) any
        form
        or document accurately completed and in a manner reasonably satisfactory
        to the
        other party that may be required or reasonably requested in order to allow
        the
        other party to make a payment under a Transaction without any deduction or
        withholding for or on account of any Tax or with such deduction or withholding
        at a reduced rate, promptly upon reasonable demand by the other
        party.

      

      (b) Other
        documents to be delivered are:

      

      
        	
                Party
                  required to 

                deliver
                  document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to be 

                delivered

              	 	
                Covered
                  by Section 3(d) 

                Representation
                  of 

                this
                  Agreement

              
	
                Party
                  A and Party B

              	 	
                Evidence
                  of the authority of the signatories of this Agreement including
                  specimen
                  signatures of such signatories.

              	 	
                Upon
                  execution of this Agreement.

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                An
                  opinion of counsel addressed to Party B in form and substance reasonably
                  acceptable to Party B.

              	 	
                Upon
                  execution of this Agreement.

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                An
                  opinion of Party B’s counsel addressed to Party A in form and substance
                  reasonably acceptable to Party A.

              	 	
                Upon
                  execution of this Agreement.

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                A
                  duly executed certificate of the secretary or assistant secretary
                  of the
                  Owner Trustee of Party B certifying the name and true signature
                  of each
                  person authorized to execute this Agreement and enter into Transactions
                  for Party B.

              	 	
                Upon
                  execution of this Agreement.

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                Copies
                  of executed Indenture and Sale and Servicing Agreement.

              	 	
                Upon
                  execution of such Agreements

              	 	
                Yes

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        
          	
                  Party
                    required to 

                  deliver
                    document

                	 	
                  Form/Document/

                  Certificate

                	 	
                  Date
                    by which to be 

                  delivered

                	 	
                  Covered
                    by Section 3(d) 

                  Representation
                    of 

                  this
                    Agreement

                

        

      

      
        	
                Party
                  A

              	 	
                Financial
                  data relating to Party A, as required pursuant to Part 5(t) of
                  this Schedule.

              	 	
                As
                  required pursuant to Part 5(t) of this Schedule.

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Executed
                  Indemnification and Disclosure Agreement, among Party A, Hyundai
                  Motor Finance Company and Hyundai ABS Funding Corporation, relating
                  to
                  Party A’s furnished information for use in the Prospectus and other
                  matters.

              	 	
                Upon
                  or prior to execution of this Agreement

              	 	
                Yes

              

      

    

     

    
      Part
        4. Miscellaneous.

      

      
        	(a)	
                Addresses
                  for Notices.
                  For the purpose of Section 12(a) of this
                  Agreement:

              

      

       

      Address
        for notices or communications to Party A:

       

      HSBC
        Bank
        USA, National Association

      452
        Fifth
        Avenue

      New
        York,
        NY 10018

      Attention:
        Legal Department

      Telephone
        No.: 212-525-8119

      Facsimile
        No.: 212-525-6121

       

      Address
        for notices or communications to Party B:

      

      c/o
        Wilmington Trust Company, as Owner Trustee

      Rodney
        Square North

      1100
        North Market Street

      Wilmington,
        Delaware 19890-0001

      Attention:
        Corporate Trust Administration   

      

      With
        a
        copy to: 

      

      Hyundai
        Motor Finance Company

      10550
        Talbert Avenue

      Fountain
        Valley, California 92708

      Attention:
        Manager, Treasury Operations

      Telephone
        No.: (714) 965-3124

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      With
        a
        copy to the Indenture Trustee at: 

      

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      Facsimile
        number (212) 816-5527

      Attention:
        Structured Finance Agency and Trust-Hyundai Auto Receivables Trust
        2007-A

       

      
        	(b)	
                Process
                  Agent.
                  For the purpose of Section 13(c) of this
                  Agreement:

              

      

      

      
        	
              	Party
                A appoints as its Process Agent	
                Not
                  applicable

              

        	 	 	 

      

      
        	
              	Party
                B appoints as its Process Agent	
                Not
                  applicable

              

      

      

      
        	
                (c)

              	
                Notices.
                  Section 12(a) of the Agreement is amended by adding the words in
                  the third
                  line thereof after the phrase “messaging system” and before the “)” the
                  words “; provided, however, any such notice or other communication may
                  be
                  given by facsimile transmission if telex is unavailable, no telex
                  number
                  is supplied by the party providing notice, or if answer back confirmation
                  is not received from the party to whom the telex is
                  sent.”

              

      

      

      
        	
                (d)

              	
                Offices.
                  The provisions of Section 10(a) of this Agreement will apply to
                  this
                  Agreement.

              

      

      

      
        	(e)	
                Multibranch
                  Party. For
                  the purpose of Section 10(c) of this
                  Agreement:

              

      

      

      Party
        A
        is not a Multibranch Party.

      

      Party
        B
        is not a Multibranch Party.

