Document:

Exhibit 10.4

 

AMERICAN
HONDA RECEIVABLES LLC,

as Depositor,

 

THE
BANK OF NEW YORK MELLON,

as Owner Trustee

 

and

 

BNY
MELLON TRUST OF DELAWARE,

as Delaware Trustee

 

 

 

AMENDED
AND RESTATED

TRUST AGREEMENT

 

Dated
August 24, 2022

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE One

     DEFINITIONS
	 	 	 
	Section 1.01.	General Definitions	1
	 	 	 
	Section 1.02.	Other Definitional Provisions	1
	 	 	 
	Section 1.03.	Interpretive Provisions	1
	 	 	 
	ARTICLE Two 

    ORGANIZATION
	 	 	 
	Section 2.01.	Name	1
	 	 	 
	Section 2.02.	Office	2
	 	 	 
	Section 2.03.	Purposes and Powers	2
	 	 	 
	Section 2.04.	Appointment of Owner Trustee and the Delaware Trustee	3
	 	 	 
	Section 2.05.	Expenses	3
	 	 	 
	Section 2.06.	Declaration of Trust	3
	 	 	 
	Section 2.07.	Liability of Certificateholders	3
	 	 	 
	Section 2.08.	Title to Trust Property	3
	 	 	 
	Section 2.09.	Situs of Issuer	3
	 	 	 
	Section 2.10.	Representations and Warranties of the Depositor	4
	 	 	 
	ARTICLE Three 

    TRUST CERTIFICATES AND TRANSFER OF INTERESTS
	 	 	 
	Section 3.01.	Initial Ownership	5
	 	 	 
	Section 3.02.	The Trust Certificates	5
	 	 	 
	Section 3.03.	Authentication and Delivery of Trust Certificates	5
	 	 	 
	Section 3.04.	Registration of Transfer and Exchange of Trust Certificates	6
	 	 	 
	Section 3.05.	Mutilated, Destroyed, Lost or Stolen Trust Certificates	8
	 	 	 
	Section 3.06.	Persons Deemed Certificateholders	8
	 	 	 
	Section 3.07.	Access to List of Certificateholders’ Names and
    Addresses	9
	 	 	 
	Section 3.08.	Maintenance of Office or Agency	9
	 	 	 
	Section 3.09.	Appointment of Paying Agent	9
	 	 	 
	Section 3.10.	Definitive Trust Certificates	10
	 	 	 
	Section 3.11.	Repayment of Trust Certificates	10
	 	 	 
	ARTICLE Four 

    ACTIONS BY OWNER TRUSTEE  
	 
	Section 4.01.	Prior Notice to Certificateholders with Respect to
    Certain Matters	10

 

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	Section 4.02.	Action by Certificateholders with
    Respect to Certain Matters	11
	 	 	 
	Section 4.03.	Action by Certificateholders with Respect to Bankruptcy	11
	 	 	 
	Section 4.04.	Restrictions on Certificateholders’ Power	11
	 	 	 
	Section 4.05.	Majority Control	11
	 	 	 
	ARTICLE Five

     APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	 	 	 
	Section 5.01.	Establishment of Trust Account	11
	 	 	 
	Section 5.02.	Application of Trust Funds	12
	 	 	 
	Section 5.03.	Method of Payment	12
	 	 	 
	Section 5.04.	No Segregation of Monies; No Interest	12
	 	 	 
	Section 5.05.	Accounting and Reports to Certificateholders, Internal
    Revenue Service and Others	13
	 	 	 
	Section 5.06.	Audit Procedure	14
	 	 	 
	ARTICLE Six 

    AUTHORITY AND DUTIES OF OWNER TRUSTEE
	 	 	 
	Section 6.01.	General Authority	15
	 	 	 
	Section 6.02.	General Duties	15
	 	 	 
	Section 6.03.	Action Upon Instruction	15
	 	 	 
	Section 6.04.	No Duties Except as Specified in this Agreement or
    in Instructions	16
	 	 	 
	Section 6.05.	No Action Except Under Specified Documents or Instructions	16
	 	 	 
	Section 6.06.	Restrictions	16
	 	 	 
	Section 6.07.	Covenants for Reporting of Repurchase Demands due to
    Breaches of Representations and Warranties	17
	 	 	 
	ARTICLE Seven

     CONCERNING THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE
	 	 	 
	Section 7.01.	Acceptance of Trusts and Duties	17
	 	 	 
	Section 7.02.	Furnishing of Documents	19
	 	 	 
	Section 7.03.	Representations and Warranties of the Owner Trustee
    and the Delaware Trustee	19
	 	 	 
	Section 7.04.	Reliance, Advice of Counsel	21
	 	 	 
	Section 7.05.	Not Acting in Individual Capacity	21
	 	 	 
	Section 7.06.	Owner Trustee and Delaware Trustee Not Liable for Trust
    Certificates or Receivables	22
	 	 	 
	Section 7.07.	Owner Trustee or Delaware Trustee May Own Trust
    Certificates and Notes	22

 

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	Section 7.08.	Duties of the Delaware Trustee	22
	 	 	 
	ARTICLE Eight 

    compensation of owner trustee and the delaware trustee
	 	 	 
	Section 8.01.	Owner Trustee’s and Delaware Trustee’s
    Fees and Expenses	22
	 	 	 
	Section 8.02.	Indemnification	23
	 	 	 
	Section 8.03.	Payments to the Owner Trustee and to the Delaware Trustee	23
	 	 	 
	ARTICLE Nine

     TERMINATION OF TRUST AGREEMENT
	 	 	 
	Section 9.01.	Termination of Trust Agreement	23
	 	 	 
	ARTICLE Ten

     SUCCESSOR AND ADDITIONAL OWNER TRUSTEES
	 	 	 
	Section 10.01.	Eligibility Requirements for Owner Trustee and Delaware
    Trustee	25
	 	 	 
	Section 10.02.	Resignation or Removal of Owner Trustee or Delaware
    Trustee	25
	 	 	 
	Section 10.03.	Successor Owner Trustee or Delaware Trustee	26
	 	 	 
	Section 10.04.	Merger or Consolidation of Owner Trustee or Delaware
    Trustee	27
	 	 	 
	Section 10.05.	Appointment of Co-Trustee or Separate Trustee	27
	 	 	 
	ARTICLE Eleven

     MISCELLANEOUS
	 	 	 
	Section 11.01.	Amendments	28
	 	 	 
	Section 11.02.	No Legal Title to the Owner Trust Estate for the Certificateholder	30
	 	 	 
	Section 11.03.	Limitations on Rights of Others	30
	 	 	 
	Section 11.04.	Notices	30
	 	 	 
	Section 11.05.	Severability	31
	 	 	 
	Section 11.06.	Separate Counterparts; Electronic Transmission	31
	 	 	 
	Section 11.07.	Successors and Assigns	31
	 	 	 
	Section 11.08.	No Petition	32
	 	 	 
	Section 11.09.	No Recourse	32
	 	 	 
	Section 11.10.	Headings	32
	 	 	 
	Section 11.11.	Governing Law; Submission to Jurisdiction	32
	 	 	 
	Section 11.12.	Trust Certificates Nonassessable and Fully Paid	32
	 	 	 
	Section 11.13.	Depositor Payment Obligation	33
	 	 	 
	Section 11.14.	Tax Treatment	33
	 	 	 
	Section 11.15.	Waiver of Jury Trial	33
	 	 	 
	Section 11.16.	Communications with Rating Agencies	33

 

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	EXHIBITS	 
	 	 
	Exhibit A
    - Form of Trust Certificate	A-1 
	 	 
	Exhibit B
    - Form of Seller Certificate	B-1 
	 	 
	Exhibit C
    - Form of Investment Letter	C-1
	 	 
	Exhibit D
    - Form of Rule 144A Letter	D-1
	 	 
	Exhibit E
    - Form of Monthly 15Ga-1 Report	E-1

 

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This Amended and Restated Trust Agreement (the
 “Agreement”), dated August 24, 2022 is among American Honda Receivables LLC, a Delaware limited liability company,
as depositor (the “Depositor”), The Bank of New York Mellon, a New York banking corporation, as owner trustee (the
 “Owner Trustee”), and BNY Mellon Trust of Delaware, a Delaware banking corporation, as Delaware trustee (the “Delaware
Trustee”);

 

The parties to this Agreement wish to amend and
restate in its entirety the original trust agreement (the “Initial Trust Agreement”), dated as of April 19, 2022,
among the Depositor, the Owner Trustee and the Delaware Trustee.

 

ARTICLE One

 

DEFINITIONS

 

Section 1.01. General Definitions.
Whenever used herein, unless the context otherwise requires, defined terms shall have the meanings set forth in the Sale and Servicing
Agreement.

 

Section 1.02. Other Definitional Provisions.
All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

 

Section 1.03. Interpretive Provisions.

 

(a)            For
all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used
herein include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “herein”,
 “hereof” and the like shall refer to this Agreement as a whole and not to any particular part, article or section within
this Agreement, (iii) references to a section such as “Section 1.01” and the like shall refer to the applicable
Section of this Agreement, (iv) the term “include”, and all variations thereof shall mean “include without
limitation”, (v) the term “or” shall include “and/or” and (vi) the term “proceeds”
shall have the meaning set forth in the applicable UCC.

 

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

 

ARTICLE Two

 

ORGANIZATION

 

Section 2.01. Name. The trust created
hereby shall be known as the “Honda Auto Receivables 2022-2 Owner Trust”, in which name the Owner Trustee may conduct the
business of the Issuer, make and execute contracts and other instruments and sue and be sued, to the extent herein provided.

 

     

     

    

 

Section 2.02. Office. The Delaware
office of the Issuer shall be in care of the Delaware Trustee at the address set forth on Schedule A to the Sale and Servicing Agreement,
or at such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Certificateholders and
the Depositor. The New York, New York office of the Issuer shall be in care of the Owner Trustee at its Corporate Trust Office or at
such other address in New York as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor.

 

Section 2.03. Purposes and Powers.

 

(a)            The
sole purpose of the Issuer is to conserve the Owner Trust Estate and collect and disburse the periodic income therefrom for the use and
benefit of the Certificateholders, and in furtherance of such purpose to engage in the following ministerial activities:

 

(i)            to
issue the Notes pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and to sell or otherwise transfer (including
to Affiliates) the Notes and the Trust Certificates;

 

(ii)            with
the proceeds of the sale of the Notes and the Trust Certificates, to purchase the Receivables, to fund the Reserve Fund and the Yield
Supplement Account, to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance to the Depositor
pursuant to the Sale and Servicing Agreement;

 

(iii)            to
assign, grant, transfer, pledge and convey the Owner Trust Estate pursuant to the Indenture and to hold, manage and distribute to the
Certificateholders pursuant to the Sale and Servicing Agreement any portion of the Owner Trust Estate released from the Lien of, and
remitted to the Trust pursuant to, the Indenture;

 

(iv)            to
enter into and perform its obligations under the Basic Documents to which it is to be a party;

 

(v)            to
engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing
or are incidental thereto or connected therewith, including entering into interest rate swap agreements, interest rate cap agreements
and other derivative instruments; and

 

(vi)            subject
to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of the
Owner Trust Estate, the making of distributions to the Certificateholders and the Noteholders, and in respect of amounts to be released
to the Servicer, Administrator and third parties, if any.

 

(b)            The
Issuer shall not engage in any activities, including, without limitation, assuming or incurring any indebtedness (with the exception
of the Notes), other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or
the other Basic Documents.

 

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Section 2.04. Appointment of Owner Trustee
and the Delaware Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Issuer effective as of the date hereof,
to have all the rights, powers and duties set forth herein, and the Owner Trustee hereby accepts such appointment. The Depositor hereby
appoints the Delaware Trustee as a trustee of the Issuer effective as of the date hereof, for the sole purpose of satisfying Section 3807(a) of
the Statutory Trust Statute, and the Delaware Trustee hereby accepts such appointment. The Owner Trustee may engage, in the name of the
Issuer or in its own name on behalf of the Issuer, in the activities of the Issuer, make and execute contracts on behalf of the Issuer
and sue on behalf of the Issuer.

 

Section 2.05. Expenses. The Depositor
shall pay organizational expenses of the Issuer as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse
the Owner Trustee for any such expenses paid by the Owner Trustee.

 

Section 2.06. Declaration of Trust.
The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein
for the sole purpose of conserving the Owner Trust Estate and collecting and disbursing the periodic income therefrom for the use and
benefit of the Certificateholders, subject to the obligations of the Issuer under the Basic Documents. It is the intention of the parties
hereto that the Issuer constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing
instrument of such statutory trust. It is the intention of the parties hereto that, solely for U.S. federal income, state and local income
and franchise tax purposes, (i) so long as there is a sole Certificateholder, the Issuer shall be disregarded as an entity separate
from the owner, with the assets of the Issuer being the Receivables and other assets held by the Issuer, the owner of the Receivables
being the sole Certificateholder and the Notes being non-recourse debt of the sole Certificateholder and (ii) if there is more than
one Certificateholder, the Issuer shall be treated as a partnership for U.S. federal income, state and local income and franchise tax
purposes, with the assets of the partnership being the Receivables and other assets held by the Issuer and with the partners of the partnership
being the Certificateholders and the Notes being debt of the partnership. The parties agree that, unless otherwise required by appropriate
tax authorities, the Issuer will file or cause to be filed annual or other necessary returns, reports and other forms consistent with
the characterization of the Issuer as provided in the preceding sentence for such tax purposes. Effective as of the date hereof, the
Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute for the sole purpose and to
the extent necessary to accomplish the purpose of the Issuer as set forth in Section 2.03(a).

 

Section 2.07. Liability of Certificateholders.
The Certificateholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations
for profit organized under the general corporation law of the State of Delaware.

 

Section 2.08. Title to Trust Property.
Legal title to the Owner Trust Estate shall be vested at all times in the Issuer as a separate legal entity except where applicable law
in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall
be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

 

Section 2.09. Situs of Issuer. The
Issuer will be located in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located
in the states of Delaware or New York. The Issuer shall not have any employees in any state other than Delaware; provided, however, that
nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will
be received by the Issuer only in, and payments will be made by the Issuer only from, the states of Delaware or New York. The Issuer’s
principal offices will be at the Corporate Trust Office of the Owner Trustee and at the office of the Delaware Trustee, located at the
address set forth on Schedule A to the Sale and Servicing Agreement.

 

    3 
 

     

    

 

Section 2.10. Representations and Warranties
of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee and Delaware Trustee that:

 

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

 

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

 

(c)            The
Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power
and authority to sell and assign the property to be sold and assigned to and deposited with the Owner Trustee as part of the Owner Trust
Estate and the Depositor has duly authorized such sale and assignment and deposit to the Issuer by all necessary corporate action; and
the execution, delivery and performance of this Agreement have been duly authorized by the Depositor by all necessary corporate action.