      

      
        	
                (f)

              	
                Calculation
                  Agent.
                  The Calculation Agent is Party B, unless otherwise specified in
                  a
                  Confirmation in relation to the relevant
                  Transaction.

              

      

      

      
        	(g)	
                Credit
                  Support Document.
                  Details of any Credit Support
                  Document:

              

      

      

      
        	
              	With
                respect to Party A:	
                The
                  Credit Support Annex and any Eligible Guarantee in support of Party
                  A’s
                  obligations under this Agreement

              

      

      

      
        	
              	With
                respect to Party B:	
                The
                  Credit Support Annex solely with respect to Party B’s obligations under
                  paragraph 3(b) of the Credit Support
                  Annex

              

      

      

      
        	(h)	
                Credit
                  Support Provider.
                  Credit Support Provider means in relation to

              

      

       

      
        	
              	Party
                A:	
                The
                  guarantor under any Eligible Guarantee in support of Party A’s obligations
                  under this Agreement.

              

      

      

      
        	
              	Party
                B:	
                Not
                  applicable.

              

      

      

      
        	
                (i)

              	
                Governing
                  Law.
                  This Agreement will be governed by and construed in accordance
                  with the
                  laws of the State of New York (without reference to choice of laws
                  doctrine except Section 5-1401 and Section 5-1402 of the New York
                  General
                  Obligation Law). 

              

      

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      
        	
                (j)

              	
                Netting
                  of Payments. The
                  limitation set forth in Section 2(c)(ii) of this Agreement will
                  apply and
                  therefore the netting in Section 2(c) of this Agreement will be
                  limited to
                  the same Transaction.

              

      

      

      
        	
                (k)

              	
                “Affiliate”
                  will have the meaning specified in Section 14 of this
                  Agreement.

              

      

      

      
        	(l)	
                No
                  Gross Up by Party B. Section
                  2(d)(i)(4) is hereby deleted and replaced by the
                  following:

              

      

      

      “(4) (A) If
        Party
        A is the party so required to deduct or withhold, then Party A shall make
        such
        additional payment as is necessary to ensure that the net amount actually
        received by Party B (free and clear of all Taxes, whether assessed against
        it or
        Party B) will equal the full amount Party B would have received had no such
        deduction or withholding been required; and

      

      (B) if
        Party
        B is the party so required to deduct or withhold, then Party B shall make
        the
        relevant payment subject to such deduction or withholding and Party B will
        not
        be required to gross up.

      

      
        	 	
                For
                  the avoidance of doubt, the fact that any payment is made by Party
                  B
                  subject to the provisions of (B) above shall at no time affect
                  the
                  obligations of Party A under (A)
                  above.”

              

      

      

      
        
          Part
            5. Other
            Provisions.

        

      

      

      
        	
                (a)

              	
                ISDA
                  Definitions

              

      

       

      The
        definitions and provisions contained in the 2006 ISDA Definitions (the “2006
        Definitions”) as published by the International Swaps and Derivatives
        Association, Inc. are incorporated by reference into this Agreement. The
        Agreement and each Transaction will be governed by the 2006 Definitions as
        they
        may be officially amended and supplemented from time to time by
        ISDA.

      

      For
        the
        sake of clarity, unless otherwise specified in this Agreement, the following
        documents shall govern in the order in which they are listed in the event
        of any
        inconsistency between any of the documents:

      

      (i)   
         the
        Confirmation;

       

      (ii)  
         the
        Schedule;

       

      (iii) 
         the
        2006
        Definitions; and

       

      (iv)
         the
        printed form of ISDA Master Agreement.

      

      
        	
                (b)

              	
                Relationship
                  Between Parties

              

      

       

      Each
        party will be deemed to represent to the other party on the date on which
        it
        enters into a Transaction that (absent a written agreement between the parties
        that expressly imposes affirmative obligations to the contrary for the
        Transaction):

      

      (i) Non-Reliance.
        It
        is
        acting for its own account, and it has made its own independent decisions
        to
        enter into that Transaction and as to whether that Transaction is appropriate
        or
        proper for it based upon its own judgement and upon advice from such advisors
        as
        it has deemed necessary. It is not relying on any communication (written
        or
        oral) of the other party as investment advice or as a recommendation to enter
        into that Transaction; it being understood that information and explanations
        related to the terms and conditions of a Transaction shall not be considered
        investment advice or a recommendation to enter into that Transaction. It
        has not
        received from the other party any assurance or guarantee as to the expected
        results of that Transaction.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      (ii) Assessment
        and Understanding. It
        is
        capable of assessing the merits of and understanding (on its own behalf or
        through independent professional advice), and understands and accepts, the
        terms, conditions and risks of that Transaction. It is also capable of assuming,
        and assumes, the risks of that Transaction.

      

      (iii) Status
        of Parties.
        Each
        party is acting as principal and not as agent and the other party is not
        acting
        as a fiduciary for or as an advisor to it in respect of that
        Transaction.

      

      (iv) Eligible
        Contract Participant.
        It is
        an “eligible contract participant” as defined in Section 1a(12) of the U.S.
        Commodity Exchange Act, 7 U.S.C. Section 1a(12). 

      

      (v) FDIC
        Requirements.
        If it is
        a bank subject to the requirements of 12 U.S.C. § 1823(e), the necessary action
        to authorize referred to in the representation in Section 3(a)(ii) includes
        all
        authorizations required under the Federal Deposit Insurance Act as amended,
        including amendments effected by the Financial Institutions Reform, Recovery
        and
        Enforcement Act of 1989, and under any agreement, writ, decree, or order
        entered
        into with such party’s supervisory authorities. At all times during the term of
        this Agreement, such party will continuously include and maintain as part
        of its
        official written books and records this Agreement, this Schedule and all
        other
        exhibits, supplements, and attachments hereto and documents incorporated
        by
        reference herein, all Confirmations, and evidence of all necessary
        authorizations.

      

      (vi) ERISA.
        It
        continuously represents that it is not (i) an employee benefit plan (an
“ERISA
        Plan”)
        as
        defined in Section 3(3) of the Employee Retirement Income Security Act of
        1974,
        as amended (“ERISA”),
        subject to Title 1 of ERISA or Section 4975 of the Internal Revenue Code
        of
        1986, as amended, (ii) a person or entity acting on behalf of an ERISA Plan
        or
        (iii) a person or entity the assets of which constitute assets of an ERISA
        Plan.” It will provide notice to the other party in the event that it is aware
        that it is in breach of any aspect of this representation or is aware that
        with
        the passing of time, giving of notice or expiry of any applicable grace period,
        it will breach this representation.

      

      
        	
                (c)

              	
                Waiver
                  of Jury Trial.
                  Each party hereby irrevocably waives any and all rights to trial
                  by jury
                  with respect to any legal proceeding arising out of or relating
                  to this
                  Agreement or any Transaction contemplated
                  hereby.

              

      

      

      
        	(d)	
                Severability.
                   Any
                  provision of this Agreement which is prohibited or unenforceable
                  in any
                  jurisdiction shall, as to such jurisdiction, be ineffective to
                  the extent
                  of such prohibition or unenforceability without invalidating the
                  remaining
                  provisions of the Agreement or affecting the validity or enforceability
                  of
                  such provision in any other jurisdiction unless such severance
                  shall
                  substantially impair the benefits of the remaining portions of
                  this
                  Agreement or changes the reciprocal obligations of the parties.
                  The
                  parties hereto shall endeavour in good faith negotiations to replace
                  the
                  prohibited or unenforceable provision with a valid provision, the
                  economic
                  effect of which comes as close as possible to that of the prohibited
                  or
                  unenforceable provision.

              

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        	
                (e)

              	
                Transfers.
                  Notwithstanding the provisions of Section
                  7:

              

      

      

      (i) No
        transfer by Party A of this Agreement or any interest or obligation in or
        of
        Party A under this Agreement shall be effective unless:

      

      
        	 	
                (A)

              	
                Party
                  B consents to such transferee; 

              

      

      

      
        	 	
                (B)

              	
                The
                  Rating Agency Condition shall have been
                  satisfied;

              

      

      

      
        	 	
                (C)

              	
                Party
                  A shall have given Party B, the Servicer and the Indenture Trustee
                  at
                  least twenty days prior written notice of the proposed transfer;
                  and

              

      

      

      
        	 	
                (D)

              	
                such
                  transfer otherwise complies with the terms of the Indenture and
                  the other
                  Transaction Agreements.

              

      

      

      (ii) Except
        to
        the extent contemplated by the Indenture, neither this Agreement nor any
        interest in or under this Agreement may be transferred by Party B to any
        other
        entity save with Party A’s prior written consent (such consent not to be
        unreasonably withheld or delayed). 

      

      (iii) Paragraphs
        (i) and (ii) above are subject to the following exceptions:

       

      (A) a
        party
        may make such a transfer of this Agreement pursuant to a consolidation or
        amalgamation with, or merger with or into, or transfer of all or substantially
        all its assets to, another entity (but without prejudice to any other right
        or
        remedy under this Agreement);

      

      (B) a
        party
        may make such a transfer of all or any part of its interest in any amount
        payable to it from a Defaulting Party under Section 6(e).

      
 

      (iv)
         If
        an
        Eligible Replacement has made a Firm Offer (which remains an offer that will
        become legally binding upon acceptance by Party B) to be the transferee pursuant
        to a transfer in accordance with this Part 5(e), Party B shall, at Party
        A’s
        written request and at Party A’s expense, take any reasonable steps required to
        be taken by Party B to effect such transfer.

      

      (v) Upon
        the
        effectiveness of any transfer, each of Party A and Party B shall be released
        (in
        each case to the extent of the obligations so transferred) from its obligations
        as a party to this Agreement without any further notification or other
        action.