 

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

 

(e)            The
execution, delivery and performance by the Depositor of this Agreement and the consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, nor
constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company agreement
of the Depositor, or conflict with or violate any of the material terms or provisions of, or constitute (with or without notice or lapse
of time) a default under, any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor
result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or
other instrument (other than pursuant to the Basic Documents); nor, to the best of the Depositor’s knowledge, violate any law or
any order, rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Depositor or its properties; which breach, default, conflict,
lien or violation would have a material adverse effect on the earnings, business affairs or business prospects of the Depositor.

 

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

 

ARTICLE Three

 

TRUST CERTIFICATES AND TRANSFER OF INTERESTS

 

Section 3.01. Initial Ownership. Upon
the formation of the Issuer by the contribution by the Depositor pursuant to Section 2.05 and until the issuance of the Trust Certificates,
the Depositor shall be the sole beneficiary of the Issuer.

 

Section 3.02. The Trust Certificates.
The Trust Certificates shall be issued in minimum denominations of $100,000 and integral multiples thereof; provided, however, that one
Trust Certificate may be issued in such denomination as required to include any residual amount. The Trust Certificates shall be executed
by the Owner Trustee on behalf of the Issuer by manual or facsimile signature (which signature may be a scanned electronic version) of
an authorized officer of the Owner Trustee and shall have deemed to have been validly issued when so executed and authenticated (as set
forth in Section 3.03 below). Trust Certificates bearing the manual or facsimile signatures (which signature may be a scanned electronic
version) of individuals who were, at the time when such signatures were affixed, authorized to sign on behalf of the Owner Trustee, shall
be validly issued and binding obligations of the Issuer and entitled to the benefit of this Agreement, notwithstanding that such individuals
or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Trust Certificates or did not hold
such offices at the date of authentication and delivery of such Trust Certificates.

 

A transferee of a Trust Certificate shall become
a Certificateholder and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee’s
acceptance of a Trust Certificate duly registered in such transferee’s name pursuant to Section 3.04.

 

Section 3.03. Authentication and Delivery
of Trust Certificates. On the Closing Date, the Owner Trustee shall cause to be authenticated and delivered upon the order of the
Depositor, in exchange for the Receivables and the other assets of the Issuer, simultaneously with the sale, assignment and transfer
to the Issuer of the Receivables, and the constructive delivery to the Issuer of the Receivable Files and the other assets of the Issuer,
Trust Certificates duly authenticated by the Owner Trustee, in authorized denominations equaling in the aggregate the Original Certificate
Balance and evidencing the entire ownership of the Issuer. No Trust Certificate shall entitle its Certificateholder to any benefit under
this Agreement, or be valid for any purpose, unless there shall appear on such Trust Certificate a certificate of authentication substantially
in the form set forth in Exhibit A, executed by the Owner Trustee or the Trust’s Authenticating Agent, by manual signature;
and such authentication shall constitute conclusive evidence that such Trust Certificate shall have been duly authenticated and delivered
hereunder. All Trust Certificates shall be dated the date of their authentication. Upon issuance, authentication and delivery pursuant
to the terms hereof, the Trust Certificates will be entitled to the benefits of this Agreement. Whenever, in any Basic Document, a reference
is made to authentication by the Owner Trustee, such reference shall include authentication by the Owner Trustee and/or authentication
by a party appointed to act as the Authenticating Agent of the Owner Trustee.

 

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Section 3.04. Registration of Transfer
and Exchange of Trust Certificates.

 

(a)            The
Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.08, a Certificate
Register in which, subject to such reasonable regulations as it may prescribe, it shall provide for the registration of Trust Certificates
and of transfers and exchanges of Trust Certificates as herein provided. The Owner Trustee shall act as initial Certificate Registrar.
The Owner Trustee may appoint an agent to act as Certificate Registrar. Upon any resignation of the Certificate Registrar, the Owner
Trustee shall promptly appoint a successor thereto.

 

The Trust Certificates have not been registered
under the Securities Act or listed on any securities exchange. No transfer of a Trust Certificate shall be made unless such transfer
is made pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or is exempt
from the registration requirements under the Securities Act and such state securities laws. In the event that a transfer is to be made
in reliance upon an exemption from the Securities Act and state securities laws, in order to assure compliance with the Securities Act
and such laws, the Certificateholder desiring to effect such transfer and such Certificateholder’s prospective transferee shall
each certify to the Issuer in writing the facts surrounding the transfer in the form of a Seller Certificate and Investment Letter or
a Rule 144A Letter. Except in the case of a transfer as to which the proposed transferee has provided a Rule 144A Letter, there
shall also be delivered to the Issuer an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities
Act and an Opinion of Counsel or memorandum of law that such transfer may be made pursuant to an exemption from state securities laws,
which Opinion(s) of Counsel and memorandum of law shall not be an expense of the Issuer or the Owner Trustee. The Depositor shall
provide to any Certificateholder of a Trust Certificate and any prospective transferee designated by any such Certificateholder, information
regarding the Trust Certificates and the Receivables and such other information as shall be necessary to satisfy the condition to eligibility
set forth in Rule 144A(d)(4) for transfer of any such Trust Certificate without registration thereof under the Securities Act
pursuant to the registration exemption provided by Rule 144A. Each Certificateholder desiring to effect such a transfer shall, and
does hereby agree to, indemnify the Issuer, the Owner Trustee and the Depositor against any liability that may result if the transfer
is not so exempt or is not made in accordance with federal and state securities laws. The Owner Trustee on behalf of the Issuer shall
cause each Trust Certificate to contain a legend in the form set forth on the form of Trust Certificate attached hereto as Exhibit A.

 

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(b)            Upon
surrender for registration of transfer of any Trust Certificate at the office of the Certificate Registrar and subject to the satisfaction
of the preceding paragraph, the Owner Trustee shall execute, authenticate and deliver (or shall cause its Authenticating Agent to authenticate
and deliver), in the name of the designated transferee or transferees, one or more new Trust Certificates in authorized denominations
of a like aggregate original certificate balance dated the date of authentication by the Owner Trustee or any Authenticating Agent; provided
that prior to such execution, authentication and delivery, the Owner Trustee shall have received an Opinion of Counsel to the effect
that the proposed transfer will not cause the Issuer to be characterized as an association (or a publicly traded partnership) taxable
as a corporation or alter the tax characterization of the Notes for U.S. federal income tax purposes. At the option of a Certificateholder,
Trust Certificates may be exchanged for other Trust Certificates of authorized denominations of a like aggregate original certificate
balance upon surrender of the Trust Certificates to be exchanged at the office or agency maintained pursuant to Section 3.08.

 

(c)            At
the option of a Certificateholder, Trust Certificates may be exchanged for other Trust Certificates in authorized denominations of a
like aggregate original certificate balance upon surrender of the Trust Certificates to be exchanged at the office of the Certificate
Registrar. Whenever any Trust Certificates are so surrendered for exchange, the Owner Trustee on behalf of the Issuer shall execute,
authenticate and deliver (or shall cause its Authenticating Agent to authenticate and deliver) the Trust Certificates that the Certificateholder
making the exchange is entitled to receive. Every Trust Certificate presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly
executed by the Certificateholder or such Certificateholder’s attorney duly authorized in writing.

 

(d)            No
service charge shall be made for any registration of transfer or exchange of Trust Certificates, but the Owner Trustee (or the Paying
Agent) may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer
or exchange of Trust Certificates.

 

(e)            The
Trust Certificates may not be acquired or held by or for the account of a Benefit Plan Investor, a Plan that is subject to Similar Law
or a person who is not a United States Person within the meaning of Section 7701(a)(30) of the Code. No transfer of a Trust Certificate
shall be made unless the prospective transferee has certified to the Issuer in writing that it is not a Benefit Plan Investor or a Plan
that is subject to Similar Law.

 

(f)            All
Trust Certificates surrendered for registration of transfer or exchange, if surrendered to the Issuer or any agent of the Owner Trustee
or the Issuer under this Agreement, shall be delivered to the Owner Trustee and promptly cancelled by it, or, if surrendered to the Owner
Trustee, shall be promptly cancelled by it, and no Trust Certificates shall be issued in lieu thereof except as expressly permitted by
any of the provisions of this Agreement. The Owner Trustee shall dispose of cancelled Trust Certificates in accordance with its normal
practice.

 

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(g)            The
preceding provisions of this Section notwithstanding, the Owner Trustee shall not make, and the Certificate Registrar shall not
register transfers or exchanges of, Trust Certificates for a period of fifteen (15) days preceding the due date for any payment with
respect to the Trust Certificates.

 

(h)            No
transfer of a Trust Certificate (or interest therein) shall be permitted (nor shall a Trust Certificate be so held) if (i) it causes
the Issuer to be a Section 385 Controlled Partnership (i.e., 80 percent or more of the Issuer’s ownership interests are owned,
directly or indirectly, by one or more members of a Section 385 Expanded Group) that has an expanded group partner (within the meaning
of Treasury Regulation section 1.385-3(g)(12)) which is a Domestic Corporation and (ii) either (x) a member of such Section 385
Expanded Group owns any Notes or (y) a Section 385 Controlled Partnership of such Section 385 Expanded Group owns any
Notes (in the case of clause (x), unless such member, or in the case of clause (y), unless each member of the Section 385 Expanded
Group that is a partner in such Section 385 Controlled Partnership is a member of the consolidated group (as described in Treasury
Regulation section 1.1502-1(h)) which includes such Domestic Corporation). No transfer of a Trust Certificate (or interest therein) shall
be permitted (nor shall a Trust Certificate be so held) if (i) it results in the Issuer becoming disregarded as an entity separate
from a Domestic Corporation for U.S. federal income tax purposes and (ii) either (x) a member of a Section 385 Expanded
Group that includes such Domestic Corporation owns any Notes or (y) a Section 385 Controlled Partnership of such Section 385
Expanded Group owns any Notes (in the case of clause (x), unless such member, or in the case of clause (y), unless each member of the
Section 385 Expanded Group that is a partner in such Section 385 Controlled Partnership is a member of the consolidated group
(as described in Treasury Regulation section 1.1502-1(h)) which includes such Domestic Corporation).

 

Section 3.05. Mutilated, Destroyed, Lost
or Stolen Trust Certificates. If (i) any mutilated Trust Certificate is surrendered to the Certificate Registrar, or the Certificate
Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Trust Certificate and (ii) there is delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to a Responsible Officer of the Owner Trustee that such Trust Certificate has been acquired by a bona
fide purchaser, the Owner Trustee on behalf of the Issuer shall execute and the Owner Trustee or its Authenticating Agent shall authenticate
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate in
an authorized denomination and of a like original certificate balance. In connection with the issuance of any new Trust Certificate under
this Section, the Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith. Any duplicate Trust Certificate issued pursuant to this Section shall constitute conclusive evidence
of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at
any time.

 

Section 3.06. Persons Deemed Certificateholders.
Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar, any Paying
Agent and any of their respective agents may treat the Person in whose name any Trust Certificate is registered as the owner of such
Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and
none of the Owner Trustee, the Certificate Registrar, any Paying Agent or any of their respective agents shall be affected by any notice
to the contrary.

 

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Section 3.07. Access to List of Certificateholders’
Names and Addresses. The Certificate Registrar shall furnish or cause to be furnished to the Servicer and the Depositor, within fifteen
(15) days after receipt by the Certificate Registrar of a written request therefor from the Servicer or the Depositor, a list, in such
form as the Servicer or the Depositor may reasonably require, of the names and addresses of the Certificateholders as of the most recent
Record Date. If three or more Certificateholders, or one or more Certificateholders evidencing not less than 51% of the Percentage Interests
of the Trust Certificates (hereinafter referred to as the “Applicants”), apply in writing to the Certificate Registrar,
and such application states that the Applicants desire to communicate with other Certificateholders with respect to their rights under
this Agreement or under the Trust Certificates, then the Certificate Registrar shall, within five (5) Business Days after the receipt
of such application, afford such Applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder,
by receiving and holding a Trust Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar
or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information
was derived.

 

Section 3.08. Maintenance of Office or
Agency. The Trust shall maintain an office or offices or agency or agencies where Trust Certificates may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Owner Trustee or its agent in respect of the Trust Certificates
and the Basic Documents may be served. The Owner Trustee initially designates its Corporate Trust Office as its office for such purposes.
The Owner Trustee shall give prompt written notice to the Depositor and to the Certificateholders of any change in the location of the
Certificate Register or any such office or agency.

 

Section 3.09. Appointment of Paying Agent.
The Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Sections 5.02 and
5.03 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw
funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Owner Trustee may
revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have
failed to perform its obligations under this Agreement in any material respect. The Owner Trustee shall act as the initial Paying Agent.
Each Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Owner Trustee. In the
event that the Owner Trustee shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent
(which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed
by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying
Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all
sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until
such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal
of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 7.01,
7.03, 7.04, 8.01 and 8.02 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall act
as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires otherwise.

 

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Section 3.10. Definitive Trust Certificates.
The Trust Certificates, upon original issuance, will be issued in definitive, fully registered form.

 

Section 3.11. Repayment of Trust Certificates.
In the event of an optional purchase pursuant to Section 8.01(a) of the Sale and Servicing Agreement, the Trust Certificates
will be prepaid in whole, but not in part, at an aggregate prepayment price equal to the aggregate Certificate Balance of all the Trust
Certificates plus accrued interest thereon at the Certificate Rate.

 

ARTICLE Four

 

ACTIONS BY OWNER TRUSTEE

 

Section 4.01. Prior Notice to Certificateholders
with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, with respect to the following matters,
the Owner Trustee shall not take action unless at least thirty (30) days before the taking of such action, the Owner Trustee shall have
notified the Certificateholders in writing of the proposed action and the Certificateholders shall not have notified the Owner Trustee
in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided alternative
direction:

 

(a)            the
initiation of any claim or lawsuit by the Issuer (except claims or lawsuits brought in connection with the collection of the Receivables)
and the compromise of any action, claim or lawsuit brought by or against the Issuer (except with respect to the aforementioned claims
or lawsuits for collection of the Receivables);

 

(b)            the
election by the Issuer to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory
Trust Statute);

 

(c)            the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

 

(d)            the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interests of the Certificateholders;

 

(e)            the
amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders; or

 

(f)            the
appointment pursuant to the Indenture of a successor Note Registrar, paying agent for the Notes or Indenture Trustee or pursuant to this
Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent, Indenture
Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable.

 

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Section 4.02. Action by Certificateholders
with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, the Owner Trustee shall not have
the power, except upon the direction of the Certificateholders, to (i) remove the Administrator pursuant to Section 1.09 of
the Administration Agreement, (ii) appoint a successor Administrator pursuant to Section 1.09 of the Administration Agreement,
(iii) remove the Servicer pursuant to Section 7.01 of the Sale and Servicing Agreement, (iv) except as expressly provided
in the Basic Documents, sell the Receivables after the termination of the Indenture, or (v) authorize the merger or consolidation
of the Issuer with or into any other statutory trust or entity (other than in accordance with Section 3.10 of the Indenture). The
Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders.