      

      
        	(f)	
                Permitted
                  Security Interest. For
                  purposes of Section 7 of this Agreement, Party A hereby consents
                  to the
                  Permitted Security Interest.

              

      

      

      “Permitted
        Security Interest” means
        the
        pledge and assignment by Party B of the Swap Collateral to the Indenture
        Trustee
        pursuant to the Indenture, and the granting to the Indenture Trustee of a
        security interest in the Swap Collateral pursuant to the Indenture.

      

      “Swap
        Collateral”
        means
        all right, title and interest of Party B in this Agreement, each Transaction
        hereunder, and all present and future amounts payable by Party A to Party
        B
        under or in connection with this Agreement or any Transaction governed by
        this
        Agreement, including, without limitation, any transfer or termination of
        any
        such Transaction.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      “Indenture
        Trustee” means
        Citibank, N.A. or any successor, acting as Indenture Trustee pursuant to
        the
        Indenture.

      

      
        	
                (g)

              	
                Absence
                  of Certain Events.
                  Section 3(b) of this Agreement is hereby amended by inserting the
                  parenthetical “(with respect to Party A only)” immediately after the
                  phrase “No Event of Default or”.

              

      

      

      
        	
                (h)

              	
                Events
                  of Default.
                  Section 5(a)(i) of this Agreement is hereby amended by changing
                  the word
                  “third” to “first” in the phrase “if such failure is not remedied on or
                  before the third Local Business Day after notice of such failure
                  is given
                  to the party”.

              

      

       

      
        	
                (i)

              	
                Payment
                  on Early Termination. Except
                  to the extent set forth in Section 5.05(b) of the Sale and Servicing
                  Agreement, if an
                  Early Termination Date occurs in respect of which Party A is the
                  Defaulting Party or the sole Affected Party with respect to an
                  Additional
                  Termination Event, Party B will not be required to pay any amounts
                  payable
                  to Party A under Section 6(e) in respect of such Early Termination
                  Date,
                  and Party A will not be permitted to set-off in respect of such
                  amounts,
                  until payment in full of all amounts outstanding under the Notes.
                  

              

      

      

      
        	
                (j)

              	
                No
                  Set-Off.
                  Party A and Party B hereby waive any and all right of set-off with
                  respect
                  to any amounts due under this Agreement or any Transaction, provided
                  that
                  nothing herein shall be construed to waive or otherwise limit the
                  netting
                  provisions contained in Sections 2(c) of this Agreement or Paragraph
                  8 of
                  the Credit Support Annex.

              

      

      

      
        	
                (k)

              	
                Indenture.
                  Party
                  B hereby acknowledges that Party A is a secured party under the
                  Indenture
                  with respect to this Agreement, and Party B agrees for the benefit
                  of
                  Party A that it will not amend the Indenture in a manner which
                  materially
                  and adversely affects the rights or obligations of Party A under the
                  Indenture unless Party A shall have consented in writing to such
                  action, if such consent is required pursuant to the Indenture.
                  

              

      

       

      
        	
                (l)

              	
                Limited
                  Recourse.
                  The liability of Party B to Party A hereunder is limited in recourse
                  solely to the amounts payable to Party A from the Available Amounts
                  and
                  the Reserve Account Withdrawal Amount in accordance with the priority
                  of
                  payments set forth in Section 5.05(b) of the Sale and Servicing
                  Agreement.
                  The provisions of this paragraph shall survive the termination
                  of this
                  Agreement.

              

      

      

      
        	(m)	
                No
                  Petition.  Party
                  A hereby covenants and agrees that prior to the date which is one
                  year
                  (or, if longer, the applicable preference period) and one day after
                  payment in full of all obligations of each Bankruptcy Remote Party
                  in
                  respect of all securities issued by any Bankruptcy Remote Party
                  (i) it
                  shall not authorize any Bankruptcy Remote Party to commence a voluntary
                  winding-up or other voluntary case or other proceeding seeking
                  liquidation, reorganization or other relief with respect to such
                  Bankruptcy Remote Party or its debts under any bankruptcy, insolvency
                  or
                  other similar law now or hereafter in effect in any jurisdiction
                  or
                  seeking the appointment of an administrator, a trustee, receiver,
                  liquidator, custodian or other similar official with respect to
                  such
                  Bankruptcy Remote Party or any substantial part of its property
                  or to
                  consent to any such relief or to the appointment of or taking possession
                  by any such official in an involuntary case or other proceeding
                  commenced
                  against such Bankruptcy Remote Party, or to make a general assignment
                  for
                  the benefit of any party hereto or any other creditor of such Bankruptcy
                  Remote Party, and (ii) it shall not commence or join with any other
                  Person
                  in commencing any proceeding against such Bankruptcy Remote Party
                  under
                  any bankruptcy, reorganization, liquidation or insolvency law or
                  statute
                  now or hereafter in effect in any jurisdiction. This section shall
                  survive
                  the termination of this Agreement.  

              

      

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
        	 	
                As
                  used above, “Bankruptcy
                  Remote Party”
                  means Hyundai ABS Funding Corporation and Party B.
                  

              

      

      

      
        	
                (n)

              	
                Confirmation.
                  Each party acknowledges and agrees that the Confirmations executed
                  as of
                  the date hereof and designated as Party A Reference Numbers 486839HN
                  and
                  486842HN shall be the only Transaction governed by this Agreement
                  (it
                  being understood that, in the event such Confirmations shall be
                  amended
                  (in any respect), such amendment shall not constitute (for purposes
                  of
                  this paragraph) a separate Transaction or a separate Confirmation).
                  Party
                  A and Party B shall not enter into any additional Confirmations
                  or
                  Transactions hereunder.

              

      

      

      
        	
                (o)

              	
                Potential
                  Events of Default.
                  Section 2(a)(iii) is amended by the deletion of the words “or Potential
                  Event of Default”.

              

      

      

      
        	
                (p)

              	
                Limitation
                  of Liability. Notwithstanding
                  anything contained herein to the contrary, in executing this Agreement
                  (including the Schedule, Credit Support Annex and each Confirmation)
                  on
                  behalf of Party B, Wilmington Trust Company (the “Owner
                  Trustee”)
                  and the Indenture Trustee are acting solely in its capacity as
                  owner
                  trustee of Party B and indenture trustee, respectively, and not
                  in its
                  individual capacity, and in no event shall either one of them,
                  in their
                  individual capacity, have any liability for the representations,
                  warranties, covenants, agreements or other obligations of Party
                  B
                  hereunder, for which recourse shall be had solely to the assets
                  of Party
                  B, except to the extent of its fraud, breach of trust or willful
                  misconduct.

              

      

      

      
        	
                (q)

              	
                S&P
                  and Fitch Downgrade of Party A. In
                  the event that (i) the Relevant Entity’s short-term
                  unsecured and unsubordinated debt rating is downgraded below “A-1” by
                  S&P (or if its short-term rating is not available by S&P, in the
                  event that its long-term unsecured and unsubordinated debt rating
                  is
                  downgraded below “A+” by S&P)
                  and
                  such Relevant Entity is a Financial Institution (an “S&P
                  Approved Ratings Downgrade”)
                  or
                  (ii) Fitch assigns to the Relevant Entity a rating lower than the
                  Fitch Approved Ratings ((a “Fitch
                  Approved Ratings Downgrade”,
                  and together with an S&P Approved Ratings Downgrade, a “Party
                  A Ratings
                  Downgrade”),
                  Party A shall within two (2) Local Business Days following the
                  date of
                  such Party A Ratings Downgrade, give Party B, the Servicer and
                  the
                  Indenture Trustee written notice of the occurrence of such Party
                  A Ratings
                  Downgrade, and within 30 calendar
                  days after a Fitch Approved Rating Downgrade or within
                  10 Business Days after an
                  S&P Approved Ratings Downgrade,
                  either (i) transfer (at its own cost) Party A’s rights and obligations
                  hereunder to an Eligible Replacement promptly in accordance with
                  Part 5(e)
                  of this Schedule, (ii) post Eligible Collateral in accordance with
                  the
                  Credit Support Annex or (iii) obtain (at Party A’s expense) an Eligible
                  Guarantee or other similar assurance in respect of Party A’s obligations
                  under this Agreement that satisfies the Rating Agency Condition.
                  

              

      

       

      If
        (i)
        an
        S&P Required Rating Downgrade
        (as
        defined below) shall occur and be continuing with respect to a Relevant
        Entity
        or
(ii)
        Fitch (x) assigns to the Relevant Entity a rating lower than the Fitch Required
        Ratings or (y)  withdraws its ratings of the Relevant Entity (each such
        event, a “Fitch
        Required Ratings Downgrade”),
        Party A
        shall within two (2) Business Days of such S&P
        Required Ratings Downgrade
        or Fitch
        Required Ratings Downgrade,
        give
        notice to Party B, the Servicer and the Indenutre Trustee of the occurrence
        of
        such downgrade
        or withdrawal, and within 10 Business Days of the occurrence of such
S&P
        Required Ratings Downgrade or within
        30
        calendar days of such Fitch Required Ratings Downgrade
        (i)
        comply with the terms of the Credit Support Annex and (ii) within 60 days
        of the
        date of the S&P Required Ratings Downgrade or
        within
        30 calendar days of such Fitch Required Ratings Downgrade,
        in
        addition to posting collateral pursuant to the Credit Support Annex
        (x)
        transfer (at its own cost) Party A’s rights and obligations hereunder to an
        Eligible Replacement, in accordance with Part 5(e) of this Schedule or (y)
        obtain (at Party A’s expense) an Eligible Guarantee or other similar assurance
        in respect of Party A’s obligations under this Agreement that satisfies the
        Rating Agency Condition, and such guaranty shall remain in effect only for
        so
        long as such downgrade or withdrawal is continuing with respect to Party
        A. For
        the purpose hereof, a “S&P
        Required Ratings Downgrade”
shall
        occur with respect to a Relevant Entity (x) if such entity is a Financial
        Institution, its the short-term senior unsecured deposit rating is withdrawn
        by
        S&P or cease to be at least “A-2” (or if its short-term rating is not
        available by S&P, in the event that its long-term unsecured and
        unsubordinated debt rating is withdrawn or cease to be at least “BBB+” by
        S&P) or (y) if such entity is not a Financial Institution, at any time its
        short-term senior unsecured deposit rating is withdrawn or downgraded below
        “A-1” (or if its short-term rating is not available by S&P, in the event
        that its long-term unsecured and unsubordinated debt rating is withdrawn
        or
        cease to be at least “A+” by S&P). 