 

Section 4.03. Action by Certificateholders
with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating
to the Issuer without the unanimous prior approval of all Certificateholders (including the Depositor, if the Depositor is a Certificateholder)
and the delivery to the Owner Trustee by each such Certificateholder of a certificate certifying that such Certificateholder reasonably
believes that the Issuer is insolvent.

 

Section 4.04. Restrictions on Certificateholders’
Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction
would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the other Basic Documents or would
be contrary to the purpose of the Issuer as set forth in Section 2.03, nor shall the Owner Trustee be obligated to follow any such
direction, if given.

 

Section 4.05. Majority Control. Except
as expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Certificateholders
evidencing not less than a majority of the Percentage Interests evidenced by the Trust Certificates. Except as expressly provided herein,
any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Certificateholders
evidencing not less than a majority of the Percentage Interests evidenced by the Trust Certificates at the time of the delivery of such
notice.

 

ARTICLE Five

 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

 

Section 5.01. Establishment of Trust Account.
The Owner Trustee, for the benefit of the Certificateholders, shall establish and maintain (or shall cause to be established and maintained)
in the name of the Issuer an Eligible Account (the “Certificate Distribution Account”), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the Certificateholders.

 

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The Issuer shall possess all right, title and
interest in funds on deposit from time to time in the Certificate Distribution Account and in the proceeds thereof. Except as otherwise
expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for
the benefit of the Certificateholders. If, at any time, the Owner Trustee ceases to be an Eligible Institution, the Owner Trustee (or
the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate
thereof) shall cause the Certificate Distribution Account to be moved to an Eligible Institution and shall transfer any cash to such
new Certificate Distribution Account. All amounts held in the Certificate Distribution Account will not be invested.

 

Section 5.02. Application of Trust Funds.

 

(a)            On
each Payment Date, the Paying Agent will distribute to Certificateholders, on the basis of the Percentage Interest evidenced by their
Trust Certificates, amounts deposited in the Certificate Distribution Account pursuant to Section 4.06 of the Sale and Servicing
Agreement with respect to such Payment Date.

 

(b)            On
each Payment Date, the Paying Agent shall send to each Certificateholder the statement or statements provided to the Owner Trustee by
the Servicer pursuant to Section 4.10 of the Sale and Servicing Agreement with respect to such Payment Date.

 

(c)            In
the event that any withholding tax is imposed on the Issuer’s payment (or allocations of income) to a Certificateholder, such tax
shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section. The Paying Agent will retain
from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the
Issuer (but such authorization shall not prevent the Owner Trustee or the Paying Agent from contesting any such tax in appropriate proceedings
and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings) upon the written direction of the
Depositor. The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such
Certificateholder at the time it is withheld by the Issuer and remitted to the appropriate taxing authority. If there is a possibility
that withholding tax is payable with respect to a distribution, the Paying Agent may in its sole discretion withhold such amounts in
accordance with this paragraph (c).

 

Section 5.03. Method of Payment. Subject
to Section 9.01(c) respecting the final payment upon retirement of each Trust Certificate, distributions required to be made
to Certificateholders on any Payment Date shall be made to each Certificateholder of record on the related Record Date by (i) wire
transfer, in immediately available funds, to the account of such Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five (5) Business
Days prior to such Payment Date, or (ii) if not, by check mailed to such Certificateholder at the address of such Certificateholder
appearing in the Certificate Register.

 

Section 5.04. No Segregation of Monies;
No Interest. Subject to Sections 5.01 and 5.02, monies received by the Owner Trustee or the Paying Agent hereunder need not be segregated
in any manner except to the extent required by law or the Sale and Servicing Agreement and may be deposited under such general conditions
as may be prescribed by law, and neither the Owner Trustee nor the Paying Agent shall be liable for any interest thereon.

 

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Section 5.05. Accounting and Reports to
Certificateholders, Internal Revenue Service and Others. The Owner Trustee shall maintain (or cause to be maintained) the books
of the Issuer on a fiscal year basis ending March 31 of each year and the accrual method of accounting. In addition, the Issuer
shall deliver to each Certificateholder such information, reports or statements prepared by the Administrator as may be required by the
Code and applicable Treasury Regulations and as may be required to enable each Certificateholder to prepare its U.S. federal and state
income tax returns and make such elections as from time to time may be required or appropriate under any applicable state or federal
statute or any rule or regulation thereunder so as to maintain the Issuer’s characterization for U.S. federal income tax purposes
as (i) disregarded as a separate entity from the Certificateholder or, (ii) if there is more than one Certificate Owner for
U.S. federal income tax purposes, a partnership. Consistent with the Issuer’s characterization for U.S. federal income tax purposes
as disregarded as an entity separate from the Certificateholder, no U.S. federal income tax return shall be filed on behalf of the Issuer
unless (i) there is more than one Certificate Owner for U.S. federal income tax purposes, (ii) the Owner Trustee shall receive
an Opinion of Counsel that, based on a change in applicable law occurring after the date hereof, the Code requires such a filing or (iii) the
Internal Revenue Service shall determine that the Issuer is required to file such a return. Neither the Owner Trustee nor any Certificateholder
will, under any circumstances, or at any time, make an election on IRS Form 8832 or otherwise, to classify the Trust as an association
(or a publicly traded partnership) taxable as a corporation for U.S. federal income, state and local income and franchise tax purposes.
In the event that the Issuer is required to file tax returns, the Owner Trustee shall, to the extent not undertaken by the Administrator
pursuant to the Administration Agreement, prepare or shall cause to be prepared any tax returns required to be filed by the Issuer and
shall remit such returns to the Depositor (or if the Depositor no longer owns any Certificates, the Certificateholder designated for
such purpose by the Depositor to the Owner Trustee in writing) at least five (5) days before such returns are due to be filed. The
Depositor (or such designee Certificateholder, as applicable) shall promptly sign such returns and deliver such returns after signature
to the Owner Trustee and such returns shall be filed by the Owner Trustee with the appropriate tax authorities. In no event shall the
Owner Trustee or the Depositor (or such designee Certificateholder, as applicable) be liable for any liabilities, costs or expenses of
the Issuer or the Noteholders arising out of the application of any tax law, including U.S. federal income, state and local income and
franchise tax (or any interest, penalty or addition with respect thereto or arising from a failure to comply therewith) except for any
such liability, cost or expense attributable to any act or omission by the Owner Trustee or the Depositor (or such designee Certificateholder,
as applicable), as the case may be, in breach of its obligations under this Agreement.

 

The Depositor is authorized and directed to execute
on behalf of the Issuer, and after execution to deliver to the Administrator for filing with the Commission, all documents and forms
required to be filed in accordance with applicable law or the rules and regulations prescribed by the Commission.

 

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Section 5.06. Audit Procedure.

 

(a)            In
the event that the Issuer is classified as a partnership for U.S. federal income tax purposes, the Depositor (or a U.S. affiliate of
the Depositor if the Depositor is ineligible) is hereby designated as the partnership representative under Section 6223(a) of
the Code, and any corresponding provision of state law (and as the tax matters partner for any applicable state tax purposes), to the
extent allowed under the law (including working with the Depositor to designate any designated individual required under the law). The
Issuer shall (or the Depositor shall cause the Issuer to, or the Depositor shall instruct the Owner Trustee on behalf of the Issuer to),
to the extent eligible, make the election under Section 6221(b) of the Code, and any corresponding provision of state law,
with respect to determinations of adjustments at the partnership level and take any other action such as disclosures and notifications
necessary to effectuate such election. If the election described in the preceding sentence is not available, to the extent applicable,
the Issuer shall (or the Depositor shall cause the Issuer to, or the Depositor shall instruct the Owner Trustee on behalf of the Issuer
to) make the election under Section 6226(a) of the Code, and any corresponding provision of state law, with respect to the
alternative to payment of imputed underpayment by partnership and take any other action such as filings, disclosures and notifications
necessary to effectuate such election. Notwithstanding the foregoing, the Issuer and Depositor are each authorized, each in its sole
discretion, to make any available election related to Sections 6221 through 6241 of the Code, and any corresponding provisions of state
law, and take any action it deems necessary or appropriate to comply with the requirements of the Code and conduct the Issuer’s
affairs under Sections 6221 through 6241 of the Code, and any corresponding provisions of state law. Each Certificateholder and, if different,
each Certificate Owner shall promptly provide the Issuer, Depositor and Owner Trustee any requested information, documentation or material
to enable the Issuer to make any of the elections described in this clause (c) and otherwise comply with Sections 6221 through 6241
of the Code and any corresponding provisions of state law. Each Certificate Owner shall hold the Issuer and its affiliates harmless for
any expenses or losses (i) resulting from a Certificate Owner not properly taking into account or paying its allocated adjustment
or liability under Section 6226 of the Code, and any corresponding provision of state law, and (ii) it may suffer attributable
to the management or defense of an audit under Sections 6221 through 6241 of the Code, and any corresponding provisions of state law,
or otherwise suffered due to actions it takes with respect to and to comply with the rules under Sections 6221 through 6241 of the
Code, and any corresponding provisions of state law.

 

(b)            Certificateholder
Information. (A) Each Certificateholder shall provide to the Owner Trustee and the Depositor any further information required
by the Issuer to comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code, and any corresponding
provisions of state law, and (B) if the Certificateholder is not the Certificate Owner, the Certificate Owner shall provide to the
Owner Trustee and the Depositor any further information required by the Issuer to comply with Sections 6221 through 6241 of the Code,
including Section 6226(a) of the Code, and any corresponding provisions of state law, and, to the extent the Issuer determines
such appointment necessary for it to make an election under Section 6226(a) of the Code, and any corresponding provision of
state law, hereby appoints the Depositor as its agent for purposes of receiving any notifications or information pursuant to the notice
requirements under Section 6226(a)(2) of the Code, and any corresponding provision of state law.

 

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ARTICLE Six

 

AUTHORITY AND DUTIES OF OWNER TRUSTEE

 

Section 6.01. General Authority. Subject
to the provisions and limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and directed to execute and deliver the
Basic Documents to which the Issuer is to be a party and each certificate or other document attached as an exhibit to or contemplated
by the Basic Documents to which the Issuer is to be a party and any amendment or other agreement, as evidenced conclusively by the Owner
Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take
all actions required of the Issuer pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take
such action as the Administrator recommends with respect to the Basic Documents.

 

Section 6.02. General Duties. Subject
to the provisions and limitations of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to discharge (or cause to be discharged)
all of its responsibilities pursuant to the terms of this Agreement and the other Basic Documents to which the Issuer is a party and
to administer the Issuer in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions
of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the other Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform any
act or to discharge any duty of the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be held liable
for the default or failure of the Administrator to carry out its obligations under the Administration Agreement.

 

Section 6.03. Action Upon Instruction.

 

(a)            Subject
to Article Four, in accordance with the terms of the Basic Documents, the Certificateholders may by written instruction direct the
Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders
pursuant to Article Four.

 

(b)            The
Owner Trustee shall not be required to take any action hereunder or under any other Basic Document if the Owner Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee
or is contrary to the terms hereof or of any other Basic Document or is otherwise contrary to law.

 

(c)            Whenever
the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or under
any other Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances)
to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in
good faith in accordance with any written instruction of the Certificateholders received, the Owner Trustee shall not be liable on account
of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within ten (10) days of such
notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances)
it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement and the other Basic
Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such
action or inaction.

 

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(d)            In
the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any other Basic Document or any
such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the
event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that
the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall
be appropriate under the circumstances) to the Certificateholders requesting instruction and, to the extent that the Owner Trustee acts
or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account
of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within ten (10) days
of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances)
it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the other Basic
Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such
action or inaction.

 

Section 6.04. No Duties Except as Specified
in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect
to, register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any
action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided
by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.03;
and no implied duties or obligations shall be read into this Agreement or any other Basic Document against the Owner Trustee. The Owner
Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any Commission filing
for the Issuer or to record this Agreement or any other Basic Document. The Owner Trustee nevertheless agrees that it will, at its own
cost and expense, promptly take all action as may be necessary to discharge any liens (other than the lien of the Indenture) on any part
of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or
the administration of the Owner Trust Estate.

 

Section 6.05. No Action Except Under Specified
Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of
the Owner Trust Estate except in accordance with (i) the powers granted to and the authority conferred upon the Owner Trustee pursuant
to this Agreement, (ii) the Basic Documents and (iii) any document or instruction delivered to the Owner Trustee pursuant to
Section 6.03.

 

Section 6.06. Restrictions. The Owner
Trustee shall not take any action (i) that is inconsistent with the purposes of the Issuer set forth in Section 2.03 or (ii) that,
to the actual knowledge of the Owner Trustee, would result in the Issuer’s becoming an association (or a publicly traded partnership)
taxable as a corporation for U.S. federal income and state and local income tax purposes. The Certificateholders shall not direct the
Owner Trustee to take action that would violate the provisions of this Agreement.

 

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Section 6.07. Covenants for Reporting
of Repurchase Demands due to Breaches of Representations and Warranties. The Owner Trustee shall, no later than the third Business
Day after the last day of each calendar month, provide notice to American Honda Finance Corporation and American Honda Receivables LLC
(each, a “Honda Party,” and together, the “Honda Parties”) in the form set forth as Exhibit E
hereto (or such other form or format as the Honda Parties may otherwise specify) of the request or any requests of (i) all demands
communicated to the Owner Trustee for the repurchase or replacement of any Receivable for breach of the representations and warranties
concerning such Receivable relating to the Issuer and (ii) any actions taken by the Owner Trustee with respect to such demand communicated
to the Owner Trustee in respect of any Receivables. In addition, the Owner Trustee shall, upon written request of either Honda Party,
at any time they reasonably feel necessary, provide notification to the Honda Parties with respect to any actions taken by the Owner
Trustee as soon as practicable and in any event within five (5) Business Days of receipt of such request. Such notices shall be
provided to the Honda Parties in accordance with Section 11.04(iv) of the Indenture. The Owner Trustee and the Issuer acknowledge
and agree that the purpose of this Section 6.07 is to facilitate compliance by the Honda Parties with Rule 15Ga-1 under the
Securities Exchange Act of 1934, as amended, and Items 1104(e), 1121(c) and 1125 of Regulation AB (the “Repurchase Rules and
Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations
may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the
asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable written requests (including email
in PDF format) made by the Honda Parties in good faith for delivery of information in its possession under these provisions on the basis
of evolving interpretations of the Repurchase Rules and Regulations. The Owner Trustee shall cooperate fully with the Honda Parties
to deliver any and all records and any other information in its possession and necessary in the good faith determination of the Honda
Parties to permit them to comply with the provisions of Repurchase Rules and Regulations. In no event shall the Owner Trustee have
any responsibility or liability in connection with any filing required to be made by a securitizer under the Repurchase Rules and
Regulations.