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      Once
        an
        Eligible Replacement is in place, Party B shall return any such Eligible
        Collateral to Party A pursuant to the terms of the Credit Support Annex and
        to
        the extent such Eligible Collateral has not already been applied in accordance
        with this Agreement or the Credit Support Annex. Party B shall have the right
        to
        terminate this Agreement if at any time Party A fails to comply with any
        of its
        obligations under this paragraph in full and in a timely manner.

      

      
        	
                (r)

              	
                Definitions.

              

      

      

      (i) Reference
        is made to that certain Sale and Servicing Agreement dated as of the date
        hereof
        (the “Sale
        and Servicing Agreement”)
        among
        Party B as the Issuer, Hyundai ABS Funding Corporation, Hyundai Motor Finance
        Company, and Citibank, N.A., as Indenture Trustee. Capitalized terms used
        but
        not defined in this Agreement or this Schedule will have the meanings ascribed
        to them in the Sale and Servicing Agreement or, if not defined therein, in
        the
        Indenture (as defined below).

      

      (ii) As
        used
        herein:

      

      
        	 	
                “Credit
                  Support Annex” means
                  the 1994 ISDA Credit Support Annex between Party A and Party B
                  dated as of
                  the date hereof.

              

      

      

      
        	 	
                “Depositor”
                  means Hyundai ABS Funding
                  Corporation.

              

      

      

      
        	 	
                “Eligible
                  Collateral”
                  has the meaning set forth in the Credit Support
                  Annex.

              

      

      

      “Eligible Guarantee”
means
        an unconditional and irrevocable guarantee that is provided by a guarantor
        that
        has Rated Debt as principal debtor rather than surety and is directly
        enforceable by Party B, the
        form
        and substance of which guarantee are subject to the Rating Agency Condition,
        where
        either
        (A) a law firm has given a legal opinion confirming that none of the guarantor’s
        payments to Party B under such guarantee will be subject to withholding for
        tax
        or (B) such guarantee provides that, in the event that any of such guarantor’s
        payments to Party B are subject to withholding for tax, such guarantor is
        required to pay such additional amount as is necessary to ensure that the
        net
        amount actually received by Party B (free and clear of any withholding tax)
        will
        equal the full amount Party B would have received had no such withholding
        been
        required.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      “Eligible
        Replacement”
means
        an entity (A)(i) with the Moody’s First Trigger Required Ratings and/or the
        Moody’s Second Trigger Required Ratings and that has Rated Debt with respect to
        S&P and Fitch that is the subject of a legal opinion given by a law firm
        confirming that none of its payments to Party B will be subject to withholding
        for tax or (ii) whose present and future obligations owing to Party B are
        guaranteed pursuant to an Eligible Guarantee provided by a guarantor that
        has
        Rated Debt with respect to S&P and Fitch and with the Moody’s First Trigger
        Required Ratings and (B) could become a party to this Agreement (or party
        to an
        agreement in form and substance satisfactory to Party B, the Servicer and
        the
        Indenture Trustee) in accordance with Part 5(e) of this Schedule and pursuant
        to
        documentation which would not be less favorable to Party B than this
        Agreement.

      

      “Financial
        Institution“ means
        a
        bank, broker/dealer, insurance company, structured investment vehicle or
        derivative product company.

      

      “Firm
        Offer”
means
        an offer which, when made, was capable of becoming legally binding upon
        acceptance.

      

      “Fitch”
means
        Fitch, Inc. or its successor.

      

      “Fitch
        Approved Ratings”
        means a
        long-term unsecured and unsubordinated debt rating from Fitch of at least
“A”
and a short-term unsecured and unsubordinated debt rating from Fitch of at
        least
“F1”.

      

      “Fitch
        Required Ratings”
        means a
        long-term unsecured and unsubordinated debt rating from Fitch of at least
        “BBB-”. 

      

      
        	 	
                “Free
                  Writing Prospectus”
                  means any free writing prospectus prepared in connection with the
                  public
                  offering of the Notes.