 

ARTICLE Seven

 

CONCERNING THE OWNER TRUSTEE AND THE DELAWARE
TRUSTEE

 

Section 7.01. Acceptance of Trusts and
Duties. Each of the Owner Trustee and the Delaware Trustee accepts the trusts hereby created and each agrees to perform its duties
hereunder with respect to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies
actually received by it constituting part of the Owner Trust Estate upon the terms of this Agreement and the other Basic Documents. Neither
the Owner Trustee nor the Delaware Trustee shall be answerable or accountable hereunder or under any other Basic Document under any circumstances,
except (i) for its own willful misconduct, bad faith or gross negligence or (ii) in the case of the inaccuracy of any representation
or warranty contained in Section 7.03 expressly made by the Owner Trustee or the Delaware Trustee, as applicable. In particular,
but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

 

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(a)            neither
the Owner Trustee nor the Delaware Trustee shall be liable for any error of judgment made in good faith by the Owner Trustee or the Delaware
Trustee;

 

(b)            neither
the Owner Trustee nor the Delaware Trustee shall be liable with respect to any action taken or omitted to be taken by it in accordance
with the instructions of the Administrator or any Certificateholder or Certificateholders;

 

(c)            no
provision of this Agreement or any other Basic Document shall require the Owner Trustee or the Delaware Trustee to expend or risk funds
or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any other Basic Document
if the Owner Trustee or the Delaware Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured or provided to it;

 

(d)            under
no circumstances shall the Owner Trustee or the Delaware Trustee be liable for indebtedness evidenced by or arising under any Basic Document,
including the principal of and interest on the Notes or the Trust Certificates;

 

(e)            neither
the Owner Trustee nor the Delaware Trustee shall be responsible for or in respect of the validity or sufficiency of this Agreement or
for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner
Trust Estate, or for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of authentication
on the Trust Certificates, and neither the Owner Trustee nor the Delaware Trustee shall in any event assume or incur any liability, duty
or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for in the Basic Documents;

 

(f)            neither
the Owner Trustee nor the Delaware Trustee shall be liable for the default or misconduct of the Administrator, the Seller, the Depositor,
the Indenture Trustee or the Servicer under any Basic Document or otherwise, and neither the Owner Trustee nor the Delaware Trustee shall
have any obligation or liability to perform the obligations of the Issuer under this Agreement or the other Basic Documents that are
required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer
or the Seller under the Sale and Servicing Agreement or any other Person under any of the Basic Documents;

 

(g)            neither
the Owner Trustee nor the Delaware Trustee shall be under any obligation to exercise any of the rights or powers vested in it by this
Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any
other Basic Document, at the request, order or direction of any of the Certificateholders, unless such Certificateholders have offered
to the Owner Trustee or the Delaware Trustee, as applicable, security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Owner Trustee or the Delaware Trustee, as applicable, therein or thereby; the right of the Owner
Trustee and the Delaware Trustee to perform any discretionary act enumerated in this Agreement or in any other Basic Document shall not
be construed as a duty, and neither the Owner Trustee nor the Delaware Trustee shall be answerable for other than its gross negligence,
bad faith or willful misconduct in the performance of any such act;

 

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(h)            in
no event shall the Owner Trustee or the Delaware Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, by Force Majeure; it being understood that the Owner Trustee
or the Delaware Trustee, as applicable, shall use reasonable efforts which are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances; and

 

(i)            in
no event shall the Owner Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage (including,
but not limited to, loss of profit).

 

Section 7.02. Furnishing of Documents.

 

The Owner Trustee shall furnish to the Certificateholders,
promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial
statements and any other instruments furnished to the Owner Trustee under the Basic Documents.

 

Section 7.03. Representations and Warranties
of the Owner Trustee and the Delaware Trustee. (1) The Owner Trustee hereby represents and warrants to the Depositor and the
Certificateholders, that:

 

(a)            it
is a New York banking corporation duly organized and validly existing under the laws of the State of New York; it has all requisite corporate
power and authority to execute, deliver and perform its obligations under this Agreement;

 

(b)            it
has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be
executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf; and

 

(c)            neither
the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor compliance
by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing
the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter
documents or bylaws; and

 

(d)            this
Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner Trustee in accordance
with its terms, except as such enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation,
fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights in general and by general principles
of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or in law; and

 

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(e)            the
execution, delivery and performance by the Owner Trustee of this Agreement and the consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, nor
constitute (with or without notice or lapse of time) a default under, the charter documents or bylaws of the Owner Trustee; nor result
in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other
instrument (other than pursuant to the Basic Documents); and

  

(f)            there
are no proceedings or investigations pending or, to the Owner Trustee’s actual knowledge, threatened, before any court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Owner Trustee or its properties: (i) asserting
the invalidity of this Agreement or (ii) seeking any determination or ruling that might materially and adversely affect the validity
or enforceability of this Agreement.

 

(2)            The
Delaware Trustee hereby represents and warrants to the Depositor and the Certificateholders that:

 

(a)            it
is a Delaware banking corporation duly organized and validly existing under the laws of the State of Delaware; it has all requisite corporate
power and authority to execute, deliver and perform its obligations under this Agreement;

 

(b)            it
has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be
executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf; and

 

(c)            neither
the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor compliance
by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing
the banking or trust powers of the Delaware Trustee or any judgment or order binding on it, or constitute any default under its charter
documents or bylaws; and

 

(d)            this
Agreement constitutes a legal, valid and binding obligation of the Delaware Trustee, enforceable against the Delaware Trustee in accordance
with its terms, except as such enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation,
fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights in general and by general principles
of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or in law; and

 

(e)            the
execution, delivery and performance by the Delaware Trustee of this Agreement and the consummation of the transactions contemplated by
this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions
of, nor constitute (with or without notice or lapse of time) a default under, the charter documents or bylaws of the Delaware Trustee;
nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement
or other instrument (other than pursuant to the Basic Documents); and

 

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(f)            there
are no proceedings or investigations pending or, to the Delaware Trustee’s actual knowledge, threatened, before any court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Delaware Trustee or its properties: (i) asserting
the invalidity of this Agreement or (ii) seeking any determination or ruling that might materially and adversely affect the performance
by the Delaware Trustee of its obligations under, or the validity or enforceability of, this Agreement.

 

Section 7.04. Reliance, Advice of Counsel.

 

(a)            The
Owner Trustee and the Delaware Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution,
request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it
to be signed by the proper party or parties. The Owner Trustee or the Delaware Trustee may accept a certified copy of a resolution of
the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted
by such body and that the same is in full force and effect. As to any fact or matter the method of determination of which is not specifically
prescribed herein, the Owner Trustee or the Delaware Trustee may for all purposes hereof rely on a certificate, signed by the president
or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter, and such certificate
shall constitute full protection to the Owner Trustee or the Delaware Trustee, for any action taken or omitted to be taken by it in good
faith in reliance thereon.

 

(b)            In
the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement and
the other Basic Documents, the Owner Trustee and the Delaware Trustee (i) may act directly or through its respective agents or attorneys
pursuant to agreements entered into with any of them, and the Owner Trustee and the Delaware Trustee, as applicable, shall not be liable
for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee or
the Delaware Trustee, as applicable, with reasonable care, and (ii) may consult with counsel, accountants and other skilled persons
to be selected with reasonable care and employed by it. The Owner Trustee and the Delaware Trustee shall not be liable for anything done,
suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such
persons and not contrary to this Agreement or any other Basic Document.

 

Section 7.05. Not Acting in Individual
Capacity. Except as otherwise provided in this Article, in accepting the trusts hereby created, each of The Bank of New York Mellon
and BNY Mellon Trust of Delaware is acting solely as Owner Trustee and Delaware Trustee, respectively, hereunder and not in its individual
capacity, and all Persons having any claim against the Owner Trustee or the Delaware Trustee by reason of the transactions contemplated
by this Agreement or any other Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof.

 

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Section 7.06. Owner Trustee and Delaware
Trustee Not Liable for Trust Certificates or Receivables. The recitals contained herein and in the Trust Certificates (other than
the signature of the Owner Trustee and the certificate of authentication on the Trust Certificates) shall be taken as the statements
of the Depositor, and the Owner Trustee and the Delaware Trustee assume no responsibility for the correctness thereof. The Owner Trustee
and the Delaware Trustee make no representations as to the validity or sufficiency of this Agreement, any other Basic Document or the
Trust Certificates (other than the signature of the Owner Trustee and the certificate of authentication on the Trust Certificates and
the representations and warranties in Section 7.03) or the Notes, or of any Receivable or related documents. The Owner Trustee and
the Delaware Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability
of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance
of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the
payments to be distributed to Certificateholders under this Agreement or the Noteholders under the Indenture, including, without limitation,
the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence
and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the Issuer
or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance
by the Depositor or the Servicer with any warranty or representation made under any Basic Document or in any related document or the
accuracy of any such warranty or representation, or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer
taken in the name of the Owner Trustee or the Delaware Trustee.

  

Section 7.07. Owner Trustee or Delaware
Trustee May Own Trust Certificates and Notes. Each of the Owner Trustee and the Delaware Trustee in its individual or any other
capacity may become the owner or pledgee of Trust Certificates or Notes and may deal with the Depositor, the Administrator, the Indenture
Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee or the Delaware Trustee,
respectively.

 

Section 7.08. Duties of the Delaware Trustee.
The Delaware Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the
requirement of Section 3807(a) of the Statutory Trust Statute that the Trust have at least one trustee with a principal place
of business in Delaware. It is understood and agreed by the parties hereto that the Delaware Trustee shall have none of the duties or
liabilities of the Owner Trustee. The duties of the Delaware Trustee shall be limited to (a) accepting legal process served on the
Trust in the State of Delaware and (b) the execution of any certificates required to be filed with the Secretary of State of the
State of Delaware which the Delaware Trustee is required to execute under Section 3811 of the Statutory Trust Statute. To the extent
that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust,
the beneficial owners thereof or any other person, it is hereby understood and agreed by the other parties hereto that such duties and
liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly set forth in this Section 7.08. The Delaware
Trustee shall have all the rights, privileges and immunities of the Owner Trustee.

 

ARTICLE Eight

 

compensation
of owner trustee and the delaware trustee

 

Section 8.01. Owner Trustee’s and
Delaware Trustee’s Fees and Expenses. Each of the Owner Trustee and the Delaware Trustee shall receive as compensation for
its services hereunder such fees as have been separately agreed upon before the date hereof between the Depositor and the Owner Trustee
and the Depositor and the Delaware Trustee, respectively, and upon the formation of the Issuer, each of the Owner Trustee and the Delaware
Trustee shall be entitled to be reimbursed by the Issuer for its other reasonable expenses hereunder, including the reasonable compensation,
expenses and disbursements of such agents, representatives, experts and counsel as each of the Owner Trustee and the Delaware Trustee
may employ in connection with the exercise and performance of its rights and its duties hereunder.

 

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Section 8.02. Indemnification. The
Issuer shall, or shall cause the Administrator to, indemnify each of the Owner Trustee, the Delaware Trustee, the Paying Agent, the Certificate
Registrar, any Authenticating Agent and any co-trustee and their respective officers, directors, employees and agents (each, an “Indemnified
Party”) against any and all loss, liability or expense (including reasonable attorney’s fees and expenses) incurred by
such Indemnified Party in connection with the administration of the Issuer and the performance of its duties hereunder not resulting
from its own willful misconduct, gross negligence or bad faith. Any Indemnified Party seeking indemnity in respect of any such claim
shall notify the Issuer and the Administrator promptly of such claim. The indemnities contained in this Section shall survive the
resignation or termination of the Owner Trustee, the Delaware Trustee or the termination of this Agreement. In the event of any claim,
action or proceeding for which indemnity will be sought pursuant to this Section, the Owner Trustee’s or the Delaware Trustee’s
choice of legal counsel shall be subject to the approval of the Depositor (or if the Depositor is no longer an owner, the designee of
the Depositor), which approval shall not be unreasonably withheld. Neither the Issuer nor the Administrator need reimburse any expense
or indemnify against any loss, liability or expense incurred by any Indemnified Party (1) through such party’s own willful
misconduct, gross negligence or bad faith or (2) in the case of the inaccuracy of any representation or warranty contained in Sections
7.03 expressly made by the Owner Trustee or the Delaware Trustee, as applicable. The Indemnified Parties’ right to indemnification
shall include any reasonable legal fees, costs and expenses incurred in connection with any enforcement (including any action, claim,
suit, arbitration or mediation brought) by an Indemnified Party of any indemnification or other obligation of the Issuer, the Servicer,
the Administrators, the Noteholders or the Note Owners.

 

Section 8.03. Payments to the Owner Trustee
and to the Delaware Trustee. Any amounts paid to the Owner Trustee and to the Delaware Trustee pursuant to this Article shall
be deemed not to be a part of the Owner Trust Estate immediately after such payment. Any amounts owing to the Owner Trustee under this
Agreement or the other Basic Documents shall constitute a claim against the Owner Trust Estate.

 

ARTICLE Nine

 

TERMINATION OF TRUST AGREEMENT

 

Section 9.01. Termination of Trust Agreement.

 

(a)            The
Issuer shall dissolve immediately prior to the earlier to occur of (i) the purchase on any Payment Date by the Servicer, or any
successor Servicer, at its option, pursuant to Section 8.01(a) of the Sale and Servicing Agreement, of the Owner Trust Estate
other than the Accounts and the Certificate Distribution Account, (ii) the final distribution by the Owner Trustee of all monies
or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement
and Article Five, or (iii) the Payment Date next succeeding the month which is one year after the maturity or other liquidation
of the last Receivable and the disposition of any amount received upon liquidation of any property remaining in the Owner Trust Estate.
The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement
or the Issuer, (ii) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any
action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Owner Trust Estate or (iii) otherwise
affect the rights, obligations and liabilities of the parties hereto. The Issuer shall be entitled to deduct from the final distribution
to Certificateholders any amounts required to pay any other claims against and obligations of the Issuer in accordance with Section 3808(e) of
the Statutory Trust Statute.

 

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(b)            Except
as provided in Section 9.01(a), neither of the Depositor nor any Certificateholder shall be entitled to revoke or terminate the
Issuer.

 

(c)            The
outstanding Trust Certificates are subject to redemption in whole, but not in part, pursuant to Section 8.01 of the Sale and Servicing
Agreement; provided that the Issuer has available funds sufficient to pay the aggregate Certificate Balance of all the Trust Certificates,
together with accrued interest at the Certificate Rate to but excluding the Payment Date. Notice of any termination of the Issuer, specifying
the Payment Date upon which Certificateholders shall surrender their Trust Certificates to the Paying Agent for payment of the final
distribution and cancellation, shall be given by the Owner Trustee by letter to Certificateholders mailed within five (5) Business
Days of receipt of notice of such termination from the Servicer given pursuant to Section 8.01(b) of the Sale and Servicing
Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Trust Certificates shall be made upon
presentation and surrender of the Trust Certificates at the office of the Paying Agent therein designated, (ii) the amount of any
such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made
only upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein specified. The Owner Trustee
shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent (if other than the Owner Trustee)
at the time such notice is given to Certificateholders. Upon presentation and surrender of the Trust Certificates, the Paying Agent shall
cause to be distributed to Certificateholders amounts distributable on such Payment Date pursuant to Section 5.02. The Owner Trustee
shall promptly notify the Administrator (who shall make such notice available to each Rating Agency pursuant to Section 1.02(c) of
the Administration Agreement) upon the final payment of the Trust Certificates.

 

(d)            In
the event that all of the Certificateholders shall not surrender their Trust Certificates for cancellation within six months after the
date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders
to surrender their Trust Certificates for cancellation and receive the final distribution with respect thereto. If within one year after
the second notice all the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate
steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Trust
Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject
to applicable escheat laws, any funds remaining in the Issuer after exhaustion of such remedies shall be distributed by the Owner Trustee
to the Depositor, in its capacities as Depositor and as Certificateholder.

  

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(e)            Upon
the winding up of the Issuer, the Owner Trustee shall, upon the direction and at the expense of the Depositor, cause the Certificate
of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with Section 3810 of
the Statutory Trust Statute. Upon the filing of the certificate of cancellation, the Issuer and this Agreement (other than Article 8)
shall terminate and be of no further force or effect.

 

ARTICLE Ten

 

SUCCESSOR AND ADDITIONAL OWNER TRUSTEES

 

Section 10.01. Eligibility Requirements
for Owner Trustee and Delaware Trustee. The Owner Trustee shall at all times (i) maintain its principal place of business in
the State of New York or such other location within the United States to which the Depositor shall consent in writing, (ii) be authorized
to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $50,000,000, (iv) be subject to supervision
or examination by federal or state authorities and (v) have the Required Rating. If such person shall publish reports of condition
at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of
this Section, the combined capital and surplus of such person shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. The Delaware Trustee shall at all times be a Person satisfying the provisions of Section 3807(a) of
the Statutory Trust Statute. In case at any time the Owner Trustee or the Delaware Trustee, as applicable, shall cease to be eligible
in accordance with the provisions of this Section, the Owner Trustee or the Delaware Trustee, as applicable, shall resign immediately
in the manner and with the effect specified in Section 10.02.

 

Section 10.02. Resignation or Removal
of Owner Trustee or Delaware Trustee. The Owner Trustee or Delaware Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall
promptly appoint a successor Owner Trustee or Delaware Trustee, as applicable, by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee or Delaware Trustee, as applicable, and one copy to the successor Owner
Trustee or Delaware Trustee, as applicable. If no successor Owner Trustee or Delaware Trustee, as applicable, shall have been so appointed
and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee or
Delaware Trustee, as applicable, may petition at the Issuer’s expense any court of competent jurisdiction for the appointment of
a successor Owner Trustee or Delaware Trustee, as applicable.

 

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If at any time the Owner Trustee or Delaware Trustee,
as applicable, shall cease to be eligible in accordance with Section 10.01 and shall fail to resign after 31 days prior written
request therefor by the Administrator, or if at any time the Owner Trustee or Delaware Trustee, as applicable, shall be legally unable
to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or Delaware Trustee, as applicable, of either
of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or Delaware Trustee or of
either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove
the Owner Trustee or Delaware Trustee, as applicable. If the Administrator shall remove the Owner Trustee or Delaware Trustee, as applicable,
under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee or Delaware
Trustee, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee
or Delaware Trustee, as applicable, so removed and one copy to the successor Owner Trustee or Delaware Trustee, as applicable, and shall
pay all fees and expenses owed to the outgoing Owner Trustee or Delaware Trustee, as applicable.

  

Any resignation or removal of the Owner Trustee
or Delaware Trustee, as applicable, and appointment of a successor Owner Trustee or Delaware Trustee, as applicable, pursuant to any
of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee or Delaware
Trustee, as applicable, pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee or Delaware
Trustee, as applicable. The Administrator shall provide notice of such resignation or removal of the Owner Trustee or Delaware Trustee,
as applicable, to each Rating Agency pursuant to Section 1.02(c) of the Administration Agreement.

 

Section 10.03. Successor Owner Trustee
or Delaware Trustee. Any successor Owner Trustee or Delaware Trustee, as applicable, appointed pursuant to Section 10.02 shall
execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee or Delaware Trustee, as applicable, an instrument
accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee or Delaware
Trustee, as applicable, shall become effective, and such successor Owner Trustee or Delaware Trustee, as applicable, without any further
act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this
Agreement, with like effect as if originally named as Owner Trustee or Delaware Trustee, as applicable. The predecessor Owner Trustee
or Delaware Trustee, as applicable, shall upon payment of its fees and expenses deliver to the successor Owner Trustee or Delaware Trustee,
as applicable, all documents and statements and monies held by it under this Agreement and the Administrator and the predecessor Owner
Trustee or Delaware Trustee, as applicable, shall execute and deliver such instruments and do such other things as may reasonably be
required for fully and certainly vesting and confirming in the successor Owner Trustee or Delaware Trustee, as applicable, all such rights,
powers, duties and obligations.

 

No successor Owner Trustee or Delaware Trustee,
as applicable, shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee
or Delaware Trustee, as applicable, shall be eligible pursuant to Section 10.01.

 

Upon acceptance of appointment by a successor
Owner Trustee or Delaware Trustee, as applicable, pursuant to this Section, the Administrator shall mail notice thereof to all Certificateholders,
the Indenture Trustee and the Noteholders; and, in the case of each Rating Agency, shall make such notice available pursuant to Section 1.02(c) of
the Administration Agreement. If the Administrator shall fail to mail such notice within ten (10) days after acceptance of such
appointment by the successor Owner Trustee or Delaware Trustee, as applicable, the successor Owner Trustee or Delaware Trustee, as applicable,
shall cause such notice to be mailed at the expense of the Administrator.

 

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Section 10.04. Merger or Consolidation
of Owner Trustee or Delaware Trustee. Any Person into which the Owner Trustee or Delaware Trustee, as applicable, may be merged or
converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner
Trustee or Delaware Trustee, as applicable, shall be a party, or any Person succeeding to all or substantially all of the corporate trust
business of the Owner Trustee or Delaware Trustee, as applicable, shall be the successor of the Owner Trustee or Delaware Trustee, as
applicable, hereunder, without the execution or filing of any instrument or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided, that such Person shall be eligible pursuant to Section 10.01 and, provided,
further, that the Owner Trustee or Delaware Trustee, as applicable, shall mail notice of such merger or consolidation to the Administrator
(who shall make such notice available to each Rating Agency pursuant to Section 1.02(c) of the Administration Agreement).

 

Section 10.05. Appointment of Co-Trustee
or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements
of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator
and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons
approved by the Administrator and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or separate
trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Trust or any
part thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator
and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within fifteen
(15) days after the receipt by it of a request to do so, the Owner Trustee alone shall have the power to make such appointment. The Owner
Trustee agrees that upon receipt of a written request from the Administrator to appoint a co-trustee, it will, at the expense of the
Issuer, either (i) promptly provide evidence reasonably satisfactory to the Administrator that such co-trustee is not required or
(ii) cooperate fully to ensure a co-trustee is appointed with any required timeframe. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor Owner Trustee pursuant to Section 10.01, except that
such co-trustee or successor trustee shall have the Required Rating, and no notice of the appointment of any co-trustee or separate trustee
shall be required pursuant to Section 10.03.

 

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

 

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

 

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(b)            no
trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and

 

(c)            the
Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

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

 

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

 

ARTICLE Eleven

 

MISCELLANEOUS

 

Section 11.01. Amendments.

 

(a)            Any
term or provision of this Agreement may be amended by the parties hereto but without the consent of any Securityholders, the Issuer or
any other Person if the Depositor delivers an Opinion of Counsel to the Indenture Trustee and the Owner Trustee to the effect that such
amendment will not materially and adversely affect the interests of the Securityholders whose written consent has not been obtained.

 

(b)            This
Agreement may also be amended from time to time by the parties hereto, with prior notice to the Indenture Trustee, the written consent
of the Certificateholders evidencing not less than a majority of the Percentage Interests evidenced by the Trust Certificates and, if
such amendment materially and adversely affects the interests of the Noteholders, with the consent of Noteholders (as such term is defined
in the Indenture) evidencing not less than a majority of the Outstanding Amount of the Notes, for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders
or the Certificateholders; provided, however, that no such amendment shall (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be
made for the benefit of the Noteholders or the Certificateholders, (ii) increase or reduce any Interest Rate or Certificate Rate
or (iii) reduce the aforesaid percentage of the Outstanding Amount of the Notes or of the Percentage Interests evidenced by the
Trust Certificates required to consent to any such amendment, without the consent of the Noteholders and Certificateholders of all the
outstanding Notes and Trust Certificates affected thereby.

 

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(c)            Any
term or provision of this Agreement may also be amended from time to time by the Depositor, for the purpose of conforming the terms of
this Agreement to the description thereof in the Prospectus, without the consent of the Trustees, any Securityholders, the Issuer or
any other Person.

 

(d)            Promptly
after the execution of any such amendment, the Depositor shall furnish written notification of the substance of such amendment to the
Indenture Trustee and the Administrator (who shall make such notice available to each Rating Agency pursuant to Section 1.02(c) of
the Administration Agreement). It shall not be necessary for the consent of Securityholders or Trustees pursuant to this Section to
approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any
other Basic Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable
requirements as the Owner Trustee may prescribe.

 

(e)            No
amendment that adversely affects the Trustees shall be effective without the prior written consent of the party adversely affected. The
Trustees may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s, the Delaware Trustee’s
or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise.

 

(f)            Promptly
after the execution of any such amendment, the Owner Trustee shall furnish written notification of the substance of such amendment or
consent to each Certificateholder. Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall
cause the filing of such amendment with the Secretary of State.

 

(g)            In
connection with the execution of any amendment to this Agreement or any other basic Document to which the Issuer is a party and for which
amendment the Owner Trustee’s or the Delaware Trustee’s consent is sought, the Owner Trustee and the Delaware Trustee shall
be entitled to receive and rely upon an Opinion of Counsel to the effect that the execution of such amendment is authorized or permitted
by this Agreement or such other Basic Document, as the case may be, and that all conditions precedent in this Agreement or such other
Basic Document, as the case may be, for the execution and delivery thereof by the Issuer or the Owner Trustee, as the case may be, have
been satisfied.

 

    29 
 

     

    

 

Section 11.02. No Legal Title to the Owner
Trust Estate for the Certificateholder. The Certificateholder shall not have legal title to any part of the Owner Trust Estate. The
Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance
with Articles Five and Nine. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders
to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle
any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

  

Section 11.03. Limitations on Rights of
Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Delaware Trustee, the Indemnified Parties,
the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the
Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions
contained herein.

 

Section 11.04. Notices.

 

(a)            Unless
otherwise expressly specified or permitted by the terms hereof, all demands, notices and communications under this Agreement shall be
in writing, personally delivered, mailed by electronic mail (if an address therefore has been provided by the respective party in writing),
mailed by certified mail, return receipt requested, delivered by overnight delivery service, or sent as a scanned image or sent via facsimile
transmission and shall be deemed to have been duly given upon receipt at the address for such party set forth on Schedule A to the Sale
and Servicing Agreement or at such other address as shall be designated by such party in a written notice to each other party.

 

(b)            Any
notice required or permitted to be given to a Certificateholder shall be given by overnight delivery or first-class mail, postage prepaid,
at the address of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this
Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

 

(c)            The
Owner Trustee hereby agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured e-mail, pdf,
facsimile transmission or other similar unsecured electronic methods, provided, however, that the Owner Trustee shall have
received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures
of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted
from the listing. If such party sending such instruction or direction elects to give the Owner Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Owner Trustee in its discretion elects to act upon such instructions, the Owner
Trustee’s understanding of such instructions shall be deemed controlling. The Owner Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Owner Trustee’s reliance upon and compliance with such instructions notwithstanding
such instructions conflict or are inconsistent with a subsequent written instruction. The party sending such instruction or direction
agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Owner Trustee,
including without limitation the risk of the Owner Trustee acting on unauthorized instructions, and the risk of interception and misuse
by third parties.

 

    30 
 

     

    

  

Section 11.05. Severability. If any
one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then
such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms
of this Agreement and shall in no way affect the validity or enforceability of the other covenants, agreements, provisions or terms of
this Agreement or of the Trust Certificates or the rights of the Certificateholders.

 

Section 11.06. Separate Counterparts;
Electronic Transmission.

 

(a)            This
Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature
page of this Agreement by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed
signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be
signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and
as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act or any other similar
state laws based on the Uniform Electronic Transactions Act.

 

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

 

Section 11.07. Successors and Assigns.
All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Depositor and its permitted
assigns, the Owner Trustee and its successors, the Delaware Trustee and its successors, and each Certificateholder and its successors
and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder
shall bind the successors and assigns of such Certificateholder.

 

    31 
 

     

    

  

Section 11.08. No Petition. The Owner
Trustee and the Delaware Trustee, by entering into this Agreement, each Certificateholder, by accepting a Trust Certificate, and the
Indenture Trustee and each Noteholder, by accepting the benefits of this Agreement, each hereby covenants and agrees that it will not
at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Trust
Certificates, the Notes, this Agreement or any other Basic Document.

 

Section 11.09. No Recourse. Each Certificateholder
by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in
the Issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner
Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties
or their assets, except as may be expressly set forth or contemplated in the Trust Certificates, this Agreement or any other Basic Document.

 

Section 11.10. Headings. The headings
of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

 

Section 11.11. Governing Law; Submission
to Jurisdiction. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO
ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

 

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

 

Section 11.12. Trust Certificates Nonassessable
and Fully Paid. Certificateholders shall not be personally liable for obligations of the Issuer. The interests represented by the
Trust Certificates shall be nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon the authentication
thereof by the Owner Trustee pursuant to Section 3.03, 3.04 or 3.05, the Trust Certificates are and shall be deemed fully paid.

 

    32 
 

     

    

 

Section 11.13. Depositor Payment Obligation.
The Depositor shall be responsible for payment of the Administrator’s compensation under the Administration Agreement and shall
reimburse the Administrator for all expenses and liabilities of the Administrator incurred thereunder. In addition, the Depositor shall
be responsible for the payment of all fees and expenses of the Issuer and the Trustees paid by any of them in connection with any of
their obligations under the Basic Documents to obtain or maintain any required license.

 

Section 11.14. Tax Treatment. Notwithstanding
the foregoing or anything herein to the contrary, all persons (and their respective employees, representatives or other agents) may disclose
to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transaction described herein and all
materials of any kind (including opinions or other tax analyses) that are provided to the recipient relating to such tax treatment and
tax structure.