              

      

      

      
        	 	
                “Indenture”
                  means that certain Indenture dated as of the date hereof between
                  Party B,
                  as Issuer, and Citibank, N.A., as Indenture Trustee.
                  

              

      

      

      
        	 	
                “Moody’s”
                  means Moody’s Investors Service, Inc. or its
                  successor.

              

      

      

      “Moody’s
        Short-term Rating”
means
        a
        rating assigned by Moody’s under its short-term rating scale in respect of an
        entity’s
        short-term, unsecured and unsubordinated debt obligations.

      

      
        	 	
                “Notes”
                  mean the asset-backed notes issued by Party B under the Indenture.
                  

              

      

      

      
        	 	
                “Preliminary
                  Prospectus Supplement”
                  means any preliminary prospectus supplement prepared in connection
                  with
                  the public offering and sale of the
                  Notes.

              

      

      

      
        	 	
                “Prospectus
                  Supplement”
                  means any prospectus supplement prepared in connection with the
                  public
                  offering and sale of the Notes.

              

      

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      
        	 	
                “Rated
                  Debt”
                  means, with respect to a Relevant Entity, (1) in the case of S&P, (i)
                  if such Relevant Entity is not a Financial Institution, S&P assigns
                  (x) a long-term debt rating equal to or higher than “A+” to the
                  counterparty, or (y) assigns a short-term debt rating equal to
                  or higher
                  than “A-1” to the counterparty, or (ii) if such Relevant Entity is a
                  Financial Institution, S&P assigns (x) a long-term debt rating equal
                  to or higher than “BBB+” to the counterparty, or (y) assigns a short-term
                  debt rating equal to or higher than “A-2” to the counterparty, (2) in the
                  case of Moody’s (i) Moody’s assigns (x) a long-term debt rating equal to
                  or higher than “A2” to the counterparty, and (y) a short-term debt rating
                  equal to or higher than “P1” to the counterparty (if the counterparty has
                  both long-term and short-term debt ratings), or (ii) Moody’s assigns a
                  long-term debt rating equal to or higher than “A1” to the counterparty (if
                  the counterparty only has a long-term debt rating) and (3) in the
                  case of
                  Fitch, assigns a
                  long-term unsecured and unsubordinated debt rating from Fitch of
                  at least
                  “A” and a short-term unsecured and unsubordinated debt rating from
                  Fitch
                  of at least “F1”.

              

      

      

      
        	 	
                “Rating
                  Agencies”
                  means S&P, Moody’s and Fitch.

              

      

      

      
        	 	
                “Rating
                  Agency Condition”
                  means, with respect to any event or circumstance and each Rating
                  Agency,
                  either (a) written confirmation by such Rating Agency that the
                  occurrence
                  of such event or circumstance will not cause it to downgrade, qualify
                  or
                  withdraw its rating assigned to any of the Notes or (b) in the
                  case of
                  Moody’s only, that such Rating Agency shall have been given notice of
                  such
                  event or circumstance at least ten days prior to the occurrence
                  of such
                  event or circumstance (or, if ten days’ advance notice is impracticable,
                  as much advance notice as is practicable) and such Rating Agency
                  shall not
                  have issued any written notice that the occurrence of such event
                  or
                  circumstance will cause it to downgrade, qualify or withdraw its
                  rating
                  assigned to the Notes.

              

      

      

      
        	 	
                “Relevant
                  Entities”
                  means Party A and any guarantor under an Eligible Guarantee in
                  respect of
                  all of Party A’s present and future obligations under this Agreement.
                  

              

      

      

      
        	 	
                “S&P”
                  means Standard & Poor’s, a division of The McGraw-Hill Companies Inc.
                  or its successor.

              

      

      

      
        	 	
                “Servicer”
                  means Hyundai Motor Finance Company, a California
                  corporation.

              

      

      

      
        	
                (s)

              	
                Amendments.
                  Section 9(b) of this Agreement is hereby amended by inserting the
                  following at the end thereof: 

              

      

      

      
        	 	
                it
                  being a further condition to any such amendment or modification
                  that the
                  Rating Agency Condition shall have been satisfied.
                  

              

      

      

      
        	
                (t)

              	
                Regulation
                  AB Financial Disclosure.
                  