 

Section 11.15. Waiver of Jury Trial.
Each of the parties hereto irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury
in any legal proceeding arising out of or relating to the transaction contemplated hereby.

 

Section 11.16. Communications with Rating
Agencies. If the Owner Trustee or the Delaware Trustee shall receive any written or oral communications from any Rating Agency (or
any of their respective officers, directors or employees) with respect to the transactions contemplated hereby or under the Basic Documents
or in any way relating to the Notes, the Owner Trustee or the Delaware Trustee, as applicable, agrees to coordinate with the Administrator
with respect to any communication received from a Rating Agency and further agrees that in no event shall the Owner Trustee or the Delaware
Trustee, as applicable, engage in any oral communication with respect to the substance of the transactions contemplated hereby or under
the Basic Documents or in any way relating to the Notes, with any Rating Agency (or any of their respective officers, directors or employees)
without the participation of the Administrator.

 

Neither the Owner Trustee nor the Delaware Trustee
will be responsible for delays attributable to the Administrator’s failure to deliver any information related to any communication
with a Rating Agency (with respect to this section, the “Information”), defects in the Information supplied to the Rating
Agency or Administrator or other circumstances beyond the control of the Owner Trustee or the Delaware Trustee, as applicable. In addition,
neither the Owner Trustee nor the Delaware Trustee shall be under any obligation to make any determination as to the veracity or applicability
of any Information provided to it, or whether any such Information is required to be maintained on a website or other public medium.

 

    33 
 

     

    

  

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

 

	 	AMERICAN HONDA
    RECEIVABLES LLC,
	 	as Depositor  
	 	 
	 	By:	/s/ Paul
    C. Honda 
	 	 	Name:   Paul
    C. Honda
	 	 	Title:     Treasurer
	 	 	 
	 	THE
    BANK OF NEW YORK MELLON,
	 	as Owner Trustee  
	 	 
	 	By:	/s/ Leslie Morales
	 	 	Name: Leslie Morales
	 	 	Title: Vice President
	 	 	 
	 	BNY MELLON TRUST
    OF DELAWARE,
	 	as Delaware Trustee  
	 	 
	 	By:	/s/ James Ambagis 
	 	 	Name: James Ambagis
	 	 	Title: President

  

    	 	S-1	HAROT 2022-2
 A&R Trust Agreement

     

    

 

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM. IN ADDITION, THE TRANSFER OF THIS
CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 3.04 OF THE TRUST AGREEMENT UNDER WHICH THIS
CERTIFICATE ISSUED (A COPY OF WHICH TRUST AGREEMENT IS AVAILABLE FROM THE OWNER TRUSTEE UPON REQUEST), INCLUDING RECEIPT BY THE
OWNER TRUSTEE OF AN INVESTMENT LETTER IN WHICH THE TRANSFEREE MAKES CERTAIN REPRESENTATIONS.

 

	NUMBER: R-1             Initial
    Certificate Balance: $26,992,920.07
	 
	HONDA AUTO RECEIVABLES 2022-2 OWNER TRUST
	 
	0.00% ASSET BACKED CERTIFICATE

 

evidencing a fractional undivided interest in the Issuer, as defined
below, the property of which includes a pool of retail installment sale or conditional sale contracts secured by new and used Honda and
Acura motor vehicles (including automobiles and light-duty trucks).

 

(This Trust Certificate does not represent an
interest in or obligation of American Honda Receivables LLC, American Honda Finance Corporation or any of their respective affiliates.)

 

THIS CERTIFIES THAT American Honda Receivables
LLC is the registered owner of a 100 percent nonassessable, fully-paid, undivided interest in the Honda Auto Receivables 2022-2
Owner Trust (the “Issuer”), formed by American Honda Receivables LLC, a Delaware limited liability company (the “Depositor”).

 

The Issuer was created pursuant to a Trust Agreement
dated as of April 19, 2022 as amended and restated by an Amended and Restated Trust Agreement dated August 24, 2022 (as amended
or supplemented from time to time, the “Trust Agreement”), among the Depositor, The Bank of New York Mellon, as owner
trustee (the “Owner Trustee”), and BNY Mellon Trust of Delaware, as Delaware trustee (the “Delaware Trustee”)
a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Trust Agreement.

 

    A-1

     

    

  

This Trust Certificate is one of the duly authorized certificates
designated as “Asset Backed Certificates” (the “Trust Certificates”). Issued under an Indenture dated
August 24, 2022 (the “Indenture”), among the Issuer, U.S. Bank National Association, as securities intermediary
and U.S. Bank Trust Company, National Association, as indenture trustee, are four classes of Notes designated as “Class A-1
3.120% Asset Backed Notes,” “Class A-2 3.81% Asset Backed Notes”, “Class A-3 3.73% Asset Backed Notes”
and “Class A-4 3.76% Asset Backed Notes” (collectively, the “Notes”). This Trust Certificate is issued
under and is subject to terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Certificateholder of this
Trust Certificate, by virtue of its acceptance thereof, assents and by which such Certificateholder is bound. The property of the Issuer
includes, among other things, a pool of retail installment sale or conditional sale contracts for new and used Honda and Acura motor
vehicles (including automobiles and light-duty trucks) (collectively, the “Receivables”), all monies received on or
in respect of the Receivables on or after August 24, 2022, security interests in the vehicles financed thereby, certain bank accounts
and the proceeds thereof, proceeds from claims on certain insurance policies and certain other rights under the Trust Agreement and the
Sale and Servicing Agreement and all proceeds of the foregoing.

 

It is the intent of the Depositor, the Servicer
and the Certificateholder that, solely for purposes of U.S. federal income, state and local income and franchise tax, the Issuer will
be treated as a disregarded entity not separate from the sole Certificateholder. The purchaser hereof, by acceptance of the Trust Certificates,
agrees to take no action inconsistent with the above treatment for so long as it is the sole Certificateholder.

 

Solely in the event the Trust Certificates are
held by more than a single Certificateholder, it is the intent of the Depositor, the Servicer and the Certificateholders that, solely
for purposes of U.S. federal income, state and local income and franchise tax, the Issuer will be treated as a partnership and the Certificateholders
will be treated as partners in the partnership. The purchaser hereof and the other Certificateholders, by acceptance of a Trust Certificate,
agree to treat, and to take no action inconsistent with the treatment of, the Trust Certificates for such tax purposes as partnership
interests in the Issuer.

 

Each Certificateholder, by its acceptance of a
Trust Certificate, covenants and agrees that such Certificateholder will not at any time institute against the Depositor, or join in
any institution against the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Trust
Certificates, the Notes, the Trust Agreement or any other Basic Document.

 

Distributions on this Trust Certificate will be
made as provided in the Trust Agreement by the Owner Trustee by wire transfer or check mailed to the Certificateholder of record in the
Certificate Register without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as
otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Trust Certificate will be made
after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Trust Certificate
at the office or agency maintained for the purpose by the Owner Trustee.

 

Reference is hereby made to the further provisions
of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if
set forth at this place.

 

    A-2

     

    

 

Unless the certificate of authentication hereon
shall have been executed by an authorized officer of the Owner Trustee or the authenticating agent, by manual signature, this Trust Certificate
shall not entitle the Certificateholder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid
for any purpose.

 

THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

IN WITNESS WHEREOF, the Owner Trustee, on behalf
of the Issuer and not in its individual capacity, has caused this Trust Certificate to be duly executed.

 

	 	HONDA AUTO RECEIVABLES
    2022-2 OWNER TRUST
	 	 
	 	By:	THE BANK OF NEW YORK MELLON,
    not in its individual capacity but solely as Owner Trustee on behalf of the Trust  
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

OWNER TRUSTEE’S OR AUTHENTICATING AGENT’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Trust Certificates referred to in the within-mentioned
Trust Agreement.

 

	THE BANK
    OF NEW YORK MELLON, not in its individual capacity but solely as Authenticating Agent on behalf
    of the Trust	 	THE BANK OF
    NEW YORK MELLON, not in its individual capacity but solely as Owner Trustee on behalf of the Trust

     

	 	 	 
	By:	 	OR	By:	 
	 	Authorized Signatory	 	 	Authorized Signatory

 

    A-3

     

    

 

[REVERSE OF TRUST CERTIFICATE]

 

The Trust Certificates do not represent an obligation
of, or an interest in, the Depositor, the Servicer, the Owner Trustee or any of their respective affiliates and no recourse may be had
against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement or the other Basic
Documents. In addition, this Trust Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right
of payment to certain collections and recoveries with respect to the Receivables (and certain other amounts), all as more specifically
set forth herein and in the Sale and Servicing Agreement. A copy of each of the Sale and Servicing Agreement and the Trust Agreement
may be examined by any Certificateholder upon written request during normal business hours at the principal office of the Depositor and
at such other places, if any, designated by the Depositor.

 

The Trust Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders
under the Trust Agreement at any time by the parties thereto with the consent of the Certificateholders and Noteholders, each voting
as a class, evidencing not less than a majority of the Percentage Interests evidenced by the outstanding Trust Certificates, or a majority
of the outstanding principal balance of the Notes of each such class. Any such consent by the Certificateholder of this Trust Certificate
shall be conclusive and binding on such Certificateholder and on all future Certificateholders of this Trust Certificate and of any Trust
Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made
upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent
of the Certificateholders of any of the Trust Certificates.

 

As provided in the Trust Agreement and subject
to certain limitations therein set forth, the transfer of this Trust Certificate is registrable in the Certificate Register upon surrender
of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner
Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly
executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one or
more new Trust Certificates evidencing the same original certificate balance in the Issuer will be issued to the designated transferee.

 

Except as provided in the Trust Agreement, the
Trust Certificates are issuable only as registered Trust Certificates. As provided in the Trust Agreement and subject to certain limitations
therein set forth, Trust Certificates are exchangeable for new Trust Certificates evidencing the same aggregate original certificate
balance, as requested by the Certificateholder surrendering the same. No service charge will be made for any such registration of transfer
or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental
charge payable in connection therewith.

 

The Owner Trustee, the Certificate Registrar and
any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose name this Trust Certificate is registered as
the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any
notice to the contrary.

 

    A-4

     

    

 

The obligations and responsibilities created by
the Trust Agreement and the Issuer created thereby shall terminate upon the payment to Certificateholders of all amounts required to
be paid to them pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part
of the Owner Trust Estate. The Servicer of the Receivables may at its option purchase the Owner Trust Estate at a price specified in
the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Issuer will effect early retirement
of the Trust Certificates; provided, however, such right of purchase is exercisable only as of the last day of any Collection Period
as of which the Pool Balance is less than or equal to 10% of the Original Pool Balance.

  

The Trust Certificates may not be acquired or
held by a Benefit Plan Investor, a Plan that is subject to Similar Law or a person who is not a United States Person within the meaning
of Section 7701(a)(30) of the Code. By accepting and holding this Trust Certificate, the Certificateholder hereof shall be required
to have represented and warranted that it is not a Benefit Plan Investor or a Plan that is subject to Similar Law.

 

    A-5

     

    

 

ASSIGNMENT

  

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

 

PLEASE INSERT
SOCIAL SECURITY OR

OTHER IDENTIFYING
NUMBER OF ASSIGNEE

 

(Please print or type name
and address, including postal zip code, of assignee)

 

the within Trust
Certificate, and all rights thereunder, any hereby irrevocably constitutes and appoints __________________, attorney, to transfer said
Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

 

	 	 
	 	Signature Guaranteed:

	 	 	 	 

 

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

 

    A-6

     

    

  

EXHIBIT B

 

FORM OF SELLER CERTIFICATE

 

_______________, ____

 

HONDA AUTO RECEIVABLES 2022-2

OWNER TRUST

c/o THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2022-2

 

THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2022-2

 

		Re:	Honda Auto
                                            Receivables 2022-2 Owner Trust

                                            Asset Backed Certificates                                

 

Dear Sirs:

 

In connection with our disposition of the above-referenced
Asset Backed Certificates (the “Certificates”) we certify that (i) we understand that the Certificates have not
been registered under the Securities Act of 1933, as amended (the “Act”), and are being transferred by us in a transaction
that is exempt from the registration requirements of the Act and (ii) we have not offered or sold any Certificates to, or solicited
offers to buy any Certificates from, any person, or otherwise approached or negotiated with any person with respect thereto, in a manner
that would be deemed, or taken any other action which would result in, a violation of Section 5 of the Act.

  

	 	Very truly yours,
	 	 
	 	[NAME OF SELLER]
	 	 
	 	By	 
	 	 	Authorized
    Officer

 

 

    B-1

     

    

 

EXHIBIT C

 

FORM OF INVESTMENT LETTER

 

_______________, ___

 

HONDA AUTO RECEIVABLES 2022-2

OWNER TRUST

c/o THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2022-2

 

THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2022-2

 

		Re:	Honda Auto
                                            Receivables 2022-2 Owner Trust

                                            Asset Backed Certificates                                

 

Dear Sirs:

 

In connection with our acquisition of the above-referenced
Asset Backed Certificates (the “Certificates”) we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being
transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we are an
 “accredited investor,” as defined in Regulation D under the Act, and have such knowledge and experience in financial and
business matters that we are capable of evaluating the merits and risks of investments in the Certificates, (c) we have had the
opportunity to ask questions of and receive answers from the Seller concerning the purchase of the Certificates and all matters relating
thereto or any additional information deemed necessary to our decision to purchase the Certificates, (d) we are acquiring the Certificates
for investment for our own account and not with a view to any distribution of such Certificates (but without prejudice to our right at
all times to sell or otherwise dispose of the Certificates in accordance with clause (f) below), (e) we have not offered or
sold any Certificates to, or solicited offers to buy any Certificates from, any person, or otherwise approached or negotiated with any
person with respect thereto, or taken any other action that would result in a violation of Section 5 of the Act or any state securities
laws, (f) we are not a Benefit Plan Investor or a Plan that is subject to Similar Law and (g) we will not sell, or otherwise
dispose of any Certificates unless (i) such sale, transfer or other disposition is made pursuant to an effective registration statement
under the Act and in compliance with any state securities laws or is exempt from such registration requirements and, if requested, we
will at our expense provide an Opinion of Counsel satisfactory to the addresses of this certificate that such sale, transfer or other
disposition may be made pursuant to an exemption from the Act, (ii) the purchaser or transferee of such Certificate has executed
and delivered to you a certificate to substantially the same effect as this certificate and (iii) the purchaser or transferee has
otherwise complied with any conditions for transfer set forth in the Amended and Restated Trust Agreement dated August 24, 2022
among American Honda Receivables LLC, as depositor, The Bank of New York Mellon, as owner trustee, and BNY Mellon Trust of Delaware,
as Delaware trustee.

 

    C-1

     

    

 

	 	Very truly yours,
	 	 
	 	[NAME OF TRANSFEREE]
	 	 
	 	By	 
	 	 	Authorized
    Officer

 

    C-2

     

    

 

 

EXHIBIT D

 

FORM OF RULE 144A LETTER

 

_______________, 20__

 

HONDA AUTO RECEIVABLES 2022-2

OWNER TRUST

c/o THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2022-2

 

THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2022-2

 

		Re:	Honda Auto
                                            Receivables 2022-2 Owner Trust

                                            Asset Backed Certificates                                

 

Dear Sirs:

 

In connection with our acquisition of the above-referenced
Asset Backed Certificates (the “Certificates”) we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being
transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we have such
knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of investments in the
Certificates, (c) we have had the opportunity to ask questions of and receive answers from the Seller concerning the purchase of
the Certificates and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Certificates,
(d) we have not, nor has anyone acting on our behalf, offered, transferred, pledged, sold or otherwise disposed of the Certificates
or an interest in the Certificates, or solicited any offer to buy, transfer, pledge or otherwise dispose of the Certificates or any interest
in the Certificates from any person in any manner or made any general solicitation by means of general advertising or in any other manner,
taken any other action that would constitute a distribution of the Certificates under the Act or that would render the disposition of
the Certificates a violation of Section 5 of the Act or any state securities laws or require registration pursuant thereto, and
we will not act, or authorize any person to act, in such manner with respect to the Certificates, (e) we are not a Benefit Plan
Investor or a Plan that is subject to Similar Law and (f) we are a “qualified institutional buyer” as that term is defined
in Rule 144A under the Act. We are aware that the sale to us is being made in reliance on Rule 144A. We are acquiring the certificates
for our own account or for resale pursuant to Rule 144A and understand that such certificates may be resold, pledged or transferred
only (i) to a person reasonably believed to be a qualified institutional buyer that purchases for its own account or for the account
of a qualified institutional buyer to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A
or (ii) pursuant to another exemption from registration under the Act.

 

    D-1

     

    

 

	 	Very truly yours,
	 	 
	 	[NAME OF TRANSFEREE]
	 	 
	 	By	 
	 	 	Authorized
    Officer

 

    D-2

     

    

 

EXHIBIT E

 

Form of Monthly Rule 15Ga-1 Asset Repurchase
Activity Report
 Reporting Period: ____________
 Name of Issuing Entity: HAROT 2022-2
 Trustee: The Bank of New York Mellon

 ̈ Check here if the Trustee has no activity to report during Reporting Period indicated
above

 

	Name
    of

    Issuing 

    Entity	Check
    if

    Registered	Name
    of

    Originator	Total
    Assets in 

    ABS by Originator1	Assets
    That Were

    Subject of

    Demand	Assets
    That Were

    Repurchased or

    Replaced	Assets
    Pending

    Repurchase or

    Replacement 

    (within cure period)	Demand
    in Dispute	Demand
    Withdrawn	Demand
    Rejected
	(a)	(b)	(c)	(#)

     

     

     

    (d)
	($)

     

     

     

    (e)
	(% of principal balance)

     

    (f)
	(#)

     

     

     

    (g)
	($)

     

     

     

    (h)
	(% of principal balance)

     

    (i)
	(#)

     

     

     

    (j)
	($)

     

     

     

    (k)
	(% of principal balance)

     

    (l)
	(#)

     

     

     

    (m)
	($)

     

     

     

    (n)
	(% of principal balance)

     

    (o)
	(#)

     

     

     

    (p)
	($)

     

     

     

    (q)
	(% of principal balance)

     

    (r)
	(#)

     

     

     

    (s)
	($)

     

     

     

    (t)
	(% of principal balance)

     

    (u)
	(#)

     

     

     

    (v)
	($)

     

     

     

    (w)
	(% of principal balance)

     

    (x)

	Asset

    Class X	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing

    Entity

    A CIK

    #	X	Originator

    1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Originator

    2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 
	Asset

    Class Y	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing

    Entity B	 	Originator

    3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 

 

 

1 Owner Trustee to provide if such information
is available.

 

    E-1Exhibit 10.5

 

ASSET REPRESENTATIONS
REVIEW AGREEMENT

 

among

 

HONDA AUTO RECEIVABLES 2022-2
OWNER TRUST,

as Issuer,

 

AMERICAN HONDA FINANCE CORPORATION,

as Sponsor and Servicer

 

and

 

CLAYTON FIXED INCOME SERVICES
LLC,

 

as Asset Representations
Reviewer

 

Dated as of August 24,
2022

 

    

    

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	USAGE AND DEFINITIONS	1
	 	 	 
	Section 1.1.	Usage and Definitions	1
	 	 	 
	Section 1.2.	Additional Definitions	2
	 	 	 
	ARTICLE II	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	2
	 	 	 
	Section 2.1.	Engagement; Acceptance	2
	 	 	 
	Section 2.2.	Confirmation of Scope	2
	 	 	 
	ARTICLE III	ASSET REPRESENTATIONS REVIEW PROCESS	2
	 	 	 
	Section 3.1.	Review Notices	2
	 	 	 
	Section 3.2.	Identification of Subject Receivables	3
	 	 	 
	Section 3.3.	Review Materials	3
	 	 	 
	Section 3.4.	Performance of Reviews	3
	 	 	 
	Section 3.5.	Review Reports	4
	 	 	 
	Section 3.6.	Limitations on Review Obligations	5
	 	 	 
	ARTICLE IV	ASSET REPRESENTATIONS REVIEWER	5
	 	 	 
	Section 4.1.	Representations and Warranties	5
	 	 	 
	Section 4.2.	Covenants	6
	 	 	 
	Section 4.3.	Fees, Expenses and Indemnities	7
	 	 	 
	Section 4.4.	Limitation on Liability	7
	 	 	 
	Section 4.5.	Indemnification by Asset Representations Reviewer	8
	 	 	 
	Section 4.6.	Indemnification of Asset Representations Reviewer	8
	 	 	 
	Section 4.7.	Inspections of Asset Representations Reviewer	9
	 	 	 
	Section 4.8.	Delegation of Obligations	9
	 	 	 
	Section 4.9.	Confidential Information	9
	 	 	 
	Section 4.10.	Personally Identifiable Information	11
	 	 	 
	ARTICLE V	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	13
	 	 	 
	Section 5.1.	Eligibility Requirements for Asset Representations Reviewer	13
	 	 	 
	Section 5.2.	Resignation and Removal of Asset Representations Reviewer	13
	 	 	 
	Section 5.3.	Successor Asset Representations Reviewer	13
	 	 	 
	Section 5.4.	Merger, Consolidation or Succession	14

 

    i

    

    

 

TABLE OF CONTENTS

(continued)

 

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

 

    ii

    

    

 

 

ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as
of August 24, 2022 (this “Agreement”), among HONDA AUTO RECEIVABLES 2022-2 OWNER TRUST, a Delaware statutory trust,
as Issuer (the “Issuer”), AMERICAN HONDA FINANCE CORPORATION, a California Corporation (“AHFC”),
as Sponsor and Servicer, and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer
(the “Asset Representations Reviewer”).

 

BACKGROUND

 

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

 

WHEREAS, in connection with a securitization transaction
sponsored by AHFC, AHFC sold a pool of Receivables consisting of retail installment sale contracts to American Honda Receivables, LLC
(the “Depositor”), who sold them to the Issuer.

 

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

 

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

 

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

 

ARTICLE I

USAGE AND DEFINITIONS

 

Section 1.1.     Usage
and Definitions. (a) Except as otherwise specified herein or if the context may otherwise require, capitalized terms not defined
in this Agreement shall have the respective meanings assigned such terms set forth in Appendix A to the Sale and Servicing Agreement,
dated as of the date hereof (the “Sale and Servicing Agreement”), by and among the Depositor, as seller, AHFC, as servicer,
RPA seller and sponsor, and Honda Auto Receivables 2022-2 Owner Trust, as issuer.

 

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

 

    

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

 

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

 

Section 2.2.     Confirmation
of Scope. The parties confirm that the Asset Representations Reviewer is not responsible for determining whether noncompliance with
the representations or warranties constitutes a breach of the Basic Documents.

 

ARTICLE III

ASSET REPRESENTATIONS REVIEW PROCESS

 

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

 

    2

    

    

 

Section 3.2.     Identification
of Subject Receivables. Within ten (10) Business Days after receipt of a review notice, the Servicer will deliver to the Asset
Representations Reviewer a list of the Subject Receivables.

 

Section 3.3.     Review
Materials.

 

(a)            Access
to Review Materials. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject
Receivables within sixty (60) calendar days after receipt of the review notice in one or more of the following ways in the Servicer’s
reasonable discretion: (i) by electronic posting of Review Materials to a password-protected website to which the Asset Representations
Reviewer has access, (ii) by providing originals or photocopies of documents relating to the Subject Receivables at one of the properties
of the Servicer or (iii) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact
or remove PII from the Review Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer
to complete the Asset Review remains intact and unchanged.

 

(b)            Missing
or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any Review Materials
are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer reasonably
determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test, the
Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) calendar days before completing
the Review, and the Servicer will use reasonable efforts to provide the Asset Representations Reviewer access to such missing Review Materials
or other documents or information to correct the insufficiency within fifteen (15) calendar days. If the missing or insufficient Review
Materials have not been provided by the Servicer within sixty (60) calendar days, the parties agree that the Subject Receivable will have
a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete.

 

Section 3.4.     Performance
of Reviews.

 

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

 

    3

    

    

 

(b)            Review
Period. The Asset Representations Reviewer will complete the Review of all of the Subject Receivables within sixty (60) calendar days
after receiving access to the Review Materials under Section 3.3(a). However, if missing or additional Review Materials are
provided to the Asset Representations Reviewer under Section 3.3(b), the review period will be extended for an additional
thirty (30) calendar days.

 

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

 

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

 

(e)            Duplicative
Tests. If the same Test is required for more than one representation or warranty listed on Schedule A, the Asset Representations
Reviewer will only perform the Test once for each Review Receivable but will report the results of the Test for each applicable representation
or warranty on the Review Report.

 

(f)            Termination
of Review. If an Asset Review is in process and the Notes will be paid in full on the next Distribution Date, the Servicer will notify
the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) calendar days before that Distribution Date. On
receipt of notice, the Asset Representations Reviewer will terminate the Asset Review immediately and will have no obligation to deliver
a Review Report.

 

Section 3.5.     Review
Reports. (a) Within ten (10) calendar days after the end of the Asset Review period under Section 3.4(b), the
Asset Representations Reviewer will deliver to the Issuer, the Sponsor, the Servicer and the Indenture Trustee a Review Report indicating
for each Subject Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Receivable was a Test Complete
and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations Reviewer
with respect to the Asset Review to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review
Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer PII. On the reasonable
request of the Servicer or the Indenture Trustee, acting solely on behalf of the Noteholders, the Asset Representations Reviewer will
provide additional details on the Test results.

 

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

 

    4

    

    

 

Section 3.6.     Limitations
on Review Obligations.

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE IV

ASSET REPRESENTATIONS REVIEWER

 

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

 

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

 

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

 

    5

    

    

 

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

 

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

 

(e)            Eligibility.
The Asset Representations Reviewer meets the eligibility requirements in Section 5.1 and will notify the Issuer and the Servicer
promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 5.1.

 

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

 

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

 

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

 

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

 

    6

    

    

 

Section 4.3.     Fees,
Expenses and Indemnities.

 

(a)            Annual
Fee. The Sponsor will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer
under this Agreement, an annual fee equal to $5,000. The annual fee will be paid as agreed in Section 4.3(d) by the Sponsor
until this Agreement is terminated; provided, that in the year in which all Notes are paid in full, the annual fee shall be reduced
pro rata by an amount equal to the days of the year in which the Notes are no longer outstanding.

 

(b)            Review
Fee. Following the completion of an Asset Review and the delivery to the Indenture Trustee, the Sponsor and the Servicer of the Review
Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Sponsor of a detailed invoice,
the Asset Representations Reviewer will be entitled to a fee of up to $250 for each Account containing a Subject Receivable (the “Review
Fee”). However, no Review Fee will be charged for any Tests that were performed in a prior Asset Representations Review or for
any Asset Representations Review in which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination
of the Asset Representations Review in accordance with Section 3.4(e). The Sponsor will pay the Review Fee to the Asset Representations
Reviewer in accordance with the terms of Section 4.3(d) of this Agreement. If an Asset Review is terminated according
to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Asset
Review no later than five Business Days before the final Payment Date to be reimbursed no later than the final Payment Date.

 

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

 

(d)            Payment
of Fees and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Sponsor for any amounts
owed to it under this Agreement. To the extent not paid by the Sponsor within sixty (60) calendar days following the receipt of a detailed
invoice, the fees provided for in this Section 4.3 and the indemnities provided for in Section 4.6(a) shall
be paid by the Issuer pursuant to Section 4.06(c) of the Sale and Servicing Agreement; provided, that prior to any such
payment pursuant to the Sale and Servicing Agreement, the Asset Representations Reviewer shall notify the Sponsor in writing that such
payments have been outstanding for at least sixty (60) calendar days. For the avoidance of doubt, to the extent that such owed amounts
are not paid in full by the Sponsor or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be
entitled to payment by the Sponsor of incurred but otherwise unpaid amounts.

 

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

 

    7

    

    

 

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

 

Section 4.6.     Indemnification
of Asset Representations Reviewer.

 

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

 

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

 

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

 

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

 

Section 4.7.     Inspections
of Asset Representations Reviewer. The Asset Representations Reviewer agrees that, with reasonable prior notice not more than once
during any year, it will permit authorized representatives of the Issuer, the Servicer or the Sponsor, during the Asset Representations
Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials
of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under
this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim
made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuer’s,
the Servicer’s or the Sponsor’s representatives to make copies and extracts of any of those documents and to discuss them
with the Asset Representations Reviewer’s officers and employees. Each of the Issuer, the Servicer and the Sponsor will, and will
cause its authorized representatives to, hold in confidence any proprietary confidential information of the Asset Representations Reviewer
except if disclosure may be required by law or if the Issuer, the Servicer or the Sponsor reasonably determines that it is required to
make the disclosure under this Agreement or the other Basic Documents. Except as described in Section 4.2(c), the Asset Representations
Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after
the termination of its obligations under this Agreement.

 

Section 4.8.     Delegation
of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person
without the consent of the parties to this Agreement.

 

Section 4.9.     Confidential
Information.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 4.10.     Personally
Identifiable Information.

 

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

 

(b)            Use
of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII. None of the Issuer, the Sponsor
or the Servicer intend to share, provide or supply any Issuer PII to the Asset Representations Reviewer. However, if the Asset Representations
Reviewer receives any Issuer PII, the Asset Representations Reviewer will promptly (i) notify the Servicer and (ii) delete and
destroy such Issuer PII in accordance with Section 4.10(c). Notwithstanding the foregoing, the Asset Representations Reviewer
must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally
required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will
implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical
safeguards designed to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated
threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII
and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee
training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection
and data transmission protection) and physical security measures.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE V

RESIGNATION AND REMOVAL;

SUCCESSOR ASSET REPRESENTATIONS REVIEWER

 

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

 

Section 5.2.     Resignation
and Removal of Asset Representations Reviewer.