              

      

      

      Subject
        to the last two paragraphs of this clause (t), so long as Party B, the
        Depositor or any of such parties’ Affiliates (collectively, “Hyundai”)
        shall
        file reports in respect of the Notes with the Securities and Exchange Commission
        (the “SEC”)
        pursuant to Sections 13(a) or 15(d) of the the Securities Exchange Act of
        1934,
        as amended (the “Exchange
        Act”),
        Party
        A agrees to Deliver within ten (10) calendar days of receipt of a written
        request therefor by Party B or the Depositor, such information relating to
        Party
        A as may be necessary to enable Hyundai to comply with any SEC disclosure
        requirements, including without limitation information concerning Party A
        required by Items 1115 of Regulation AB and Forms 8-K, 10-D and 10-K and
        any
        information to be provided pursuant to or in accordance with any SEC comments
        to
        any of the foregoing; it being understood that Hyundai shall not be required
        to
        voluntarily suspend its reporting obligation with respect to the Notes at
        any
        time. To the extent necessary to comply with Regulation AB, Party A shall
        obtain
        any necessary auditor’s consents related to any financial statements of Party A
        required to be incorporated by reference into any Free Writing Prospectus,
        Preliminary Prospectus Supplement or Prospectus Supplement or report filed
        by
        Hyundai with the SEC and promptly to forward to the Depositor any such auditor
        consents obtained. The information provided, or authorized to be incorporated
        by
        reference, by Party A pursuant to this Part 5(t) is referred to as the
“Additional
        Information.”
        

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      For
        the
        purpose of this Part 5(t): 

      

      “Deliver”
        includes actual delivery or transmission of information in an EDGAR-compatible
        format or, in the case of any financial information required to be delivered
        pursuant to Item 1115 of Regulation AB and Forms 8-K, 10-D and 10-K, making
        such financial information available in an EDGAR-compatible format for
        incorporation by reference to the extent permitted by Regulation AB, together
        with actual delivery of all necessary auditor’s consents.

      

      “EDGAR”
means
        the SEC’s Electronic Data Gathering, Analysis and Retrieval system.

      

      “Regulation
        AB”
means
        Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the SEC in
        the
        adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
        70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the SEC, or
        as may
        be provided by the SEC or its staff from time to time.

      

      If
        at any
        time during a period that reports are being filed with respect to Party B
        and
        the Notes in accordance with the Exchange Act and the rules and regulations
        of
        the SEC, as reasonably calculated by the Depositor, the “significance
        percentage” of this Agreement for any class of the Notes is 8% or more, Party A
        shall within five (5) Local Business Days following receipt of request therefor
        demonstrate to the satisfaction of the the Depositor that it is able to provide
        the Additional Information required under Item 1115(b)(1) of Regulation AB
        for
        Party A. If Party A is unable to satisfy the Depositor as to its ability
        to
        provide such information, Party A shall within five (5) Local Business Days
        following receipt of request therefor, at the sole expense of Party A, without
        any expense or liability to the Depositor or Party B, either (i) post Eligible
        Collateral, in form, substance and amount satisfactory to the Depositor,
        or (ii)
        cause an Eligible Replacement (which satisfies the Rating Agency Condition
        and
        any other requirements of this Agreement, including the requirement to deliver
        the indemnification and contribution agreement referred to in Part 3(b))
        to
        replace Party A as party to this Agreement that has agreed to Deliver any
        information, report, certification or accountants’ consent when and as required
        under this Part 5(t) hereof. 

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      If
        at any
        time during a period that reports are being filed with respect to Party B
        and
        the Notes in accordance with the Exchange Act and the rules and regulations
        of
        the SEC, as reasonably calculated by the Depositor, the “significance
        percentage” of this Agreement for any class of the Notes is 18% or more, Party A
        shall within five (5) Local Business Days following receipt of request therefor
        demonstrate to the satisfaction of the Depositor that it is able to provide
        the
        Additional Information required under Item 1115(b)(2) of Regulation AB for
        Party
        A. If Party A is unable to satisfy the Depositor as to its ability to provide
        such information, Party A shall within five (5) Local Business Days following
        receipt of request therefor, at the sole expense of Party A, without any
        expense
        or liability to the Depositor or Party B, cause an Eligible Replacement (which
        satisfies the Rating Agency Condition and any other requirements of this
        Agreement, including the requirement to deliver the indemnification and
        contribution agreement referred to in Part 3(b)) to replace Party A as party
        to
        this Agreement that has agreed to Deliver any information, report, certification
        or accountants’ consent when and as required under this Part 5(t)
        hereof.

      

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF,
        the
        parties have executed this Schedule by their duly authorized officers as
        of the
        date first above written.

      
        	 	 	 
	 	HYUNDAI
                AUTO RECEIVABLES TRUST 2007-A
	 
 	 
 	 
 
	
              	By:  	Wilmington
                Trust
                Company, 
                not
                  in its individual capacity

                but
                  solely as owner trustee

              

      

       

      
        	 	 	 
	
              	By:  	/s/ W.
                Chris
                Sponenberg
	 	
                
Name:
                W. Chris Sponenberg
	 	Title:
                Vice President

        	 	 	 
	 	HSBC
                BANK
                USA, NATIONAL ASSOCIATION
	 
 	 
 	 
 
	
              	By:  	/s/ Jason
                Saturno
	 	
                
Name:
                Jason Saturno
	 	Title:
                Vice President

      

       

      
        2007-A
          Trust Schedule to

        ISDA
          Master Agreement

      

       

      
        
          
          

        

        
          S-1

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