 

(a)            No
Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset Representations Reviewer
unless (a) the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1 or (b) upon
determination that the performance of its duties under this Agreement is no longer permissible under applicable law. The Asset Representations
Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after it determines it is required to resign
and stating the resignation date and including an Opinion of Counsel supporting its determination.

 

(b)            Removal
of Asset Representations Reviewer. If any of the following events occur, the Sponsor, by notice to the Asset Representations Reviewer,
may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement:

 

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

 

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

 

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

 

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

 

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

 

Section 5.3.     Successor
Asset Representations Reviewer.

 

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

 

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

 

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

 

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

 

ARTICLE VI

OTHER AGREEMENTS

 

Section 6.1.     Independence
of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject to
the supervision of the Issuer, the Owner Trustee or the Indenture Trustee for the manner in which it accomplishes the performance of its
obligations under this Agreement. Unless authorized by the Issuer, the Owner Trustee, or the Indenture Trustee, respectively, the Asset
Representations Reviewer will have no authority to act for or represent the Issuer, the Owner Trustee or the Indenture Trustee and will
not be considered an agent of the Issuer, the Owner Trustee or the Indenture Trustee. None of the Issuer, the Owner Trustee or the Indenture
Trustee will be responsible for monitoring the performance of the Asset Representations Reviewer or liable to any Person for the failure
of the Asset Representations Reviewer to perform its obligations hereunder. Nothing in this Agreement will make the Asset Representations
Reviewer and any of the Issuer, the Owner Trustee or the Indenture Trustee members of any partnership, joint venture or other separate
entity or impose any liability as such on any of them.

 

Section 6.2.     No
Petition. Each of the parties, by entering into this Agreement, agrees that, before the date that is one year and one day (or, if
longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a trust for which
the Depositor was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not start or pursue against,
or join any other Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2
will survive the termination of this Agreement.

 

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

 

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

 

ARTICLE VII

MISCELLANEOUS PROVISIONS

 

Section 7.1.     Amendments.

 

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

 

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

 

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

 

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

 

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

 

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Section 7.3.     Notices.

 

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

 

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

 

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

 

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

 

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

 

(b)            Notice
Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to: (i) (a) in
the case of the Sponsor and the Servicer, to American Honda Finance Corporation, 1919 Torrance Blvd. 5th Floor, Torrance, CA 90501, Attention:
Treasury Capital Markets, (b) in the case of the Issuer or the Owner Trustee, to Honda Auto Receivables 2022-2 Owner Trust, c/o The
Bank of New York Mellon, 240 Greenwich Street, Floor 7 West, New York, NY 10286, Attention: Asset Backed Securities Unit – Honda
Auto Receivables 2022-2, (c) in the case of the Indenture Trustee, to U.S. Bank Trust Company, National Association, 190 South LaSalle
Street, 7th Floor, Chicago, Illinois 60603, Attention: Corporate Trust Services Honda Auto Receivables 2022-2, HAROT 2022-2
and (d) in the case of the Asset Representations Reviewer via electronic mail to ARRNotices@clayton.com, and to Clayton Fixed Income
Services LLC, 2638 South Falkenburg Road, Riverview, FL 33578, Attention: SVP; with a copy to Covius Services, LLC, 720 S. Colorado Blvd,
Suite 200, Glendale, CO 80246, Attention: Legal Department or, (ii) as to each party, at such other address or email as shall
be designated by such party in a written notice to each other party.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 7.8.     Counterparts;
Electronic Transmission.

 

(a)            This
Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .pdf or any other electronic means
that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart
of this Agreement. The words “execution,” “signed,” “signature,” “delivery,” and words
of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby
shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act or any other similar state laws based on the Uniform Electronic Transactions Act.

 

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

 

[Remainder of Page Left
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	EXECUTED BY:	 
	 	HONDA AUTO RECEIVABLES 2022-2 OWNER
    TRUST, as Issuer
	 	 
	 	By:	The Bank of New York Mellon, not in
    its individual capacity, but solely as Owner Trustee
	 	 
	 	By:	/s/ Leslie Morales
	 	 	Name: Leslie Morales
	 	 	Title: Vice President
	 	 
	 	AMERICAN HONDA FINANCE CORPORATION, 
    as Sponsor and Servicer
	 	 
	 	By:	/s/ Paul
C. Honda
	 	 	Name: Paul C. Honda
	 	 	Title: Vice President and Assistant Secretary
	 	 
	 	CLAYTON FIXED INCOME SERVICES LLC,
    as Asset Representations Reviewer
	 	 
	 	By:	/s/ Anthony Neske 
	 	 	Name: Anthony Neske 
	 	 	Title: Senior Vice President

 

    	 	S-1	HAROT 2022-2
 ARR  Agreement

     

    

Schedule A

 

Representations and Warranties, Review Materials
and Tests

 

	
    Representations and Warranty
	
    Review Materials
    and Tests

	 	 
	
    (i)     Characteristics of
    Receivables. Each Receivable

     

    (a)   was
    originated by a Dealer located in the United States for the sale of the related Financed Vehicle, fully executed or electronically authenticated
    by the Obligor thereto, purchased by AHFC from such Dealer under an existing agreement with AHFC, assigned by such Dealer to the RPA Seller
    and subsequently sold by the RPA Seller to the Purchaser pursuant to the Receivables Purchase Agreement,

     

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

     

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

     

    (d)   except
    as otherwise provided in this Agreement, provides, at the time of origination, for level Monthly Payments (provided that the first and
    last payments in the life of the Receivable may be different from but in no event more than two times the level payment) that fully amortize
    the Amount Financed over its original term,

     

    (e)   allows
    for prepayment,

     

    (f)    is
    not listed on the Servicer’s records as a federal, state or local governmental entity and

     

    (g)   is
    a retail installment sales contract.
	
    Review Materials:

     

    (a)       Title
    documents

    (b)       Installment
    sales contract

    (c)       Receivable
    Files

    (d)       Servicer’s
    Records/Data file

     

    Tests:

     

    (a)       Origination

     

    i.     Review
    the contract and confirm that the Dealer address is a United States address.

    ii.    Review
    the contract and confirm that it was signed by the Obligor.

    iii.   Review
    the contract and confirm that AHFC (or an acceptable variation of the name) is listed as an assignee within the assignment section.

    iv.   Review
    the contract and confirm the Vehicle Identification Number (VIN) on the contract matches the VIN on the Certificate of Title or Application
    for Title.

    v.    Confirm
    the Dealer signed the assignment section of the contract.

     

    (b)       Security
    Interest Enforcement

     

    i.     Review
    the Receivable File and confirm that the security interest has not been subordinated and the Receivable maintains an enforceable security
    interest in favor of AHFC for the Financed Vehicle.

     

    (c)       Repossession

     

    i.     Review
    the contract and confirm that it contains language permitting the repossession and sale of the Financed Vehicle upon default by the Obligor.

     

    (d)       Fully
    Amortizing Payment Schedule

     

    i.      Review
    the contract and confirm that all payments are equivalent with the possible exception of the first and last payments, which may be two
    times the level payment.

    ii.    Review
    the Truth-in-Lending section of the contract and calculate the product of the Amount of Payments with the Number of Payments and confirm
    that this amount is equal to the Total of Payments.

     

    (e)       Prepayments

     

    i.     Review
    the contract and confirm that the terms conform to the representation.

     

    (f)       No
    governmental obligors

     

    i.     Review
    the contract and confirm that the Obligor does not appear to be a governmental entity and that the Servicer’s records do not otherwise
    indicate that the Obligor is a governmental entity.

     

    

 

     

     

    

 

	 	(g)       Retail
    installment sale contract

     

    i.       Review
    the contract and confirm that the contract terms conform to the representation.

     

    (h)       If
    (a) through (g) are confirmed, then Test Pass.

	 	 
	(ii)    Compliance with Law.  At the time it was originated, the Receivable complied in all material respects with all requirements of law in effect at the time and applicable to such Receivable.	
    Review Materials:

     

    (a)    Installment
    sales contract

    (b)   AHFC’s
    list of approved contract forms.

     

    Tests:

     

    (a)   Review
    the contract form number and revision date and confirm that they are both on AHFC’s list of approved contract forms.

    (b)   If
    (a) is confirmed, then Test Pass.

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

     

    (a)   Installment
    sales contract

    (b)   AHFC’s
    list of approved contract forms.

     

    Tests:

     

    (a)    Review
    the contract form number and revision date and confirm that they are both on AHFC’s list of approved contract forms.

    (b)   Confirm
    the Obligor signed the contract.

    (c)    If
    (a) and (b) are confirmed, then Test Pass.

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

     

    (a)   Receivable
    Files

    (b)   Title
    documents

    (c)   Servicer’s
    Records/Data file

     

    Tests:

     

    (a)   Confirm
    that there is no indication in the Servicer’s Records or Receivable Files that the Receivable was subordinated or rescinded.

    (b)   Confirm
    that there is no indication in the Servicer’s Records or Receivable Files that the Receivable was satisfied prior to the Cut-off
    Date.

    (c)   Confirm
    that there is no indication in the Servicer’s Records or Receivable Files that the Financed Vehicle has been released from the lien
    in whole or in part.

    (d)   If
    (a) through (c) are confirmed, then Test Pass.

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

     

    (a)   Receivable
    Files

    (b)   Receivable
    system

     

    Tests:

     

    (a)  Review
    the Receivable Files and confirm that there is no indication the Receivable is subject to rescission, setoff, counterclaim or defense
    that would cause the Receivable to become invalid, or, if so, confirm such indications were not present as of the Cut-off Date.

    (b)   If
    (a) is confirmed, then Test Pass.

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

     

    (a)   Servicer’s
    Records/Data file

     

    Tests:

     

    (a)    Confirm
    that there is no indication of a payment default, other than payment delinquencies of not more than thirty (30) days, or if so, confirm
    such defaults were not present as of the Cut-off Date.

    (b)   If
    (a) is confirmed, then Test Pass.

 

     

     

    

 

	(vii)   Insurance.  Each Obligor of a Receivable has been required to obtain physical damage insurance covering the related Financed Vehicle and is required under the terms of the related Receivable to maintain such insurance.	
    Review Materials:

     

    (a)     Installment
    sale contract

     

    Tests:

     

    (a)   Confirm
    that the contract contains language that requires the Obligor to obtain and maintain insurance against physical damage to the Financed
    Vehicle.

    (b)   If
    (a) is confirmed, then Test Pass.

    

	 	 
	(viii)  Lawful Assignment.  The terms of the Receivable do not limit the right of the owner of the Receivable to sell the Receivable.	
    Review Materials:

     

    (a)    Installment
    sale contract

     

    Tests:

     

    (a)   Review
    the contract and confirm that there is no language present that limits the rights of the owner of the Receivable to sell the Receivable.

    (b)   If
    (a) is confirmed, then Test Pass.

	 	 
	(ix)    Chattel Paper.  The Receivable is either “tangible chattel paper” or “electronic chattel paper” within the meaning of the applicable UCC and (A) if the Receivable is tangible chattel paper, there is only one executed or otherwise authenticated original of such Receivable or (B) if the Receivable is electronic chattel paper, there is only one authoritative copy of the record or records (as defined in the UCC) comprising such Receivable.  If the Receivable constitutes electronic chattel paper, AHFC has “control” of such electronic chattel paper within the meaning of Section 9-105 of the applicable UCC.	
    Review Materials:

     

    (a)   Installment
    sale contract

    (b)  AHFC’s
    list of approved contract forms

    (c)  Title
    documents

     

    Tests:

     

    (a)   Review
    the contract form number and revision date and confirm that it is on AHFC’s list of approved contract forms.

    (b)  Confirm
    there is a signature under the each of the Obligor’s and seller’s name within the contract.

    (c)   Confirm
    there is no indication the contract was voided or is otherwise not the original authenticated copy.

    (d)    If
    (a) through (c) are confirmed, then Test Pass.

	 	 
	(x)     Security Interest.  The RPA Seller has,
or the Servicer has, started procedures that will result in the RPA Seller having a perfected, first priority security interest in the
Financed Vehicle within then (10) days of the Closing Date, which security interest was validly created and is assignable by the
RPA Seller to the Purchaser.	
    Review Materials:

     

    (a)   Installment
    sales contract

    (b)  Title
    documents

     

    Tests:

     

    (a)   Confirm
    the Title documents report AHFC (or an acceptable variation of the name) as the first lien holder.

    (b)   Confirm
    that the Obligor name on the contract matches the name on the title documents.

    (c)   Confirm
    that the Vehicle Identification Number (VIN) on the contract matches the vehicle identification number as reported on the title documents.

    (d)   If
    (a) through (c) are confirmed, then Test Pass.

 

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

     

    (a)   is
    not listed on the Servicer’s records as the subject of a pending bankruptcy proceeding;

    (b)   had
    an original maturity of not greater than 72 payments;

    (c)   provides
    for the payment of a finance charge or shall yield interest calculated on the basis of a Contract Rate of at least 0.50%;

    (d)   has
    a Scheduled Payment that is not more than thirty (30) days past due;

    (e)   the
    Financed Vehicle to which the Receivable relates is a new or used Honda or Acura automobile or light-duty truck; and

    
	
    Review Materials:

     

    (a)    Installment
    sales contract

    (b)    Servicer’s
    Records/Data file

    (c)    Receivable
    Files

     

    Tests:

     

    (a)    Bankruptcy

     

    i.     Review
    the Servicer’s records and confirm that the Obligor was not the subject of a bankruptcy proceeding as of the Cutoff Date.

     

    (b)    Original
    Maturity

     

    i.     Confirm
    that the number of payments as stated within the contract does not exceed 72 payments.

     

    

 

 

     

     

    

 

	(f)       the
    Obligor under each Receivable had a billing address in the United States or its territories or possessions, according to the records of
    the Servicer.	(c)       Contract
    Rate

     

    i.     Confirm
    that the Contract Rate stated within the contract is greater than or equal to 0.50% as of the Cutoff Date.

     

    (d)       Past
    Due

     

    i.     Review
    the Servicer’s records and confirm that the Receivable was not more than thirty (30) days past due as of the Cutoff Date.

     

    (e)       New
    or Used Honda or Acura

     

    i.     Confirm
    the Financed Vehicle is a new or used automobile or light-duty truck as stated within the New/Used section of the contract.

     

    (f)       Billing
    Address

     

    i.     Confirm
    the Receivable Files indicate that the Obligor’s address is located within the United States or its territories or possessions as
    of the Cutoff Date.

     

    (g)       If
    (a) through (f) are confirmed, then Test Pass.

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